Decibel Cannabis Company Inc.

Good morning. My name is Morgan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Decibel Cannabis fourth quarter investor conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. I would now like to introduce Stuart Boucher. CFO, sir, the floor is yours.

Good morning, and thanks all for joining Decibel's fourth quarter 2025 financial results conference call. With me today is Ben Z, our chief executive officer. We'll take questions following the prepared remarks. Our fourth quarter earnings press release was issued this morning with all materials available on our website and on CDAR Plus under the company profile. Today's discussion includes forward-looking statements and financial outlook information within the meaning of Canadian securities legislation. Such statements are based on our current expectations and information. These statements involve risks and uncertainties, many of which are beyond the company's control. Decibel disclaims any duty to update forward-looking statements except as required by law. Please review our disclaimers and risk factors in today's press release and in our MD&A for the period ending December 31st, 2025. That contains additional information and a description of risks that may result in actual results differing materially from those contemplated by our forward-looking statements. We will present results on both a GAAP and non-GAAP basis. Non-GAAP measures like adjusted EBITDA and free cash flow and their GAAP reconciliations are detailed in our Q4 earnings release, and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP. Attendees are similarly advised to review the disclaimers in our Q4 earnings release and Q4 MD&A relating to non-GAAP measures. Today's discussion will also include market data derived from third-party sources which management believes to be accurate but has not independently verified. Attendees are cautioned not to place undue reliance on such information. With that, I'll turn it over to Ben.

Thanks, Stu. Good morning, everyone, and thank you for joining us today. 2025 was a banner year for Decibel, one that demonstrated the strength and resilience of the culture of this company. Revenue grew by 22% to $113 million. International sales grew by nearly five times, and we generated meaningfully more cash flow than any prior year. As a result, we entered 2026 in a much improved financial position with our refinance balance sheet, a growing backlog of international business, and a meaningful product momentum across our domestic portfolio. Before going into the highlights, I'd like to thank our employees, retail and distribution partners, and our loyal customers both in Canada and internationally for their support, commitment, and belief in what we're building. Our results are a direct reflection of their efforts. So here back home in Canada, we saw meaningful momentum in our domestic portfolio, accelerating into early 2026 where we are seeing market share growth offsetting some of the headwinds faced by the BC LDB strike in Q4. In the infused pre-roll category, we remain the top LP with over 20% market share, a position we've worked hard to earn, maintain, and one we will continue to defend. In Q4, we also saw strong traction in the ultra-high potency infused pre-rolls with market share gains that we expect to continue throughout 2026. Looking into vapes, there continues to be strong consumer demand for our liquid diamond formulations. specifically our all-in-one disposable vapes. We expect this strong demand to also continue through 2026. Our new brand-centered issue launched in January was to address a gap in our portfolio at the value end of the market. Early sell-through data exceeded our initial forecast by 30% and has already grown to be a top 10 vape brand here in Canada. We refreshed our flower offering with four new strains released in Q4, all of which are available both here in Canada and internationally. We see Quest as a key platform for growth in this area with clear white space opportunities such as standard pre-rolls here in Canada and abroad. Covering off the international, which was the defining story of 2025, this was anchored by our acquisition of AgMedica. In Q4 alone, we delivered 7.6 million of revenue, over double that of the same period the year prior. Full year growth was almost five times that of the previous year. This exceeded even our own optimistic expectations when we acquired AgMedica and provides us with essentially a one year payback on that acquisition. We now have executed supply agreements with 14 international customers and over 40 GACP cultivators onboarded onto a network that we continue to build upon every day. This is a value add that we bring as a platform for exporting Canadian cannabis and derivative products. AgMedica's EU GMP certification continues to be a critical competitive differentiator given we also have our extract certification, which as we've seen here in Canada is a natural evolution of the industry. Vapes and oil-based products are already being shipped to multiple countries out of Agmedica, and we continue to expect sales to grow. Current flower processing capacity at Agmedica is 60 tons per annum, and we ended Q4 at roughly 30% utilization. This ensures we have ample room to grow without significant CapEx requirements. Equally, our in-house microbial remediation capacity is being doubled. And this allows us to more efficiently process and ensures product makes its way to destination countries in a more reliable and consistent manner. As you can see, we've been really busy this year, and we look forward to keeping that momentum and energy throughout all of 2026. With that, I'll turn it over to Stu to cover off the quarter in more detail.