Tantalus Systems Holding Inc.

Good day and welcome to the Tantula Systems Fourth Quarter and Year End 2025 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Deborah Honig, Investor Relations. Please go ahead.

Thank you, Operator. Thank you for joining us to discuss Tantalus Systems' financial results and operating performance for the fourth quarter and year-ended December 31, 2025. Tantalus issued these results, including their financial statements, management's discussion and analysis, and press release yesterday after market close, which are posted on the company's website. Joining me today on the call from Tantalus Systems, herein referred to as Tantalus or the company, are Peter Londa, President and Chief Executive Officer, and Azeem Lalani, Chief Financial Officer. During the call, we will make forward-looking statements about Tantalus' business. These statements are subject to certain risks and uncertainties, which could cause actual results to differ materially. Tantalus refers conference call participants either today or in the future to the company's forward-looking statements contained in the investor presentation on our website at www.tantalus.com. Statements made on this call reflect management's analysis as of today, March 19, 2026. Management does not assume any responsibility or obligation to update forward-looking statements made during this conference call unless required by law. Please note that the financial information referenced on today's call is stated in U.S. dollars and in accordance with IFRS unless otherwise stated. The company is also presenting selected non-IFRS financial measures, including gross profit, gross profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, recurring revenue, and annual recurring revenue, referred to as ARR. Tantalus believes that these non-IFRS measures provide meaningful information to investors. However, they do not have a standardized meaning and are not likely comparable to similar measures presented by other issuers. I will now turn the call over to Peter Londa, President and CEO. Please go ahead, Pete.

Thank you, Deborah, and good morning, everyone. On behalf of our Board of Directors and employees, we are pleased to provide a business update for the fourth quarter and full year ended December 31, 2025. Before diving into the details of today's call, I'd like to take a moment to thank our employees across the organization for their hard work, commitment, and resilience throughout the year, their dedication to our customers, shareholders, and fellow team members was instrumental in achieving historic financial performance and in advancing our commercial growth in 2025. As we look back on the year, 2025 represents a pivotal period for our company. We delivered new corporate milestones for revenue, adjusted EBITDA, and orders converted out of our pipeline, all of which reflect strong year-over-year growth. We expanded the number of use cases and utilities, embracing our data-centric approach to grid modernization, and most recently shipped our four millionth intelligent connected endpoint. We also advanced the commercialization of the TrueSense gateway, which now has orders from 66 utilities, providing initial validation of its market opportunity. The underlining drivers of our business continue to strengthen. Across the industry, utilities and regulators are supporting record levels of grid investment, with global transmission and distribution spending expected to exceed the equivalent of several hundred billion dollars annually over the next few years. Within our target geographic market, utilities across North America are facing increasing pressure to modernize their distribution grids, driven by rising electricity consumption power generation constraints, the effort to prepare for an increasing number of distributed energy resources, and the need to improve resiliency, reliability, and affordability. This dynamic reinforces the importance of solutions that enable utilities to extract more value from existing infrastructure and prioritize investments more effectively. What we are witnessing in terms of our commercial efforts remains consistent with broader trends in advanced metering infrastructure and grid edge intelligence. Utilities are prioritizing platforms that unlock high quality and granular data from existing assets, support multiple communications technologies and protocols, are truly interoperable with existing systems, and are future-proofed by enabling new software and analytics use cases over time. That aligns to Tanalyst's flexible, data-centric approach to grid modernization that meets utilities where they are to help them prioritize investments and focus on where to upgrade their distribution grids. The broadening number of utilities adopting our approach to grid modernization continues to validate our belief that Tantalus is uniquely positioned at the intersection of these long-term trends. Azim will walk through the financial highlights for Q4 and the full year, 2025, before we provide a broader overview of our commercial progress and open for Q&A. Go ahead, Azim.