PyroGenesis Inc.

Good day and thank you for standing by. Welcome to the PyroGenesis second quarter 2026 business update conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Steve McCormick, Vice President of Corporate Affairs. You may begin.

Thank you, operator, and good morning to everyone. I'm Steve McCormick, vice president of corporate affairs for PyroGenesis, and thank you for joining PyroGenesis' 2026 second quarter of financial results and business update conference call. On the call with me today is Mr. Andre Mainella, the company's chief financial officer. The company issued a press release on Thursday, August 6, 2026, containing the financial results and a business update for the second quarter ended June 30, 2026. The email address is ir at pyrogenesis.com. We will shortly provide prepared remarks reviewing the operational and financial results for the second quarter, but first a reminder that this discussion may include forward-looking information that is based on certain assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially from historical results or from results anticipated by the forward-looking information. The forward-looking information provided in this call speaks only as of the date of this call and is based on the plans, beliefs, estimates, projections, expectations, opinions and assumptions of management as of today's date. There can be no assurance that this forward-looking information will prove to be accurate and undue reliance should not be placed on this information. Piragenesis claims any obligation to update any of the forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. In addition, during the course of this call, there may also be references to certain non-IFRS financial measures, including references to EBITDA, modified EBITDA, and backlog. which do not have standardized meaning under IFRS and therefore may not be comparable to similar measures or information presented by other companies. For more information about both forward-looking information and non-IFRS financial measures, including a reconciliation of EBITDA and modified EBITDA, please refer to the company's management discussion and analysis, which, along with financial statements, will be available on the company's website at pyrogenesis.com and on the CDAR site at cdarplus.ca. Finally, a reminder that Pyrogenesis follows Canadian Generally Accepted Accounting Principles, or GAP, where revenue is accrued and reported not on sales but on a model that reflects a percentage of the work completed for a given project during the reporting period. And this can vary based on both the nature of the projects and on a client's own scheduling and logistical decisions, both of which can impact production milestones and the company's ability to book revenue from one quarter to the next. As stated in previous reports, the company's revenues are likely to be irregular quarter to quarter Based on project timing, as stated above, or sometimes due to cash on hand, in this continually fluctuating economic landscape, clients can face their own cash flow and scheduling challenges, which may have an effect on PyroGenesis' revenue from time to time. And with that, I'll start off with a quick review of some of the company's top-line results for the quarter, followed by a summary of some of the key business activities that occurred during the quarter, before turning the call over to our Chief Financial Officer, Mr. Andre Mainella. for the second quarter of 2026.

The company exited the quarter with revenues of $4.4 million, an increase of 47% year over year.