Greenlane Renewables Inc.

Good afternoon, ladies and gentlemen. Welcome to the Green Lane Renewables Inc. Third Quarter 2023 Results Conference Call. At this time, all participants are in listen-only mode. Following the results, we will conduct a question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then 0. Today's call is being recorded and a replay will be available on the Greenline website. I'd like to now turn the call over to Darren Seed from Insight Capital Markets. You may begin your conference.

Thank you, Operator, and good afternoon. Welcome to the Green Lane Renewables third quarter 2023 conference call. I'm joined today by Ian Cain, Green Lane's President and Chief Executive Officer, Monty Balderson, Green Lane's Chief Financial Officer, and Brad DeVille, Green Lane's Executive Vice Chair. Before beginning our formal remarks, we'd like to remind listeners that today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties, That could cause actual results to differ materially from those projected in these forward-looking statements. Green Lane Renewables does not undertake to update any forward-looking statements except as may be required by applicable laws. Listeners are urged to review the full discussion of risk factors in the company's annual information forum, which has been filed with Canadian securities regulators. Lastly, while this conference call is open to the public and for the sake of brevity, questions will be prioritized for analysts. Now I'll turn the call over to Ian. Thanks, Darren.

Good afternoon, and thank you for your participation on the call today. Given that this is my first conference call as CEO for Greenland, I would like to start off with a slightly different format before turning over the call to Monty for more detailed review of the numbers. Q3 was my first quarter as president and CEO of the company. I accepted this role because of the opportunity that I believe Greenland represents to help transition to more difficult sector decarbonization, that being natural gas utility markets and the commercial transportation industry. Greenland has a tenured history in the R&D industry with over 35 years of experience. The company was born out of its proprietary water wash system and has added two other major technologies most often used in the biogas upgrading to its portfolio, namely pressure swing adoption and membrane separation. These three core upgrading technologies, coupled with our biogas desulphurization products, allows us to provide the right solutions for the majority of the RNG projects across all of the most common feedstocks. Greenland experienced exponential revenue growth during the first several years of becoming public in 2019. While we continue to see many opportunities to grow our business further, We must do so at a pace that optimizes our resources and does not overextend our balance sheet. My goal as CEO is to manage the company's sales growth with a focus on execution and overall company profitability. We took action in 2019 and have, sorry, we took action in 2023. and have been investing towards making the business scalable and creating operational leverage through the implementation of new systems and related processes. We've also rebranded and launched our new line of sector-focused standard products in September that will contribute to streamlining processes and cost efficiencies. Our standard products are configured to order and roll results in reduced engineering time and repeatability, simplified and faster sales process. We are building and optimizing the business to achieve sustainable positive adjusted EBITDA results. We expect the actions we are taking to drive positive adjusted EBITDA for physical year 2024, recognizing that the timing of new purchase orders for our biogas upgrading equipment can vary from quarter to quarter. We have the drive to succeed and will continue to focus on efficiencies and overall cost reduction through key programs such as the implementation of ERP and the PLM system. These efforts will continue in 2024, but at a lower spending level, with much of the initial investment having been made in 2023. These initiatives, coupled with our focused efforts to increase our system sales, have already benefited Greenland with the largest sales contract in the company's history announced last month. The changes underway will take some time to show in our financial results, but are expected to reflect our resilience, adaptability and commitment to deliver on our overall long-term results as we grow our product sales in existing and exciting new markets. I look forward to keeping the public informed of our progress and want to thank the Greenland employees for their continued hard work and drive, and I look forward to bringing you further updates as we progress. With that, I will hand you now over to Monty.