Omni-Lite Industries Canada Inc.

Good day, ladies and gentlemen, and welcome to the OmniLight Industries Investor Conference Call. All lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. If you should require assistance throughout the conference, please press star zero on your telephone keypad to reach a live operator. At this time, it is my pleasure to turn the floor over to your host, call leaders. Sir, the floor is yours.

Thank you very much. Good day, everyone, and thank you for joining us. With me today is our Chief Executive Officer, Dave Robbins. Our call is being recorded and will be available for playback, the details of which are contained in our press release issued yesterday, Monday, May 2nd. The purpose of this call is to provide an update on OmniLight's financial performance and operations as we filed our total year 2021 results yesterday evening. May 2nd. After our remarks, we'll open the line up for Q&A. If you've not received or seen a copy of our press release, which we issued yesterday, you can find it on our website at www.omnilight.com or email us at d.lobbins at omnilight.com or c.leaders at omnilight.com to request a copy. Before we get started, I'd like to remind you that today's discussion will be or may include forward-looking statements, including information regarding OmniLight's performance based on our views of the company's business and the environments in which they operate, our future plans, objectives, business prospects, and anticipated financial performance. These forward-looking statements are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. We are also mindful of the risks and impacts of changes in the health of the general economy, including the effects of the current COVID-19 pandemic, which hopefully is trailing off, the U.S. and global commercial aerospace markets, and the U.S. Department of Defense budgets. All forward-looking statements should be considered in conjunction with the cautionary statements contained in our press release, and the risk factors include in OmniLight's CDAR filings. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. I'd also like to mention that in addition to reporting financial results in accordance with the International Financial Reporting Standards, or IFRS, during our call, we may also discuss or reference non-IFRS financial measures, specifically adjusted EBITDA, pro forma adjusted EBITDA, pre-cash flow, and adjusted pre-cash flow. A reconciliation of these non-financial IFRS metrics, if applicable, are included in our CDOT filings and press releases. Lastly, unless noted, any reference or discussion of our financial results or metrics are in U.S. dollars. I'd now like to turn the call over to Dave. Dave?

Thanks, Carl. Good afternoon, everyone, and thanks for joining us. I'd like to make a few comments about our fourth quarter and full year 2021 performance and provide some preliminary remarks on our first quarter 2022 results, followed by comments on our current business climate. We ended the challenging 2021 year at $5.8 million in revenue, down 14% from our 2020 revenue mark, but ended the year with stronger fourth quarter sales and strategically active. Our fourth quarter revenue of $1.7 million, up 29% year over year, reflects the start of recovery in a commercial aerospace and positions the company to benefit from continuing recovery in a commercial aerospace. Stable domestic defense spending and growing international defense spending. In the fourth quarter, we closed the sale lease back of our California facility, which strengthened our liquidity and helped fuel the acquisition of DP CAS at the end of the year. Our ending backlog of 2.3 million represents another sequential increase in the inclusion of DPCAS backlog. In summary, we ended the year positioning ourselves to deliver some top line growth. And look at the first quarter 2022, revenue is 2.4 million, which represents an 86% increase year over year and reflects stronger backlog and the inclusion of DPCAS revenue. In the quarter, Supply chain and logistics pressures both negatively impacted our ability to deliver products, but positively added to our funded backlog growth rate and new client acquisition prospects. These supply chain uncertainties are driving strategic planning on OEMs to expand the supply base and the need for an agile, responsive, domestic precision manufacturing, as well as onshoring of precision metal forming and casting products for these high-value platforms. And lastly, I'm happy to announce that Amy Vitrano Palmer will be named Chief Financial Officer for Army Light with the retirement of Carl Leaders. Amy's experience creating and leading high-performance financial and operational structures within a growth-oriented business, very similar to Carl's background, gives me great confidence she will highly contribute to our mission. I also want to thank Carl for his contributions here at Army Light and previously with me in successful prior senior leadership teams. With that, I'd like to turn the call back over to Carl.