Audinate Group Limited

Recording in progress.

My name is Aidan Williams. I'm co-founder and CEO at Ordinate. With me is Chris Rollinson, our Chief Financial Officer. In the first part of the call today, we'll be talking through the investor presentation that accompanied our financial statements, both of which were lodged with the ASX earlier today. You may ask questions at any time by typing them into the Q&A box. Hopefully you can see that in your Zoom application. At the end of the presentation we'll collate your questions and answer as many as possible in the time we have available. I'd like to start by recapping Audinate's first half highlights before we move on to covering key operational and financial metrics and then look ahead for the remainder of the financial year. Later in the presentation, I'll be briefly covering the relationship between AI, Ordnance Products and Technology, and the broader AV industry as a whole. Turning to slide three, it's pleasing to see 12% growth in US and Australian dollar revenue over the prior period. We've seen strong bookings in the first half, supporting achievement of our full year FY26 outlook. We've also continued to maintain strong gross margin percentage of 82.6% and that's consistent and it's been driven by favourable product mix shift between hardware and high margin software products. Operationally, we've continued to execute with strong results in key operating metrics. Design wins, that is the number of manufacturers signing up to use Dante technology for the first time. is up 8% over the prior period with 66 design wins over that period. The Dante product ecosystem continues to grow with a further 344 Dante products coming to market during the half. This brings the total of Dante enabled products on the market to just under 5,000 and that's coming from over 516 manufacturers. Each new design win and product coming to market is a leading indicator of future revenue for Ordinate. Training for AV professionals is key to increasing the usage of Dante Networking and AV projects and installations. We continue to train 4,000 AV professionals per month in our certification programs and training courses. with a total exceeding 300,000 trained and Dante certified professionals globally. After the acquisition of IRIS this year, we have achieved a key milestone with the commercial launch of the IRIS platform in early December 2025. IRIS is a cloud-first video camera control platform which expands our ecosystem of video products and extends our product portfolio with deep camera control functionality. In the remainder of FY26, we will be investing in go-to-market and driving the adoption of IRIS. Strategically, it has been a big year for Audinate. To briefly summarise, our long-term strategy remains to capitalise on the growing installed base of networked AV devices and provide the software platform used by the industry to deliver projects globally. AV installations are generally understood to require three kinds of functions – audio, video and control. Today, including the Iris acquisition, more than 8 million audio and video devices are potentially available in our product ecosystem. Therefore, the time has come for us to invest in the third leg of the stool, that control function, and this has financial and organisational implications for Audinate. Over the last half, Audinate has made organisational changes to better align our cost base with our strategic objectives for the Dante platform. These changes reflect the natural progression of the product investment cycle with several major initiatives now complete. Operating costs for FY26 were previously indicated to increase by 25% over FY25 and that was reflecting continued investment in strategic initiatives including IRIS, Dante Director and the broader Dante platform. Following the organisational changes made in the first half, operating cost growth is now expected to be 20% over FY25. With the completion of the IRIS acquisition and the appointment of an industry veteran, TJ Adams, as Chief Product Officer, we have in place key capabilities and talent that will advance our long-term vision of providing an interoperable audio, video and control platform for the AV industry. Turning to slide five, you can see key financial metrics for the first half. Revenue for the half was US$21.1 million, growing 12% over the prior period. In this context, this is around three times the underlying growth rate of the AV industry, according to Avixa, which has slowed with the abatement of COVID and return to office tailwinds and also tariff uncertainty. Gross margin percentage has increased slightly to 82.6% due to an ongoing favourable product mix shift toward higher margin software solutions. Post the acquisition of Iris, we have 70 million Australian dollars remaining on the balance sheet, which enables us to prudently invest in our platform strategy. Slide six breaks down our product portfolio into four categories. Adapters are hardware products sold to end users and AV projects. Adapters revenue increased 51% supported by the launch of Dante AVOs for installation. These are a next generation Pro S1 based adapter targeting the professional installer market. Embedded chips, cards and modules are electronic components sold to AV equipment manufacturers to connect their products with Dante Networking. CCM revenue reduced 4% due to lower demand for Brooklyn and Ultimo, and this is driven by the continued transition to embedded software implementations. Embedded software is royalty-bearing software used by AV equipment manufacturers to connect their products to Dante networks. Embedded software grew by 17%, underpinned by increased OEM adoption of IP core. Delivered on demand, this embedded software reduces lead times and provides resilience against channel inventory cycles. Finally, platform software includes a range of PC and Mac desktop software and infrastructure products for AV installations. Platform software grew 9%, supported by the growing uptake of DVS Pro and early customer wins for Dante Director, our cloud-based AV management tool. IRIS contributed US$100,000 in the first half. Slide 7 shows continued strength in key operating metrics, each of which are leading indicators of future revenue. Ordinates sales cycle to manufacturers of AV equipment involves an initial design win, followed by a period of 12 to 24 months for product design to be completed. followed by repeat revenue derived from the ongoing purchase of chips or royalties as each new physical unit is manufactured. And that continues over the sales lifetime of the AV product. Design wins are the earliest indicator and they represent manufacturers signing up to use Dante technology in their products. 66 design wins was a good and consistent result with prior periods, as you can see on the left-hand side of the slide. In the middle column, the number of manufacturer brands with Dante products in the market, and importantly, the number of manufacturers developing their first Dante product continues to grow. There are now 723 AB manufacturers signed up to use some form of Dante technology in their products, with 516 manufacturers shipping one or more Dante-enabled products today. The right hand column contains a key indicator, which is the number of Dante Enable products available on the market. During the half, an additional 344 new products came to market, making a total of 4,947 Dante Enable products on the market. Since the Dante technology provides interoperability between competitive brands, The growing product ecosystem continues to strengthen the economic network effect of the Dante technology and its competitive moat. And I'll now hand over to Chris to talk through the financial.

Thank you. Thank you very much, Aidan. So what we're looking at, turning the financial results for the first six months of the year, and so the year ended 31 December 2025. So for the first time, our results consolidate the performance not only of Ordinate, but also of RSU years after the completion of the acquisition in the first half of the year. So all numbers in this section are presented in Australian dollars. So firstly, if we look at the income statement, for the first half, revenue was $32.2 million. Gross profit at $26.6 million. and that represents for both of those key measures 12% growth on the prior period. So revenue again was delivered at a strong operating margin of 82.5% and this is really driven by the product mix between our Chips, Cards and Modules and our higher margin software products. If we look at our operating expenses, this has increased by 26% to $28.8 million for the first half. Now, this reflects the ongoing investment in core capabilities, but also product innovation in products such as Iris, Dante Director, and also the wider Dante platform. These operating costs in the presentation are excluding costs associated with organisational changes that were made, and also IRS acquisition-related expenses. Both of these elements not reflective of underlying performance going forward. If we look at operating expenses and employment expenses, they've increased to $21.5 million for the period, and this compares to $16.6 million in the prior period, representing an increase of $29 million. Now the increase in the underlying employment expenses is primarily reflected by the acquisition of a virus. We've got higher variable performance-related incentive costs and also the increase in headcount in the second half of financial year 25, which helps support the further expansion of the Dante ecosystem. So what this translates to is underlying earnings before interest and tax into a loss of $2.3 million and that compares to a gain of $0.8 million in the prior period. If we turn to the balance sheet, there's two key items to discuss on the balance sheet which relate to our access to cash and also intangible assets. So a key item in the balance sheet that Ordinate had access to is cash on the hand of $70.9 million. Now that compares to 109.9 at 30 June 2025. The change between the periods is driven by the investment in IRIS, consisting of $31 million, which is a net of cash received as part of the acquisition of IRIS. And secondly, intangible assets have increased to $68.7 million, which is up from 38.6, and the key driver of that has been the acquisition of IRIS in the first half of the year. And then finally to the cash flow statement. Coordinates delivered operating cash outflow of $0.4 million in the period compared to $1.1 million. cash inflow in the prior corresponding period. After investment in intangibles and fixed costs, our free cash flow for the period was negative 8.1 and that compares to negative 9 in the prior corresponding period. So the choice to continue our strategic investment in new products, specifically Dante, Director and Iris, is there to drive our long-term performance and growth and this has clearly impacted free cash flow in the current period. But as Adam's outlined, the action's taken certainly on costs and the first half of the year gives us a much better balance of the investment run rate going forward. I hand you back to Adam. Thank you.

Okay, so the next slides are going to cover priorities, outlook for the remainder of the financial year, IRIS and the implications of AI for Ordinate and the AV industry. So this slide, slide 14, is a single slide summary of Ordinate. We have actually discussed many of the metrics on this slide earlier in the presentation, like the total number of Dante novel products and the ongoing growth in our training program. So I won't repeat those. Essentially, what I'd like to sort of highlight on this slide is that today, Dante is in over 7 million devices installed all around the world. in an incredibly wide range of audiovisual applications. And so you can see a sample list on the right-hand side of the slide. This installed base and product ecosystem is a substantial opportunity for our platform products and services when we execute on our platform strategy. As you likely remember, we recently acquired IRIS as a product. IRIS is a cloud-based, control-first AV platform with a simple browser-based monitoring and control user interface. Like Dante, it is manufacturer agnostic and it launches with advanced camera features including AI auto-tracking, colour correction and cloud-based recording with a roadmap to expand into a range of encoder, decoder and vision mixing products. Ultimately, the way I think of IRIS is that it aligns beautifully with our long-term vision for unified audio, video and control over networks. The IRIS product launched commercially in December with a white label offering and also a direct-to-end user model. There are go-to-market synergies with Ordinate's existing manufacturer, OEM Business, and IRIS's video capabilities and deep camera control functions complement the existing Dante product ecosystem with things like Dante Director. The slide actually contains quite a bit of information for your reference and I don't plan to talk through it all right now other than to say that throughout the remainder of FY26 we will be investing in go-to-market and product development to drive adoption of IRIS and scale with the ultimate aim of bringing audio, video and control closer together under a single interoperable platform. On slide 16, you can see our priorities for the remainder of this financial year. Ecosystem expansion is our bread and butter. It generates revenue, but it also deepens our competitive moat and creates the foundation of installed products that will benefit ultimately our platform strategy going forward. Integrative Solutions is about connecting our audio, video and control features and functions in useful ways for the AV project or AV installation. It means bringing support for next generation control functions to a broad range of our manufacturing partner products and also our own products like AVO. Iris Market Launch is about backing the team to deliver on their successful commercial launch with a coordinated go-to-market strategy and integrating ultimately the Iris and Dante product offerings together. Dante Director Evolution is about delivering Dante Director Pro functionality into enterprise applications with hundreds or thousands of Dante devices under management. Now, given the recent commentary on the potential for AI to disrupt the variety of software and SaaS-based businesses, I thought it would be good to share some thoughts on the relationship between AI, Ordinate and the broader AV industry. For Ordinate, One thing I really want to point out is that the bulk of our revenue is linked to hardware devices that end up installed into physical locations. So here you should think microphones, amplifiers, cameras and the like. So this revenue model is infrastructure oriented rather than seat based and it is connected to the audio visual equipment that's needed for physical environments. Another point to make is that the value of Ordinate's key technology, Dante, is tied to the economic network effect created by interoperability between competing AV equipment brands. There are currently 7 million devices in the field with an ecosystem of 5,000 or so interoperable products from over 5,000 brands. As this ecosystem and installed base grows, the moat deepens since replacing or reworking the portfolio of Dante products and the installed base all around the world would be very expensive. Ultimately, I see Ordinates and Iris' technology, which is really about networking, APIs and platform services, as enabling workflow automation and AI applications. Dante and Iris put audio and video signals onto networks, and they both provide APIs to control them. This creates a natural foundation for AI and workflow automation that can be done in a way that's not been possible in the industry before. More broadly in the AV industry, activity is often project-based with three broad phases, design, install and operate. AI is broadly applicable to all three phases. So, for example, converting requirements to detailed design specifications during the design phase. Lots of ways of doing that, either from English language or from automatic scanning of rooms. For system programming work during the installation phase, there's a lot of programming work which is kind of analogous to the sort of software work that people do today. and for workflow automation and monitoring of audiovisual systems during operation. Furthermore, a technology transition is actually underway in the AV industry. So that's from traditional bespoke AV hardware boxes that get installed into rooms typically with looms of cables and these types of installations, the bespoke AV installation, really has limited or no APIs at all. So there's a transition from that sort of physical boxes and wires approach to IT compute and AV software connected by networks like Dante with APIs to control them. The further that the industry travels down this transition, the easier it becomes to use AI technology in AV systems. in the AV industry, Ordinate, Danse and Iris provide key networking and control technologies that ultimately end up enabling broader adoption of AI throughout the industry. So I think actually ultimately Ordinate is uniquely positioned as a key technology provider enabling AI in the AV industry. Finally, slide 18 summarises the FY26 outlook. I won't talk through all of the bullets on this slide. Big picture, ongoing strength in the core metrics cited earlier indicate continued progress in what we call our profitable land grab part of the business, with US dollar gross profit growth expected to be between 13% and 15% over FY26. In context, this represents two to three times the overall industry growth rate, which has been slowing. As I said earlier, our long-term strategy is to capitalise on the growing installed base of Dante devices and provide the software platform the industry uses to deliver audiovisual projects and services globally. The acquisition of Iris, the maturing of Dante Director, and the onboarding of industry veterans specifically to develop our platform business are strategic moves aimed at delivering our long-term vision. Making these moves involves investing prudently. Previously, we indicated that operating costs in FY26 would increase by 25% over FY25, but following the organisational changes made in the first half, operating cost growth is now expected to be 20% over FY25. So to wrap up, there's a nice quote here on the slide, which I'm not going to read, but there is an industry shift underway from proprietary AV hardware to IT-style networks and software-driven solutions. That industry shift will enable increased use of AI technologies quite broadly. I can't think of a company better placed than Audinate to drive and capitalise on this industry transformation. And I'm excited by the talent and the capabilities we now have at Audinate to make our vision a reality. And with that, I'll hand back to Chris to coordinate questions.

Thank you, Aidan. So let's just... Go to the questions. I think there was a question from Ryan just in relation to, again, how does Ordinate think about the potential threats and opportunities from AI as it relates to Dante and Ordinate more broadly? Given we've just gone over that, it might be just worthwhile.

Yeah, I guess I don't want to sort of repeat what I just said. I think that's, what I just said is probably how I would think about it. So, there's an element of Ordinate's business which is fundamentally connected with physical devices and physical spaces, and that's the software that goes into microphones and cameras and speakers and things like that. What we are really engaged in is this industry transformation project. And as the industry actually shifts from bespoke physical bits of hardware with point-to-point cabling to much more in the way of networking, Those physical devices like microphones and speakers don't go away, so there's still a need for the Ordinate software stack to be inside them, but there's a huge opportunity to provide infrastructure to enable things like AI to be used for the design, configuration, installation of audiovisual systems and also to manage and monitor them in a way to really add value to the audiovisual user experience that people have. So I think we're in an interesting moment where it's very hard to predict what the future will actually turn out to be. But I think Ordinate is in a great position because we have, you know, the bulk of our revenue currently comes from a business model which is associated with physical environments, physical spaces and infrastructure, and as we build out the software and platform services, that's a different kind of software infrastructure that will enable things like AI automation to take place, and it will actually add value to our product offerings going forward. forward. So I think if we're smart, then we should be able to come up with business models that play into an AI future. And clearly, internally, we do a lot of software development. So there's plenty of upside and value to be had for us in terms of our ability to continue to develop, maintain and support the kinds of software products we have today. And so there's a lot of efficiencies for us internally in addition to the comments I was making about the overall industry.

Just a question from Singler. Can you provide a little more detail around the RS go to market strategy? Is it focused on OEMs or channel relationships? Is there a need to face end user customers?

Yeah, so there's actually a few approaches to go to market with IRIS. Today, IRIS is actually in the market with a white label offering from a manufacturer. Going forward, we think that the primary go-to-market motions for IRIS will be a channel-based or a distribution-based model where IRIS gets bundled in with the purchase of cameras and also a direct end-user approach. With the launch of IRIS, we've actually had plenty of people jumping on to the the free part and actually starting to experiment. And we're seeing those conversions and camera onboarding onto the platform through the direct marketing to end users. It will mean some shifts in terms of the organisational structure for Ordinate. So it's not entirely foreign from what we've been doing to date. So we have been making products like ABO adapters that get used in AV projects and installations. IRIS is like a software solution that also will be used for projects and installations and or event production. Going forward, we will be beefing up our go-to-market with respect to channels, bundling, getting the IRIS product to be bundled with things like cameras, for example, at the place where people buy them, such as from a distributor or a retailer. But we'll also be continuing on the end-user part of it as well, the conversion side of it. So it will have some implications, but that's not dissimilar to some of the platform things that we're thinking about. So selling Dante Director into installations. Iris has a similar, not the same, but similar go-to-market motion as that.

Yeah, we're talking about road. So... Yeah, so a question just in relation to Audinate signed an agreement with the Freeman Group and Freeman owns ROAD. So just explain a little bit more about that partnership.

Yeah, for sure. So normally, what to say about that? So Audinate would not typically be disclosing things like roadmap stuff and what products might be coming out, but clearly Rode is a global company providing a whole range of audio and video products. And Rode has actually also acquired, if you have a look, they've acquired a number of brands like Mackie and Lectrosonics and things like that, which are in the audio space. So they have a really interesting combination of both audio, like microphone mixes, radio microphones, things like that. but also a very successful range of vision switcher products with things like the Rodecaster and the Rodecaster Pro. So Rode's a very interesting company with both audio and video needs. So they're actually also based here in Sydney which is really nice to be able to go and have a chat with a local Australian company that's also with a global footprint. So that, yeah, I'm not sure what to add to that apart from to say that I think there's a broad range of road products that can benefit from widespread adoption of the Dante technology and obviously we're working with them, various brands within the road group to accelerate and deliver Dante technology in a wide range of road products.

Question is in relation to Chips, Cards and Mortals units shipped fell from 243,000 units in the second half of 2025 to 205 in the first half. Just a question around how much does that relate to imagery rundown versus structural shifts in embedded software? I think the answer to that is it's a combination of the two. So certainly we are seeing that structural shift which was spoken about previously from chips, cards and modules into embedded software products and that shift we expect will continue over the course of the next couple of years for reasons explained. I think in terms of the inventory challenges that we've faced previously, I think it's fair to say that we're through certainly the worst of those inventory challenges, and it's really about getting customers back to what's a normal run rate.

I might be even stronger than that.

I would say they're very much in the review mirror. and we've had very strong, just to reinforce that point from Aidan, very strong forward bookings in the first half of this financial year as well, which gives us some confidence around going into the second half and also seeing a bit of a better result in the Chips, Cards and Modules revenue component of the business. A question from Jules just in relation to the OPEX guidance. A question just around expectation around capitalised intangibles for the full year. Roughly it's going to be around $13 to $14 million in capitalised expenses going in for the full year is the expectation.

So the question is, how do you see the uptake of AS67 from manufacturers like Crestron and the professional market? How do you address the lost market share? So probably a few ways of answering that question. Crestron is one of the large companies in the industry who behaves essentially as a wall garden manufacturer. So they really like to use networking technology and also standards as a way of them continuing to deliver all of the components in an audio visual system. So in a way, because they have that business model, they're not naturally aligned with Dante's worldview of maximum interoperability. So even if they are using AF67, you shouldn't take it to mean that their business model is fundamentally about maximum interoperability. So Ordin8's business model is about maximum interoperability. I don't consider that we've actually lost a massive amount of market share to, for Crestron anyway, with AS67. Far from it. They actually do use Dante as well. And I would make the point that I think Ordin8 provides two thirds of the AS67 implementations in the AV industry as a whole. So we're a big provider of AS67. and AS67 is really one one slice or one, you know, it's the lower layers of the total technology stack that's needed for an interoperable audiovisual system. And there's a lot more pieces to the puzzle that mean that Dunte provides quite a lot of value to manufacturers for small, medium, large solutions for things that can run on a single local network. They can span across a campus and they can connect across the internet. So those things are not within the scope of AS67. It's an important standard, don't get me wrong. I'm a networking person. I actually was involved in writing some of the standards in the IATF that ultimately become part of AS67. So we understand it well. We're a networking company. We implement AS67 as part of our solutions and we're actually the largest provider of AS67 to the industry.

So a question from Jill is just in relation to the assumptions around the US dollar. The EU is in support of the 20% OPEX target. Obviously we've seen a lot of fluctuations and variability in the US dollar to Aussie dollar exchange recently. We have a mixture in costs of both Aussie dollars and US dollars across our business. The reduction in operating costs in the overall guidance is really driven by the cost actions that we've taken. in the first half of this financial year around, as Aidan said, transition from a build phase of the investments to more running them on and commercialising those investments. So yeah, in terms of the 20% operating cost target, that's really driven by the high costs that have been driven out of this business and we have a mixture of Aussie dollar and US dollar costs in our business. A question from Andrew just in relation to IRIS costs. Contribute $100,000 in revenue in the first half of 26. and you flag continue investment in IRIS in the second half of the year, what's the IRIS run rate on costs? So overall if you take direct contribution of IRIS costs, they were around $800,000 to $900,000 for the first half of this year. We started with 10 employees. With IRIS we expect to get closer to 15 employees by the end of the year as we build out our go to market strategy. So all of the costs and revenues of IRIS have been factored into that full year guidance and full year outlook. The question is just around negative cash flow in the first half of the year and the likelihood of a capital raise. Look, we've got $70 million in cash, so the expectation is not at all to use our existing resources and facilities to fund the investment that we've made.

Maybe I'll add a couple of comments to that. So I guess one of the – so if I think back to the previous results roadshow, we were in the slightly awkward position of having made the investment in Iris and had completed some strategic hires. So we had actually onboarded some talent. And so we had a number of – we essentially had a lot of the costs associated with some significant strategic moves, but we hadn't yet finished the – or we hadn't worked our way through some of the cost management side of things. So I see the actions we've taken in the first half as really setting us up for having a sustainable kind of cash burn rate going into FY27 and beyond, something that's sustainable according to our balance sheet that enables us to continue to prudently invest and share loads of cash as we do it.

A question from Tim made, which I think you've already answered, but may be worth to reinforce, just in relation to how we're thinking about the destocking from our top 20 OEMs. Are they backordering? And secondly, just around US market conditions. So just views on the current US market conditions, given some of the tariff uncertainties that we expected going into the first half of the year.

Yeah. When we were, like earlier in this half, absolutely, I think tariffs were very much on the radar. It's funny, it seems like the sort of general sort of news cycle, you know, commentary has sort of moved on from it. But it's still there in the background, I would say. So I think even though people are not talking about it in, you know, in newspapers and stuff, it's still out there and there's still uncertainty around tariffs. And there's a bunch of supply chain reorganisation taking place. The reason why – I think I just kind of name checked it during the presentation because it isn't, I would say, a hot topic of conversation with manufacturers at the moment. I think there's overall just sort of general softness in the market. harping on about tariffs too much, but I do think that it is just another one of those things that increases the costs of audiovisual equipment, which does tend to cause people to think about deferring expenditures. So it's certainly out there and it isn't – I don't think we're in a final state yet.

A follow-up question from Tim just in relation to VR products and partners. So in FY25 we had 122 products, 64 partners. just thinking through how that has progressed in the first half of this financial year. So I think in terms of the product count for video increased to 148. I think overall they contributed 10 design wins in the first half of the year. So we still are seeing progression and progress in the video side of the business. Do you want to talk about me? Not on that one. So question just from Design Wind, 66 Design Wind. So just an understanding of breakdown of audio and video. So I think we had... in terms of design, 10 design wins from video, so still the majority of design wins coming from the audio side of the business.

Yeah, so we're just sort of trying to collate questions here. So is Iris and Dante Director, can Iris and Dante Director be integrated and have a single platform that control audio and video devices from the same platform through the cloud? Yeah, and how does that relate to video product traction for Ordinate? Yeah, so Iris has a video component to it. So there's a large, there's a strong OEM component to the Iris component story. So having Iris-enabled cameras actually puts video signals on the network in the same way that Dante AV does. It's definitely our plan to integrate Iris and Dante Director, for example, into a common platform. An analogy I would give you is there are quite a few software platforms that have various modules in them. So one example that people are familiar with, and I'm slightly cautious of using this example because of the whole Sasageddon narrative that's out there, but a company like Salesforce, for example, has a product offering which is essentially a platform, consists of a CRM module, but there's also a sort of financial module. There's an e-commerce module. You can sell things through Salesforce. There's a support module. so you can provide customer support and interact with your customers that way. So there's a whole series of modules and functions that are part of that overall Salesforce platform. That's how I see Dante Director and Iris actually being integrated over time. There will be a series of modules that are part of that that platform, the infrastructure platform that people use to deliver audiovisual projects. Some projects will need two or three of them. Some projects will need all of them. But that's how I see ultimately the platform being integrated together. One of the nice benefits of IRIS being a very strongly cloud-first platform is that it does mean that there are some simplifications in terms of the integration of that with our offerings like Delta Director.

A question from Sinclair just in relation to, your guide mentioned orders underpinning second half sales. Can you provide some colour and visibility as we go into the second half of the year? So we had a very strong result in terms of forward orders in the first half of the year. So that certainly gives us some confidence and also visibility going into the second half of the year around how those orders translate into revenue. Overall, we've got somewhere between three to four months of visibility in terms of our sales pipeline. So that's in terms of that.

Yeah, I think I just talked about that. So that was my slightly awkward Salesforce analogy.

Yeah. Yeah, there's a question.

There's actually loads of questions in here from an anonymous attendee, which I can't quite work out whether that's a real person or a... some automated thing. But you guys plan to open the platform for third parties to develop tools and software. Yes, we do. And in fact, that's possible today with things like Dante Director. There are APIs for Dante Director and Dante Domain Manager. And obviously, we provide a wide range of APIs to our manufacturing partners and customers. So there's lots of opportunities in here and as we execute our platform strategy, the idea is to build more APIs and enable both traditional software developers or users who are installing AV systems to integrate with APIs. or, as I was saying earlier in the presentation, make use of things like AI tools that can call those APIs, read documentation, read specifications and requirements, and then automate a lot of the current sort of grunt work in terms of programming and delivering audiovisual systems and their workflows.

We're just coming to time. Thank you.

All right, well, with that, I think we will draw this presentation to a close. Thank you very much for your time. I appreciate your support. I know it's been a challenging year or so, but I'm looking forward to the next couple of years, and I think we've made a number of significant strategic moves that will set Ordinate up for a sort of long-term performance. So thank you very much, and with that, I think we'll call it a wrap.