Pure Cycle Corporation

Good morning, everyone, and welcome to PeerCycle Corporation's third quarter 2026 earnings presentation. We've started the presentation with everybody on mute as our CEO, Marc Harding, goes through our financial results. At the end of the presentation, we will open up the lines for Q&A. And with that, I'll turn the mic over to our CEO, Marc Harding.

Thank you, Marc. And I'll add my welcome as well. With me is Marc Spezialy. He's our CFO, and he'll give you kind of the detail on some of the technology questions as we get into the Q&A portion of this. Also with me is our controller, Cyrena Finnegan. So if you guys have any drill-down questions on the accounting, I'll share the mic with her and have her walk through some of those. As Marc sort of announced, this is our Q3 presentation, and we're delighted to be able to bring you some very solid results here. As we start the presentation, we'll start with our forward-looking statement. I'm sure most of you are familiar with that, but statements that are not historical facts contained or incorporated by reference in this presentation are forward-looking statements. Thank you for joining us today. have had a couple of resignations. Two board members are related to a 13D filer on the board that you've likely seen. There's no drama with these. They represented an SPV vehicle, which holds about 13% of the stock and are working really in the best interest of the limited partnerships for the FDV and then combining with the restrictions that come on with the board. So, I think we'd like to acknowledge their service and their contributions and thank them for their efforts and wish them the very best.

Taking a little bit on the overview, another great quarter and continued execution of our business.