William Berman
CEO, COO & Director

Good morning, everyone, and welcome to our FY '25 results presentation. I'm Bill Berman, CEO, and I'm joined today by our CFO, Ollie Mann.

2025 was our second year as a stand-alone AI embedded automotive technology company, and I'm really proud of the progress we've made in that time. The past 12 months have been particularly significant for us due to a number of key transactions and important operational milestones.

Ollie will take you through the headline financials shortly. But before that, I'm going to take you through an overview of our strategic and operational progress delivered in the period. We have grown our revenue by 30%, driven by strong growth among new customers, successful upselling to our existing customers and the revenue added from our Seez acquisition in March 2025.

In July 2025, there were 2 events that were key to Pinewood's future. Firstly, we bought Lithia out of the share of the North American joint venture. This removed the competitive overhang that existed and risked impeding our growth prospects in the key market. Secondly, we signed a long-term $60 million contract with Lithia to implement our system in all their U.S. dealerships across the U.S. and Canada. Meanwhile, we've been carrying out testing on the system in North America, which is progressing well.

The largest piece of work that we have been focusing