Omni-Lite Industries Canada Inc.

Good day, ladies and gentlemen, and welcome to the OmniLight Industries third quarter 2024 investor call. Our host for today's call is Amy Vetrano-Palmer, OmniLight's chief financial officer. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. I would like now to turn the call over to your host. Ms. Vetrano-Palmer, you may begin.

Thank you. Good afternoon, 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 in our press release issued yesterday. The purpose of this call is to provide an update on OmniLight's financial performance in operations as we filed our third quarter 2024 results November 6th. After our remarks, we will open up for any Q&A. If you have not received a copy of the press release, which was issued yesterday, you can find it on our website at www.omni-light.com or email at d.robbins at omni-light.com to request a copy. Before we get started, I would like to remind you that today's discussion will or may include any 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 risk and uncertainties that can cause our actual results or performance to differ materially. We are also mindful of the risks and impacts and changes to the health of the general economy, including the effects on the current U.S. financial market, 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 included in OmniLite 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 reported financial results in accordance to international financial reporting standards or IFRS during our call, we may discuss or reference non-IFRS measures, specifically adjusted EBITDA and free cash flow. A reconciliation of these non-IFSR metrics, if applicable, is included in our CDAR filings and press releases. Lastly, and less noted, any reference or discussion of our financial results in metrics are in U.S. dollar. I would like to now turn the call over to Dave. Dave?

Thanks, Amy. Good afternoon, everyone, and thanks for joining us. I'd like to make a few comments about our third quarter and year-to-date 2024 performance, followed by comments on our current business. Third quarter 2024 revenue was $3.8 million, which marks an increase of 14% from fiscal year 2023, and year-to-date revenue was $12.4 million and a 36% increase year-over-year. Revenue growth continues to be driven by a combination of increases in commercial air transport fastener products and missile defense electronics. Adjusted EBITDA for the second quarter of 2024 was $187,000, with a year-to-date adjusted EBITDA of $1.6 million, which is also a record for OmniLight. EBITDA and revenue in the quarter was affected by an unexpected outage of an automated casting equipment which, while transitory and resolved, resulted in a manual-oriented manufacturing workaround, extended operating hours, and lost throughput that, in aggregate, negatively impacted adjusted EBITDA by an estimate of more than $150,000. This circumstance gives me a perfect opportunity to highlight that we're committed to and continue to invest in automation and the importance of redundant resilience systems to support our growth aspirations and ability to reliably produce high-quality precision components. Equally important thematically is our effort to utilize proven, cost-effective automation tools to provide capacity expansion to the significant established investment base. Bookings for the third quarter were $3.9 million, which keeps backlog at $5 million as we go into the fourth quarter. Near-term demand for structural fasteners, jet engine castings, and short-range air defense sensor electronic components are all high and is driving our bookings. We are hopeful to land some meaningful long-term bookings overlaying the near-term demand profile. These anticipated longer-term bookings are in the area of defense electronic components for critical system sensor modernization efforts to support current national naval and airborne defense initiatives. With that, I'd like to turn the call over to Amy. Amy?