HealWELL AI Inc.

Thank you for joining Hillwell AI's 2026 Second Quarter Financial Results Conference call. This call is being recorded. There will be a question and answer session at the end of the call, which will be limited to analysts only. I'll now turn the call over to Mr. Heathern Tsang, Investor Relations at Hillwell.

Hello, and thank you all, Peter. Joining me on the call today are James Lee, CEO of Hewell, Dr. Alexander Dobranowski, President of Hewell, and Anthony Lam, Hewell CFO. I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion analysis that was filed on CR+. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Please refer to yesterday's press release and to our management discussion analysis for more details on the company's risk and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans related to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if it was acquired by law. We use terms such as gross margin and trusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. for more information on how we define these terms, please refer to the definition set out in our management discussion analysis. There will be a question and answer session at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference call using the dial-in number provided in our press list. And with that, let me turn the call over to Hewlett CEO, James Lee.

Thank you, Hayden, and thank you everyone for joining us today. Before Anthony takes you through the numbers, I want to spend a few minutes talking about something equally fundamental. A year ago, we announced our first quarter post the Pivotal Orion acquisition and embarked on a two-year transition to integrate our businesses, embed our AI capability, and shift our sales mix to more enterprise healthcare sales from episodic life science sales. We knew we had a great opportunity in front of us and we're excited about the possibilities. but as I sit here today we are feeling even more confident both of the opportunity but more importantly about the progress we're making. We are through the difficult part of integration and transition and we're now seeing the benefit of the enterprise healthcare focus. We've successfully demonstrated an upside of customers with our AI capability, we've integrated our business lines and we have improved our balance sheet. We've expanded our footprint and now we are moving to the exciting phase of delivering on those sales. At the same time, we've expanded our growth channels so that today we have the strongest pipeline of our potential deals we've seen. Importantly, we have at the same time expanded our scientific validation mode, begun investing in infrastructure to improve margin, and maintained a positive adjusted EBITDA throughout. The market we are building into is changing faster than any other point in the history of our company. And what we have built is we are built to building a business position to meet that need. I'm excited to share this progress today, but more importantly, excited to talk about what will we demonstrate in the coming phase. Our mission is to be the primary enabler of preventative care. But what does that mean? So we're going to talk about it in three simple sentences. Firstly, we connect. We take complex, fragmented healthcare data and turn it into longitudinal patient records that can be used to share across the system. We surface. 80% of clinical data is unstructured, sitting in notes and reports that were never designed to be read at population scale. We abstract the clinically relevant information from that data with 95% accuracy and 95% of disease states, and we enable. We give the healthcare system the ability to implement preventative care cost effectively, not as a pilot, but as an operating model. Now the facts are really well known, so I won't go into them. but I'll give you more about the shape than none of themselves. So three of the world's largest healthcare systems all face three very different pressures, but they've all faced the same outcome, which is the money's effectively gone. Whether it's the debt servicing overtaking healthcare spend or the working age population being too small to carry the load, every one of the major healthcare systems around the world are running out of room within this decade. Underneath that sits a disease burden that no one's counting. because most of the people who have these diseases don't know they have it. And here's the point that matters commercially. Each one of these diseases is detectable many years early before the cost horizon. The signal exists that it's simply not being read. Four forces are converging, and converging is an important word. Any of these on their own would just be a trend, but all four occur as a structural shift. The economics are broken. We've talked about that, and that's a well-known fact. So systems are having to intervene even earlier to ensure that they can spend less. The regulation is starting to catch up. Prevention is now mandated, not just aspirational, with data access and interoperability rules that are a direct one-way for our platform. And the market is aligned. The payers, providers, and farmer are all reaching the same conclusion. The opportunity is that these diseases are detectable early, prevention costs a fraction of the treatment, and our platform today connects the data, the science into delivery. You will hear us talk a lot today about the transition from episodic to enterprise because that is the part that we've been focusing on, the part that matters. Whereas last year we were negotiating six-figure individual engagements, today we're discussing annualized licenses exceed that. The old model was project by project, services and patient identity reviews. Revenue grew in a linear fashion, one clinic, one study at a time. Delivery was high touch and manual. Revenue was lumpy, non-recurring, and hard to forecast. Our current model we're moving towards is different in every single way. We're going to enterprise licenses, data access, and a productized smart suite. We deploy it once and expand it across our network. We're selling to global farmer centers of excellence. Delivery is now product-led. Revenue is larger, stickier, and multi-year recurring. and the defensibility of our data activation plus the Darwin platform is a real moat. And importantly, we're now through the trough of that transition. Now that transition has produced four key growth engines, all from the same platform across two key client segments. Firstly, engine one, our HIE and clinical data unlock. Unlocking de-identified data across our partner networks creates value for every stakeholder. right across the ecosystem. We are seeing active interest from all markets in this capability. Engine 2 is our smart suite where it's search, summary or ID. It's packaged, it's repeatable and it's embedded into our platform. It's a single sale process and it's been successfully deployed in North America, sold in the Middle East and we look forward to giving further progress to this in the second half. Engine 3 is our global life science enterprise business. We're moving to centralized agreements with Pharma AI Center of Excellence, which is a cost saving for them against repeating patient ID and real world evidence studies region by region. And engine four is our consented data in Canada. We've talked a lot about Well Trust, but activating this key partner network is for life sciences, CROs and public health has created a growing consented database with strong demand behind it, which has become a virtuous cycle. The more consents we get, the faster our customers can innovate. So a year into this transition, the execution signals are good. They're shown across all of our geographies, products, and partners. In 25, we were predominantly a life science business with episodic revenue. Today, we have activity in all of our key markets with healthcare systems, and this will grow into a meaningful part of our revenue. Excitingly, the integrated offering of Darwin and Amadeus is commercially compelling, is resonating with all of our customers. WellTrust is opening genuine new commercial use cases and moving us towards meaningful enterprise discussions across new revenue streams. SmartSuite now means we sell as a single customer and a single company through one sales process. With an AI land and expand in the customer base, these conversations have transitioned from project work to enterprise deals and the platforms and businesses are working well behind that. Finally, data activation. This brings us closer to the customer and reduces duplication because we're helping our customers activate data they already hold. There's no new data assets to build which shortens the pathway to evidence. Internally, AI data output overtook human output for the first time in May from a base of zero a year ago. So we're seeing significant AI use case internally. Commercially, we've had wins across the Middle East, Canada, and the US, and we're seeing demand from all of our key geographies. These sales that we're winning are durable. They take a long time, more than a single quarter, but we're moving to an enterprise license with SAS fees, and this is a shift that matters. I want to touch briefly on why the validation compounds across segments, because I think that's underappreciated across the market. Obviously we're focused on science first, with 57 peer-reviewed publications and pre-gallon recognition. But what this means is that the healthcare systems can adapt preventative healthcare using validated evidence rather than assertions. And every adoption generates more data which feeds into Amadeus and adds to 150 million lives. That scales what comes next, as that allows something that underwriters can price. Because we can price that and we can move forward to the underwriter population. This is why we see insurance as the next and largest step in our opportunity, and we'll be talking about it in the year to come. Finally, I want to talk about our four key chief goals for the quarter. As you know, our indirect state and SpaceX are now estimated at approximately 23 million Canadian dollars as of the 30th of June, 2026, up from a carrying value of approximately 4.6 million. as at March 31st, 2026. Our holding remains subject to the customer pre-IPO lock-up period. We continue to commercialize our AI product suite across our carriage network. Our AI solutions include SmartSearch and SmartSummary, and they've been cross-sold into the Orion network now. We completed a real-world evidence study demonstrating the effectiveness of well AI decision support Identifying patients who may have been undiagnosed or unmanaged diabetes. Ways to analyze patient records and recommended clinical reviews and point of care assessments for high risk patients. We've completed a multi-problems pilot, evaluating our Darwin smart summary and search solutions across the healthcare systems across British Columbia, Ontario, New Brunswick, across both Oscar Pro and IntraHealth Profile EMR. The results of that pilot were accepted for presentation at the American Medical Informatics Association, which will be taking place in November 2026 in Dallas, Texas. I'd like to hand over the call now to Anthony Lam to walk through our Q2 numbers.