Alpha Teknova, Inc.

Hello and welcome to Tech Noble first quarter 2026 financial results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press Start 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Start 11 again. I will now like to hand the conference over to Jennifer Henry, Senior Vice President of Marketing. You may begin. Thank you, Operator.

Welcome to TechNova's first quarter 2026 earnings conference call. With me on today's call are Stephen Gunstream, TechNova's President and Chief Executive Officer, and Matt Lowell, TechNova's Chief Financial Officer, who will make prepared remarks and then take your questions. As a reminder, the forward-looking statements that we make during this call, including those regarding business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ. Additional information concerning these risk factors is included in the press release the company issued earlier today, and they are more fully described in the company's various filings with the SEC. Today's comments reflect the company's current views, which could change as a result of new information, future events, or other factors, and the company does not obligate or commit itself to update its forward-looking statements except as required by law. The company's management believes that, in addition to GAAP results, non-GAAP financial measures can provide meaningful insight when evaluating the company's financial performance and the effectiveness of its business strategies. We will therefore use non-GAAP financial measures of certain of our results during this call. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this afternoon, which is posted to Technova's website and at www.sec.gov. Non-GAAP financial measures should always be considered only as a supplement to, and not as a substitute for, or as superior to, financial measures prepared in accordance with GAAP. The non-GAAP financial measures in this presentation may differ from similarly named non-GAAP financial measures used by other companies. Please also be advised that the company has posted a supplemental slide deck to accompany today's prepared remarks. It can be accessed on the Investor Relations section of Technova's website and on today's webcast. And now, I will turn the call over to Stephen.

Thank you, Jen. Good afternoon and thank you everyone for joining us for our first quarter 2026 earnings call. It was a relatively straightforward quarter for us across the board with revenue and operating expenses delivering in line with or better than our expectations. Revenue grew 13% compared to the same period last year led by 85% growth in clinical solutions. Gross margin, operating expenses, and free cash outflow were in line with our expectations, including the planned incremental spend in sales and marketing. From a macro environment perspective, we continue to see stabilization across our end markets, and as we learn more about how our customers are planning for late-stage clinical trials and commercial production, we are growing increasingly confident in our ability to deliver long-term, sustainable, above-market growth. Building on that, I would like to provide a little more detail around our thoughts on the current macro environment. In the first quarter, we saw an increase in the number and total dollar value of orders over $25,000 compared to the same period last year, which we believe indicates that some of our customers are shifting their focus from cash conservation to strategic execution. While there are still accounts focused on conserving capital, We believe this headwind has now been offset by an increase in customers placing orders to move their research and clinical studies forward. Notably, we are seeing growth in nearly every end market segment we serve, including life science tools, diagnostics, and biopharma. Moreover, some of our leading indicators such as customer engagement and funnel health provide us more confidence in a predictable market backdrop going forward. We are therefore encouraged that we begin ramping our commercial investment at the beginning of 2026. As a reminder, the roughly $2 million annual increase in commercial spend is split between marketing and sales to increase lead generation activities, build lead qualification infrastructure, and onboard sales associates with experience in tools, diagnostics, and large pharma. I'm happy to say that these initiatives are on track. and that we should be able to see their impact on revenue by early 2027. We believe these investments, combined with a rebound in biotech funding and the progression of our customers' therapies and diagnostics towards commercialization, should position us for approximately 20% revenue growth in 2027. Operationally, we continue to focus on driving efficiency through process improvements, automation, and software implementation. In the first quarter, we increased our high volume bottle production by tripling our single batch size and implementing an automated aseptic filling line. This project allows us to not only scale production volumes, but also to reduce labor hours per unit. From a software perspective, we have now migrated 90% of our 3,000 plus paper batch records to digital, providing enhanced data analytics, increased visibility, better documentation quality, and improved standardization. We are fortunate to have dedicated engineering and software development teams on staff to lead these initiatives as we look to scale and achieve profitability. In the meantime, we remain focused on executing our plan by driving growth in Lab Essentials customer wallet share and increasing our active clinical solutions customer count. We are excited about the traction we are seeing so far in 2026 and believe the substantial investments we've made over the past three years have positioned the company to scale and generate significant value for our customers and stockholders alike. I will now hand the call over to Matt to talk through the financials.