That statement is absolutely true. Prior to 2025, if you were in the defence category, then you were deemed to be in other categories that had a lot of stigma too, principally because of ESG. That has changed with all global banks, including the Canadian ones, in the last six months, where they are building their defence teams. They are building their knowledge set. The “S” in ESG is now “societal”. The protection of people is a societal right.
We're seeing this rapidly changing, not just with the banks, but with pension funds, sovereign wealth funds and insurance companies. You will start to see by 2026 more credit available and more equity flow into the category, which has been starved.
That is an absolutely true statement. Companies, just because they were in the defence category, were debanked. They didn't have credit. I have multiple stories and examples of entrepreneurs I know who had big opportunities. They might have had $10 million a year. They were dual purpose. They were in drones. They had a 60-million pound order from the British \Ministry of Defence as a third-tier supply chain. They couldn't fulfill it.
We talk about building our capability. We have to be able to finance our entrepreneurs. If we don't finance our entrepreneurs, we don't build the capability.