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spk02: Good afternoon. The Flight Aerospace Solutions Limited Annual and Special Meeting of Shareholders is about to begin. We will just pause for a moment as participants make their way in from the lobby.
spk01: Mr. Chair, I will hand the floor over to you. Good afternoon, ladies and gentlemen.
spk04: And welcome to the annual and special meeting of flight shareholders. My name is Kent Jacobs. I'm the president and interim CEO of Flight, and I will be acting as chairman for today's meeting. Before we begin with the formal business of the meeting, I would like to thank you all for joining us today. In order to cover the required business in an efficient manner, we have prearranged with certain shareholders to move into second motion business. This is in no way intended to discourage comments from the floor. On the contrary, should any registered shareholder or proxy holder who pre-registered as outlined in the notice of meeting wish to speak on a matter, please do so at the time by typing your question in the Q&A section on your screen within Zoom. If the shareholders present have no objections, I welcome all guests and ask any non-security holders to refrain from asking questions or voting during the formal part of the meeting. Following the formal meeting, there will be a presentation on the company's Q1 and 2023 results. We welcome questions submitted from any participant using the Q&A function on screen during that presentation. This meeting will now come to order, and with your approval, I shall ask Alana Forbes to act as secretary for purposes of recording the minutes of the meeting. The first item of business will be With the consent of the meeting, I shall ask Bart Wingrak of Odyssey to act as scrutineer. Odyssey has indicated that shareholders of record at the close of business on April 6, 2023, were mailed the notice calling this meeting, together with the accompanying meeting documents, on April 20, 2020. Accordingly, with the consent of the meeting, I would propose to dispense with the reading of the notice and I direct a copy of the notice and proof of service to be kept by the secretary with the records of this meeting. I note that a quorum of shareholders is present at the meeting irrespective of the number of persons actually present if two shareholders or duly appointed property holders are present. I have received the preliminary scrutineer's report indicating that a quorum is present. It shows that there are nine shareholders present represented by proxies representing 13,225,134 common shares being 34.079% of the total . I ask that when a vote is requested, shareholders do so by choosing from the responses available on the polling questionnaire that will appear on screen each motion is put forth. The notice and quorum requirements having been met, I now declare that the meeting is regularly called and properly the transaction of business. The first item of business is to receive and consider the financial statements for the year ended December 31st, 2022, together with the auditor's report thereon. With the consent of the meeting, the reading of such financial statements and auditor's reports will be dispensed with. Copies of the financial statements and the auditor's report thereon have been made accessible to each registered shareholder who have had an opportunity to view them and no action is requested. I would be pleased to answer any questions after this meeting. The next item of business is to fix the number of directors of the corporation to be elected at this meeting to hold office until the close of the next annual meeting of the flight shareholders.
spk00: My name is Flint Walters and I move that the number of directors to be elected at the meeting to hold office until the close of the next annual meeting of flight shareholders to be fixed at seven directors.
spk01: My name is Gino Davoli and I second the motion. The motion is now open for discussion. You have heard the motion, and if there is no further discussion, I ask for all shareholders present to indicate their vote using the on-screen poll. Polls will close in five seconds. Polls are closed.
spk04: Based on the preliminary Scrutineer's report and the votes conducted at this meeting, I declare the motion carried. The next item of business is the election of directors to hold office until close of the next annual meeting of the flight shareholders. My name is Gino Davoli, and in accordance with the bylaws of the corporation as detailed in the information circular, I nominate Brent Rosenthal Douglas G. Marlin, Mary McMillan, Michael Brown, Nancy Young, Paul Ticalo, Peter Large, to be elected as directors of the corporation to hold office until the close of next annual meeting of the flight shareholders or until their successes are duly elected or appointed.
spk01: My name is Grigio Buehler, and I second the motion.
spk04: I ask for someone to move and someone to second the resolution to elect those nominated as directors of the corporation to hold office until the close of the next annual general meeting of the flight shareholders.
spk00: My name is Flint Walters, and I so move to elect those nominated as directors of the corporation to hold office until the close of the next annual general meeting of the flight shareholders.
spk01: My name is Derek Taylor, and I second the motion. Motion is now open for discussion.
spk04: You have heard the motion, and if there is no further discussion, I ask for all shareholders present to indicate their votes using the on-screen poll. We will pause for a few moments to give you time to complete your voting. Please indicate whether you wish to vote in favor or withhold your vote for each of the candidates for director by checking the box beside the name of each director you are voting in favor of.
spk01: To withhold your vote for a candidate, leave their checkbox blank. Polls will close in five seconds. Polls are closed.
spk04: Based on the preliminary scrutineer's report and the votes conducted at this meeting, I declare the motion carried. The next item of business is the appointment of auditors for the current year. I will now ask for someone to move and someone to second the motion in this regard.
spk03: My name is Alana Forbes. And I move that KPMG LLC chartered accountants be hereby appointed as auditors of the corporation to hold office until the close of the next annual meeting or until a successor is appointed and that the directors are hereby authorized to fix their remuneration.
spk01: My name is Paul Takalo and I'll second the motion. The motion is now open for discussion. You have heard the motion, and if there is no further discussion, I ask for all shareholders present to indicate their votes using the on-screen poll. Polls will close in five seconds. Polls are now closed.
spk04: Based on the preliminary scrutineer's report and the votes conducted at this meeting, I declare the motion carried. The next item of business to be conducted today is to consider and, if thought advisable, to pass an ordinary resolution to adopt and approve the stock option plan of flight. The ordinary resolution approving the stock option plan can be found on page 12 of the information circulars. With the consent of the meeting, I propose to dispense with the reading of the resolution in its entirety and proceed with approving, by way of ordinary resolution of the shareholders, the stock option plan. All is provided for in the information circular. I will now ask for someone to move and someone to second such ordinary resolution. My name is Paul Tacolo, and I move that the stock option plan, as described in the information circular,
spk00: be approved in the stock option plan of the corporation.
spk01: My name is Gurdjieff Buehler, and I second the motion.
spk04: You have heard the motion, and if there is no further discussion, I ask for all shareholders present to indicate their votes using the on-screen poll.
spk01: Polls will close in five seconds. Polls are closed. Based on the preliminary Scrutineer's report and the votes conducted at this meeting, I declare the motion carried.
spk04: As there is no further formal business to be brought before the meeting, I would now ask for someone to move and second the termination of the meeting.
spk03: My name is Alana Forbes, and I move that the formal part of the meeting be terminated.
spk01: My name is Derek Taylor, and I second the motion. You have heard the motion, and if there is no further discussion, I declare the meeting terminated.
spk02: The next portion of the meeting will include presentations from Kent Jacobs, President and Interim CEO, and Alana Forbes, CFO. Following their presentation, they will address questions received in advance at investorsatslight.com, and send questions from participants present in this meeting. If you have questions, please submit them using the Q&A function on screen during the presentation. Participants who have indicated that they would like to ask a question will be introduced and unmuted by the conference organizer one at a time. On FLIGHT's website, FLIGHT.com, a press release has been posted covering the information that will be reviewed today, as well as a recording of this meeting. An archived version of today's meeting will be posted on the Investor Relations section of FLIGHT's website as soon as it is available from the meeting provider. Before we start the Q1 2023 presentation, we would like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we have included in our first quarter 2023 report. Certain of statements made today may constitute forward-looking statements, and these statements are FLIGHT's present expectations. Relevant factors that could cause actual results to differ materially are listed in the earnings materials and CDAR filings. During the course of today's call, FLIGHT may also discuss certain non-GAAP measures. You can find the reconciliation of these to the nearest comparable GAAP measures in the first quarter 2023 report. With that, I will now like to turn the meeting over to Kent Jacob.
spk01: Thank you, Gaylene, and good afternoon, everyone.
spk04: After delivering record revenue and profitability in 2022, we are continuing to build off this momentum with a record pipeline of opportunities in 23. FLYTE's strong competitive posture has placed us in an excellent position to benefit from the ongoing robust demand for our legacy solutions and asserting interest in our new and innovative 5G products. I've never been more optimistic about our current state and future opportunities. Starting off 2023, FLYTE is in a solid position, both strategically and financially. Over the past few years, FLYTE has transformed into an actionable intelligence provider which is not only a significant competitive differentiator for our company, it is also the key to driving SAS revenues uniquely higher. Flight's flagship product, the AFERS-228, has a proven track record with over 4,000 aircraft utilizing the Iridium Zatcom solution. Sales of the AFERS-228 remain strong, accounting for a significant portion of our SAS growth. Additionally, Transport Canada recently granted Flight a supplemental type certificate to install the AFERS 228 on the Boeing 727 MAX 8 aircraft. This SCC update creates additional growth potential for us. Airlines can now request that their new aircraft come off the factory line with Iridium SATCOM provisions, and this SCC allows for updates to those provisions to accommodate flight AFERS 228. The commercialization of flight's 5G-enabled wireless quick access recorder, the AFERS Edge, is making significant progress as we recently received DO-160 environmental certification data. This certification means that the APHRS Edge is now ready for installation on commercial aircraft, and we are in the process of obtaining STCs for the product on multiple aircraft platforms. Flight's approach is to target the A320 and the Boeing 727 fleets for our initial STCs, and we have several opportunities to work with airline partners to meet aircraft installations. As furtherance to our Acres Edge milestones, we have released production orders and expect to receive our first production Acres Edge units throughout the summer. We are continuing to make contact with new prospects through different conferences and sales meetings. This week, flights had a significant presence at the AMC, the Aviation Maintenance Conference in Denver, and we continue to make preparations for and look forward to hosting the AWC IATA ESB Users Conference in Calgary later in June. As a consequence of the aforementioned opportunities, our pipeline of potential business has increased more than 10% quarter over quarter, reaching an all-time high. This pipeline is expected to continue growing due to the recovery of global passenger traffic and the increasing demand for our innovative solution. We've spoken a lot about Flights' opportunity to meet the industry's needs in the coming years. It's undoubtedly the biggest opportunity for our company's history. But there's another opportunity that is increasingly becoming real for us, and that is weather. There's a growing need for new solutions to meet net zero commitments for airlines and to provide government and private industries with enhanced weather data. White has unique assets in this area in building solutions that leverage our technology. White's WVSS2 water vapor sensor system in conjunction with either an AFERS Edge or an AFERS 228, is becoming an increasingly valuable tool for aircraft-based observations, particularly in relation to weather forecasting models and aviation operations. Discussions continue with UKMET, and we believe this will act as a catalyst for other government-based weather agencies to engage with flight on similar aircraft-based observation programs. Flight delivered solid Q1 2023 results despite a 5% year-over-year revenue decrease, which was largely due to last year's large licensing orders not repeating this year in Q1. Our gross margins remained robust at 57%, and our cash balance increased by over $500,000 to $3.2 million as we collected on the large OEM order filled in 2022. In closing, I look forward to working closely with our new chairman, Captain Mary McMillan, and the rest of our board of directors, including our new members, Nancy Young and Pete Large. I would also like to thank former board members, Nina Johnson and Jack Olcott, for their guidance and unwavering commitment to flight over the years. I'd now like to turn the call over to Alana for a review of our financial performance.
spk03: Yes. I will begin by reviewing our first quarter 2023 results, then we'll discuss key operating metrics. While we experienced a decline in revenue and an even loss of over a million, it is important to note that we are continuing to invest in our future growth opportunities. We are making strategic investments to position ourselves ahead of what we believe is the biggest opportunity in our company's history. We remain focused on ensuring that we have the necessary capital to support our organic growth strategy, which is critical to our long-term success. We are confident in our ability to execute on our plan and create value for our shareholders over the long term. FLIGHT DELIVERED TOTAL REVENUE OF $4.8 MILLION IN Q1 OF 2023. THIS WAS A $200,000 DECLINE FROM $5 MILLION IN Q1 OF 2022 WHEN WE HAD A VERY STRONG QUARTER OF LICENSING REVENUE TOTALING $1.1 MILLION ON ITS OWN. LICENSING REVENUE HAS BEEN LUMPY EACH QUARTER SINCE THE BEGINNING OF THAT REVENUE SOURCE. SO OVERALL, WE ARE PLEASED THAT WE WERE ABLE TO OFFSET MOST OF THIS WITH STRONG GROWTH IN OUR RECURRING FACTS BUSINESS. Staff revenue increased 44% to $2.4 million in Q1 of 2023 over Q1 of 2022. The addition of cross-conference staff revenue and post-pandemic recovery of our customer base contributed to this increase. Hardware revenues decreased 15% to $1.8 million in Q1 2023 over Q1 2022, as a total of 32 installation kits were shipped this past quarter compared to 34 in the quarter prior. Licensing revenue, as mentioned previously, decreased by 1.9 million to just 9,000 in Q1 due to decreases in the number of modems and associated licensees ordered for delivery in comparative periods. Technical services revenue increased 407% to 550,000 this past quarter compared to Q1 2022 as a result of the addition of cross-consent services to this revenue category. IN TERMS OF PROFITABILITY, WE REPORTED A STRONG QUARTER OF MARGINS WITH Q1 2023 BOTH MARGINS OF 57.3, INCREASING 260 BASIS POINTS YEAR OVER YEAR COMPARED TO 54.7 REPORTED FOR THE SAME PERIOD LAST YEAR. This year-over-year increase in gross margin was driven primarily by our growing FAS revenue, which represented 51% of revenue in Q1 2023 compared to 33% last year's Q1. FAS is one of our higher margin revenue sources, carrying gross margins in excess of 60%. We recognized an EBITDA loss of 1.3 million compared to 940,000 in the same period last year, representing a negative variance of 400,000. Total operating expenses increased 10% to 4.2 million this past quarter, compared to 3.9 million reported in the same period last year. This year-over-year increase was due to the addition of the cost-content personnel resulting from our March 2022 acquisition of that business, as well as incremental investments in sales and marketing made through 2022. We continue to expand our commercial team, extend our marketing reach, and invest in R&D as we further enhance our actionable, intelligent speed of product and in-game percentage. Likewise, net income was a loss of 1.7 million compared to a loss of 1.2 reported in the same period last year, representing a negative variance of 370,000. For the quarter, we generated $950,000 in cash from operations and collected on the large OEM order that we fulfilled in its entirety last year, ending the quarter with $3.2 million in cash and equivalent, representing a $560,000 increase compared to $2.6 million in Q4 of 2022. And now looking ahead, we expect continued growth in our business, driven by the ongoing recovery of the global aviation industry, as well as the execution of our strategy. We expect over the coming years, edge platform sales will drive increased hardware sales, and that staff, revenue, and lifelines enjoy continued growth.
spk01: Pardon me. The muting of the computer has caused Alana to go silent. Please stand by. I'm going to . Looking ahead, we expect continued growth.
spk03: Sorry about the technical difficulties. Kent has lost both, I believe, his mic and video, so he will be joining me on my screen, and I'll pick up where I think we left off as his mic cut out. We expect continued growth in our business, driven by the ongoing recovery of the global aviation industry, as well as the execution of our strategy.
spk01: We expect... both mics seem to be muted at this point okay back on track we expect over the coming years edge platform sales will drive increased hardware sales and that fast revenue will likewise enjoy
spk03: A second phase of fast growth should occur as the installed-based cloud edge platforms increases and customers recognize and accept the tremendous value our software solutions provide to their operations. Our contracted backlog, which increased business of $19 million at the end of last quarter, gives us pretty good visibility on revenue over the coming quarters. Additionally, our pipeline, which includes, as of yet, uncontracted opportunities for our newer offerings, such as the Edge, increased 10% sequentially to 77 million, and it's the most robust we have ever experienced. As we receive SCCs on our Edge platforms, we expect our types of opportunities will continue to grow over the course of time. With that, we would like to address several questions that we received at investorsasquad.com.
spk01: Thank you to those who did submit and advance. Okay, the first set starts with, what are the differences between Edge and Edge Plus?
spk04: Thank you. Yeah, and I apologize for that technical problem. The difference between the Edge and the Edge Plus. The Edge is the flange mount version of the Edge product, and the Edge Plus is the 4M2U version. So the flange mount product is the one that can be installed above the liner in the cabin between the frames on the aircraft that can be installed in the avionics base. It's a smaller form factor, better for aircraft like mid-size and large-size turboprops and even into the business jet side of things. The Edge Plus is the 4MCU replacement of the primary incumbent wireless QAR product out there in the market. So that form factor is a much more standard baby on its product. It's got a handle on the front. It would only be installed in the avionics bay of an aircraft. It's the simple replacement. You take the existing product out, you slide this one in with the same interface of the airing connector on the back, and it fits right into the aircraft in the slot and is vacated by the competitor's product. So the difference is the form factor of the product. Primarily, the functions are identical. Both have a wireless TIR. Both provide AID functionality. They've got the 5G radio, they've got the Wi-Fi radio, they interface via a graph in the same data bus. Same product, different form factor.
spk03: Okay, and a follow-on question. What is the difference in what we charge clients? This can vary. Our target price is between $25,000 and $40,000 per ship set. And it will vary based on the features of the product that the customer is interested in, based on the aircraft type that it's being installed in, and based on the installation kits that as a result will be required. And there may be outliers, but in general, that would be the range. for the main EDGE product, the EDGE Plus would see a small increase in that range. Our second set of questions starts with, can you expand on the DO-150 certification? Your press release implies that EDGE is now ready to be deployed, yet it also maintains legal FTP.
spk04: That's a good observation. The DL-160 certification is the environmental testing and qualification of the box. So the Acer's Edge was taken and put through a set of environmental tests. It was shaken, it was warmed up, it was cooled down. There were EMI, RFI considerations that had to be taken into account to make sure that it wasn't leaking radio waves. That's the environmental testing of the product. And that environmental testing will apply to any STC that we now get. So the environmental testing has to be done once. It's done on the product. And that set of information around the successful completion of the environment testing will be incorporated into the various STCs for different aircraft types.
spk03: Great. What is your expectation on when you will receive STC approval for the edge?
spk04: Well, we already have the Provisional, the Transfer Canada Provisional SCC for the A320. We're expecting next week to have the Provisional SCC for the Edge for the 727 MAX. What we're doing now is we have to get that product, have it installed on those types of aircraft here in Canada with Canadian registered aircraft. We will then complete the installation, complete the function testing. What happens then is we gather the information from that, and we resubmit that back to Transport Canada, and Transport Canada will then return back to us the final activation STC. So we're at that stage right now where we have the provisional STCs on the H-20. We're a week or two away, a week away from getting it on the 737 MAX. We complete the installation. We resubmit to Transport Canada. We get the activation STC back.
spk03: And a couple of follow-ons, each other's one. How long, once, in case you receive the OK, would you expect your first deployment?
spk04: If we're talking about the... Well, once we have the aircraft selected and we know which one it's going to be, that we'll be doing the provisional installation on, we get the information for that aircraft. Our engineering team has to take that and absorb it into the FCC package itself We then have access to the aircraft. We expect the initial installation to take between four and five days. We do a little bit of learning and a little bit of, it'll be a much longer time than a normal installation. The first ones take longer. Then the product is active and ready to go.
spk03: Can you socialize with potential customers so they are ready to go once the FTCs are forthcoming?
spk04: We're socializing with potential customers all the time. They are very key for us to have these FTCs completed and for us to be able to familiarize the FTC from Central Canada into the FAA, into EASA. But yes, our customers, we're working closely with our partners and our customers all the time to get through this phase.
spk03: And finally, from this investor, how will you manage any capital requirements used to fulfill Edge orders? This has many answers. We've been working really carefully, very diligently on making sure that our contractors get us through In the long term, we have been watching. We've got some cost constraints, a lot of cost constraints instituted. And you'll note that we did increase our cash reserves throughout both T4 and T1. So those efforts have been successful to date. If there is a large contract that would have significant working capital requirements, Our default, of course, would be either a large deposit, prepayment terms, as we have done with our customers in the past. Our default is 100% upfront. And as long as we're successful there, which we have historically been, then we anticipate the contracts to cover their own working capital requirements. Okay, that's everything from investors at float.com. So, I will now turn the call back to Darlene, and we will be pleased to take questions from call participants.
spk02: Thank you. We'll now move on to questions from participants in this meeting. To ask a question, either type your question in the Q&A box or raise your hand to join the question queue. At this point, Alana, we don't have anybody with a raised hand, so perhaps you could continue with questions that have been submitted in writing and check back with me later to see if anyone has indicated they want to speak.
spk03: For sure, will do. Thank you. The first question in using the Q&A function, hardware sales have been growing nicely throughout the year. Should we expect these to continue to grow, even excluding revenues that will come from the edge and decore? I would say absolutely. I think I mentioned previously in a preparer match that we have a contracted backlog of 19 million, and the majority of that is related to the TTA program that has been generated for us since 2012. Our contracted backlog is approximately half and half as we're in sales, and as our customers are taking down their aircraft for sea check, we're delivering on that contract backlog, particularly on the hardware side, so that we can install and then we can start using our data and voice solutions. We expect that to continue throughout the rest of this year and into future years. The contracted backlog is generally a contract that are about five years in length, and so the average for that backlog anticipated to be about one to two years. Under software revenue, how much of the recent figures represent revenues that come from these weather revenue streams? Currently, our staff revenue, it's generally between 15 and 20% of our total staff revenue are coming from the weather revenue.
spk01: Next question.
spk03: How should we think about the software revenue estimates per plane? $500 and $700 have both been suggested in previous presentations. How were these numbers selected, or rather based on what or how much add-on services do these services represent? Could $700 per plane be exceeded if airlines opt for more add-on services? Roughly speaking, to give a software package that can create a scenario for 700 a plane to give us a sense. So the 500 to 700 number that is in our presentation is what we're using to project our anticipated staff revenue from the edge product. And that $500 to $700 is based on our current experience with our Q2A customers. It does range beyond that, above and below, entirely dependent on what our customers are looking for and choose to purchase from us in terms of services. We operate on an a la carte basis, so our customers install the hardware on the TCA side in particular, and they're able to just choose from all of the services that we offer for a different monthly cost for each of them, depending on complexity. And so, when modeling for the edge business, we believe that with the existing services that we offer, plus the actionable intelligence suite of services, including Clearport and PeelSense programs, that that is achievable.
spk01: Roughly speaking, when would you hope to reach the target market share or edge of 20% buy? Go ahead.
spk04: Yeah, it's a great target. I think in our presentations we've talked about before, we anticipate reaching that level within five years. So it's a five-year target when we talk about that full adjustable market and reaching 20%.
spk01: How will the edge hardware be priced relative to the T2H?
spk03: I think we sort of addressed that with the investors at Floyd.com question. The T2H is a more expensive solution. The edge less so.
spk01: Partly competitive pressures, partly cost-based. Do you see any licensing needs or have any licensing contracts in the backlog this year?
spk03: We do not so far. We received the largest PO in our history this time last year for licensing revenues, and we executed on that PO fully by the end of Q4. We do not have another PO in our contracted backlog. We have not received one to date. That revenue is very lengthy. We receive POs. They're not received regularly, and so we would love to have another, but we don't have one yet.
spk01: That one's a hard one to get to. I'm sure it's involved, but also for us. Where does the negotiation with the U.K. next stand? Potential timing.
spk03: Negotiations continue. Dealing with a large government organization is a different contact process than dealing with airline customers. It's much more rigorous and it takes a lot longer. As you all know, the UK Met did signify their intention to purchase 30 units from Flint. We have not pressurized a contract as of yet on time, but we will definitely share that with you when we're able to.
spk01: Will rollers of the edge be constrained by manpower or entire units?
spk04: We don't anticipate that. Flight doesn't actually do the installation on the aircraft. The airline and flight will work together to either have the airline, their maintenance people, or third party do the installation. With the 228 and even with the AFRS 2220, we had several companies that were very capable of doing those installations, and flight was always able to coordinate those companies with the airlines if the airlines weren't doing it on their own.
spk01: So no, we do not anticipate manpower being a concern for doing the installation.
spk03: And a follow-up to that, once an aircraft has a maintenance opportunity, we'd like to be ready to install after SPC is in hand, of course. Practically all units in the contract are backlogged. And what, if anything, could hold this up?
spk04: uh access to the aircraft uh if i understand the question right it's always going to be coordination between flight and the airline to have that access to the aircraft that uh that we need so even when we have a contract signed with an airline we know that they're going to be putting the aphers or the aphers edge on the aircraft it's a matter of knowing when the aircraft is going to be brought down when the airline can have the aircraft down available for us So it's a scheduling and a coordination effort between flight, the airline, and possibly a third party doing the installation.
spk01: Are you seeing much progress penetrating into larger airlines?
spk04: Well, we are. Look, with the addition of our, with the growth of our sales team, and kind of the stature that Flight achieved by bringing in people who have been experts and have such a wonderful reputation in the industry, Flight immediately started to deal with and interact with an additional category of airlines. Several, multiple Pier 1 operators are now regularly in contact with Flight, and Flight is in contact with them, responding to RFPs, having meetings and making plans moving forward. So yeah, quite a difference with the type of airlines that Flight is interacting with now.
spk01: How do the company's products differ from rival options?
spk04: Ah, well, let's talk about the Edge, because the AFRS 228 stands alone as being the premium, the absolute premium SATCOM, erudite SATCOM system on the market from the day it was released, so it stood out that way from day one. But the Edge has a couple of key functions, key capabilities that are different than our competition. capability of the Edge. We know of nobody else who's doing a 5G cellular radio-capable product. In fact, that's one of the biggest, the absolute biggest advantages to the product. But the Edge is also being designed in a clever way to accommodate, to be able to accommodate third-party software applications to be able to run on it, and also with very easy means to update and maintain the product itself. So this application, the AFERS Edge is being developed with AWS technologies at the core, both on the ground and in the avionics product itself, but also with the ability to remotely update the software on board the Edge product. This is something that is unique in the industry. It's been a trademark of flight for many years, the ability to remotely via satellite or via now via 5G. be able to update the software running on the A4Z, and that's a fundamental difference. Also, the WVSS, I mean, there is no competition in the relative humidity sensor market. We have the two products. We have the Damdar product, and we have the WVSS. If you're looking for relative humidity to add to an aircraft-based occupation, right now you're talking to flight.
spk01: Okay, that's it for the Q&A type questions.
spk02: Thank you. Once again, if anyone would like to ask a question, please raise your hand or submit your question again in writing. Let's pause for another moment. I don't see anyone indicating they'd like to speak. So I'd like to hand the conference back over to Kent and Alana for any closing remarks.
spk04: Thank you again, David. I would like to end our call with recognition of two events that continue to demonstrate flight's continued success and increased presence in the global aviation industry. Earlier this year, flight was named to the 2023 TSX Venture 50, recognizing our company as a top performer amongst 1,700 TSX listed companies for superior market capitalization growth, share price appreciation, and shareholder returns. And on June 20th and 22nd of this year, in just about six weeks, Flight will be welcoming hundreds of industry peers from around the world to Calgary for the semi-annual AWC IATA Electronic Flight Bag Users Forum. The EFB Users Forum is a joint activity with AWC and IATA that provides an engagement opportunity for airlines, system integrators, hardware and software providers, regulators, and other interested parties to present and discuss topics of interest. to the EFB user community. The credit, the real credit to FLYTE to attract this conference to our hometown of Calgary. We're very much looking forward to the opportunity to welcome the world. Thank you for your time and your continued interest in FLYTE. We appreciate your support. Goodbye.
spk02: This concludes today's meeting. You may disconnect your lines. Thank you for participating and have a pleasant day.
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