Radiant Logistics, Inc.

Greetings. Welcome to the Radiant Logistics, Inc. financial discussion for second fiscal quarter ended December 31, 2025. This afternoon, Bon Crane, Radiant Logistics founder and CEO, and Radiant's chief financial officer, Todd McCumber, will provide a general business update and discuss financial results for the company's second fiscal quarter ended December 31, 2025. Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes. This conference call may include forward looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The company has based these forward looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about the company that may cause the company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements. While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from those set forth in our forward-looking statements, such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements, which are available on the Radiant website at www.radiant.com. radiantdelivers.com. In addition, past results are not necessarily an indication of future performance. Now, I'd like to pass the call over to Radiant's founder and CEO, Bon Crane.

Thank you, John. Good afternoon, everyone, and thank you for joining in on today's call.

With the benefit of our diversified service offering, we delivered another quarter of solid financial results. generating $11.8 million in adjusted EBITDA for our second fiscal quarter into December 31, 2025. We had a tough year-over-year comp as the year-ago period included $64.8 million in revenues for air charters, bringing approximately 8 million units of IV fluid to the U.S. as a result of the national shortages resulting from Hurricane Milton. When excluding 5.9 million in adjusted EBITDA from the Milton project in the year-ago period, adjusted EBITDA increased by 5.7 million, or 93.4%, compared to 6.1 million for the second fiscal quarter ended December 31 of 24. This growth breaks down as follows. Same-store growth of 3.6 million in our U.S. operations same store growth of $1.4 million in our Canadian operations, and another 0.7 million in growth from our acquisitions. Without the lower margin of the Milton project in the current period, our adjusted gross profit margin returned to more normalized levels, improving 340 basis points to 27.3% compared to 23.9% in the year-ago period. demonstrating our ability to maintain solid margins even as we navigate a challenging freight market. Importantly, when excluding the impact of Project Milton in the comparable prior year period, our adjusted EBITDA margin expanded by 780 basis points to 18.6%, reflecting our continued focus on operational efficiency and disciplined cost management. And while still very early in our journey, we continue to be encouraged by the prospects of Navigate, our proprietary global trade management and collaboration platform. Navigate represents a meaningful differentiator for us in the marketplace and supports both domestic and international shipments by aggregating and organizing supply chain data to deliver enhanced visibility, automation, and faster decision-making. With streamlined deployment measured in weeks, not in months or years, our customers can quickly reduce costs, optimize routing, and improve buying and routing decisions. We believe that speed to market and ease of deployment represent a clear competitive advantage, and that Navigate will serve as a meaningful catalyst for organic growth as we introduce the technology to our current and prospective customers in coming quarters. We are also pleased to announce the launch of Ray, our first AI-powered agent, with its initial focus on streamlining the administration of quote requests from our international agents around the world. Ray represents an important step in our ongoing digital transformation journey and complements our Navigate platform by further automating and accelerating key workflows. By leveraging artificial intelligence to handle routine, quote, administration tasks, we expect Ray to improve response times for our global network of agents, enhance service quality for our customers, and drive additional operational efficiencies across our organization. We look forward to expanding Ray's capabilities into additional AI-powered solutions in coming quarters. As previously discussed, we believe our durable business model, diverse service offering, disciplined approach to capital allocation, and low leverage continues to serve us well. We remain virtually debt-free with no net debt as of 12-31-25 relative to our $200 million credit facility and on track with our continued efforts to deliver profitable growth through a combination of organic and acquisition initiatives while thoughtfully re-leveraging our balance sheet through a combination of strategic operating partner conversions, synergistic tuck-in acquisitions, and stock buybacks. With respect to our stock buyback program, we acquired another $2.7 million of our stock through the three months into December 31, 2025. Looking ahead, we expect to stay the course with our balanced approach to capital allocation through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buybacks, while at the same time looking to invest in incremental sales resources with attention given to our deployment of the Navigate technology. With that, I'll turn it over to Todd Makenumber, our CFO, to walk us through our detailed financial results, and then we'll open it up for Q&A.