We believe 2026 will mark a clear inflection point for the unmanned supercycle, as accelerating demand across defense, homeland security and public-safety drives what we believe will be the beginning of multiple record-setting years in drone procurement across North America. Uniquely, we believe Canada is on the cusp of its own drone-proliferation cycle, and wanted to revisit our Draganfly thesis as we see multiple catalysts materializing in 2026. We believe Canada is poised to approve ~$1B in defense drone programs in 2026, and, as one of the few domestically rooted manufacturers, DPRO is well positioned to capture a meaningful share. In parallel, several U.S. programs already awarded to the company are expected to ramp in 2026. Combined with Draganfly’s aggressive capacity expansion, we see clear potential for upward estimate revisions.