Tantalus Systems Holding Inc.

Good morning and welcome to the Tantalus Systems first quarter 2026 financial results conference call. All participants will be in a 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, this event is being recorded. I would now like to turn the conference cover to Ms. Deborah Honig. The floor is yours, ma'am.

Thank you, operator. Thank you for joining us to discuss Tantalus Systems' financial results and operating performance for the first quarter ended March 31st, 2026. Tantalus issued these results, including their financial statements, management discussion and analysis, and press release yesterday after market closed, which are also posted on the company's website, along with an updated version of the company's corporate presentation. As a reminder, we will not be using an earnings deck for this call. Joining me today on the call from Tantalus Systems, herein referred to as Tantalus or the company, are Peter Landa, President and Chief Executive Officer, and Azeem Rulani, 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 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, May 7, 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 the 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'll now turn the call over to Peter Launder, President and CEO. Please go ahead, Pete.

Thank you, Deborah. Good morning, everybody. Our Board of Directors and employees, We are pleased to provide a business update for the first quarter of 2026. Before covering the details during today's call, I'd like to take a moment to thank our employees for their continued hard work and commitment, which translated into another set of financial and commercial milestones for Tantalus this year. We'll attempt to keep our opening comments brief to provide as much time as possible for Q&A. With that in mind, I'd like to call attention to several highlights. At $15.1 million of revenue generated in the quarter, we set another milestone for the most revenue generated in a three-month period. Our revenue grew by 27% year over year, while also delivering positive cash flow from operations and positive free cash flow. The number of utilities placing orders for the TrueSense Gateway increased to 70 as of today's call, and we continue to build momentum from this innovative offering that provides an alternative option to the traditional rip and replace model across the distribution grid. Our order conversion in the first quarter remained solid, reflecting a 1.3 book-to-bill ratio, despite broader economic and geopolitical uncertainty. that surfaced at the end of February this year. ARR, or annual recurring revenue, grew year over year as our model continues to demonstrate an ability to deliver recurring revenue as an increasing number of our intelligent connected devices are deployed in the field. The constructive progress delivered during the quarter aligns to our recently released fourth annual utility of the future survey. which reflects what we're seeing in the field. 86% of utility respondents stated that grid modernization continues to be a priority for the vast majority of utilities, but only fewer than 10% feel fully prepared to address the challenges ahead. That gap between urgency and readiness continues to shape how utilities are approaching investment decisions. Utilities understand the need to modernize the distribution grid. They are just working through how to prioritize investments in a cost-effective and practical manner, which is where our data-centric approach becomes increasingly important. Overall, we are pleased with the trajectory of the business and the start to 2026. Azeem will now provide financial highlights for Q1. Go ahead, Azeem.