Thank you for joining Healwell AI's 2026 second quarter financial results conference call. This call is being recorded. There will be a question and answer session at the end of the call, which will be limited to analysts only. I'll now turn the call over to Mr. Heaven Sarani, investor relations at Healwell. Hello, thank you, operator. Joining on the call today are James Lee, CEO of Healwell; Dr. Alexander Dobranowski, President of Healwell; and Anthony Lam, Healwell CFO. I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion analysis that was filed on SEDAR+. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Please refer to yesterday's press release and to our management discussion analysis for more details on the company's risk and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if required by law. We use terms such as gross margin and adjusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in our management discussion analysis. There will be a question and answer session at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference call using the dial-in number provided in our press release. With that, let me turn the call over to Healwell CEO James Lee. Thank you, Heaven. Thank you, everyone, for joining us today. Before Anthony takes you through the numbers, I want to spend a few minutes talking about something equally fundamental. A year ago, we announced our first quarter post the pivotal Orion acquisition and embarked on a two-year transition to integrate our businesses, embed our AI capability, and shift our sales mix to more enterprise healthcare sales from episodic life science sales. We knew we had a great opportunity in front of us, and we're excited about the possibilities. As I sit here today, we are feeling even more confident both of the opportunity, but more importantly, about the progress we are making. We are through the difficult part of integration and transition. We're now seeing the benefit of the enterprise healthcare focus. We've successfully demonstrated and upsold our customers with our AI capability. We've integrated our business lines. We've improved our balance sheet. We've expanded our footprint. Now we are moving to the exciting phase of delivering on those sales. At the same time, we've expanded our growth channels so that today we have the strongest pipeline of our potential deals we've seen. Importantly, we've at the same time expanded our scientific validation moat, begun investing in infrastructure to improve margin, and maintained a positive adjusted EBITDA throughout. The market we are building into is changing faster than any other point in the history of our company. What we have built is we are building a business position to meet that need. I'm excited to share this progress today. More importantly, excited to talk about what we'll be demonstrating in the coming phase. Our mission is to be the primary enabler of preventative care. What does that mean? We're going to talk about it in three simple sentences. Firstly, we connect. We take complex, fragmented healthcare data and turn it into longitudinal patient records that can be used to share across the system. We surface. 80% of clinical data is unstructured, sitting in notes and reports that were never designed to be read at population scale. We abstract the clinically relevant information from that data with 95% accuracy and 95% of disease states. We enable. We give the healthcare system the ability to implement preventative care cost-effectively, not as a pilot, but as an operating model. The facts are really well known, so I won't go into them, but I'll give you more about the shape than the numbers themselves. Three of the world's largest healthcare systems all face three very different pressures, but they've all faced with the same outcome, which is the money's effectively gone. Whether it's the debt servicing overtaking healthcare spend or the working-age population being too small to carry the load, every one of the major healthcare systems around the world are running out of room within this decade. Underneath that sits a disease burden that no one's counting, because most of the people who have these diseases don't know they have it. Here's the point that matters commercially. Each one of these diseases is detectable many years early before the costs are rising. The signal exists that it's simply not been read. Four forces are converging, and converging is an important word. Any of these on their own would just be a trend, but all four occurring is a structural shift. The economics are broken. We've talked about that. That's a well-known fact. Systems are having to intervene even earlier to ensure that they can spend less. The regulation is starting to catch up. Prevention is now mandated, not just aspirational, with data access and interoperability rules that are a direct one-way for our platform. The market is aligned. The payers, providers, and pharma are all reaching the same conclusion. The opportunity is that these diseases are detectable early; prevention costs a fraction of the treatment. Our platform today connects the data, the science, and the delivery. You will hear us talk a lot today about the transition from episodic to enterprise, because that is the part that we've been focusing on, the part that matters. Whereas last year we were negotiating six-figure individual engagements, today we're discussing annualized licenses that exceed that. The old model was project-by-project services and patient identity reviews. Revenue grew in a linear fashion, one clinic, one study at a time. Delivery was high touch and manual. Revenue was lumpy, non-recurring, and hard to forecast. Our current model we're moving towards is different in every single way. We've gone to enterprise licenses, data access, and a productized SMART Suite. We deploy it once and expand it across our network. We're selling to global pharma centers of excellence. Delivery is now product-led. Revenue is larger, stickier, and multi-year recurring. The defensibility of our data activation, plus the DARWEN platform, is a real moat. Importantly, we're now through the trough of that transition. That transition has produced four key growth engines, all from the same platform across two key client segments. Firstly, engine one, our HIE and clinical data, unlocks. Unlocking de-identified data across our partner networks creates value for every stakeholder right across the ecosystem. We are seeing active interest from all markets in this capability. Engine two is our SMART Suite. Whether it's SMART Search, SMART Summary, or WELL ID, it's packaged, it's repeatable, and it's embedded into our platform. It's a single sale process; it's been successfully deployed in North America, South and the Middle East, and we look forward to giving further progress in the second half. Engine three is our global life science enterprise business. We're moving to centralized agreements with pharma AI centers of excellence, which is a cost saving for them against repeating patient ID and real-world evidence studies region by region. Engine four is our consented data in Canada. We've talked a lot about WELL Trust, but activating this key partner network for life sciences, CROs, and public health has created a growing consented database with strong demand behind it, which has become a virtuous cycle. The more consents we get, the faster our customers can innovate. A year into this transition, the execution signals are good. They're shown across all of our geographies, products, and partners. In 2025, we are predominantly a life science business with episodic revenue. Today, we have activity in all of our key markets with healthcare systems; this will grow into a meaningful part of our revenue. Excitingly, the integrated offering of DARWEN and Amadeus is commercially compelling, is resonating with all of our customers. WELL Trust is opening genuine new commercial use cases and moving us towards meaningful enterprise discussions across new revenue streams. SMART Suite now means we sell as a single customer and a single company through one sales process with an AI landing expands the customer base. These conversations have been transitioned from project work to enterprise deals; the platforms and businesses are working well behind that. Finally, data activation. This brings us close to the customer and reduces duplication because we are helping our customers activate data they already hold. There's no new data assets to build, which shortens the pathway to evidence. Internally, AI data output overtook human output for the first time in May, from a base of zero a year ago. We're seeing significant AI use case internally. Commercially, we've had wins across the Middle East, Canada, and the U.S.; we're seeing demand from all of our key geographies. These sales that we're winning are durable. They take a long time, more than a single quarter. But we are moving to an enterprise license with SaaS fees, and this is a shift that matters. I want to touch briefly on why the validation compounds across segments, because I think that is underappreciated across the market. Obviously, we are focused on science first, with 57 peer-reviewed publications and preclinical recognition. But what this means is that the healthcare systems can adapt preventative healthcare using validated evidence rather than assertations. And every adoption generates more data, which feeds into Amadeus and adds to 150 million lives. That scales what comes next, is that allows something so that underwriters can price, because we can price that and we can move forward into the underwriter population. This is why we see insurance as the next and largest step in our opportunity, and we will be talking about it in the year to come. Finally, I want to talk about our four key strategic goals for the quarter. As you know, our indirect stake in SpaceX is now estimated at approximately CAD 23 million as at the 30th of June 2026, up from a carrying value of approximately CAD 4.6 million, as at March 31st, 2026. Our holding remains subject to the customer pre-IPO lock-up period. We continue to commercialize our AI product suite across our care network. Our AI solutions include SMART Search and SMART Summary, and they have been cross-sold into the Orion network now. We completed a real-world evidence study demonstrating the effectiveness of WELL AI Decision Support, identifying patients who may have been undiagnosed or unmanaged diabetes. WADES analyzed patient records and recommended clinical reviews and point of care assessments for high-risk patients. We completed a multi-province pilot evaluating our DARWEN SMART Summary and SMART Search solutions across the healthcare systems across British Columbia, Ontario, New Brunswick, across both OSCAR Pro and Intrahealth Profile EMR. The results of that pilot were accepted for presentation at the American Medical Informatics Association, which will be taking place in November 2026 in Dallas, Texas. I would like to hand over the call now to Anthony Lam to walk through our Q2 numbers. Thank you, James. Before I begin, I would like to remind everyone that all of the figures I will be discussing on our call today are expressed in Canadian dollars, and our financial statements are presented in accordance with IFRS, International Financial Reporting Standards. Our second quarter 2026 results as compared to Q2 of 2025 are as follows. Healwell achieved quarterly revenue from continuing operations of CAD 33 million in Q2 2026, in line with the CAD 33.2 million generated in Q2 of last year. The comparison reflects an unusually strong Q2 2025, which benefits from elevated project-based professional services activity, while our recurring subscription support and maintenance revenue continued to grow year-over-year, reflecting our continued transition from episodic project-based engagements to higher-margin recurring enterprise sales. Healwell reported positive adjusted EBITDA of CAD 1.1 million in Q2 2026, compared to adjusted EBITDA of CAD 2.3 million in Q2 2025. Our prior-year performance includes Mutuo, which was disposed of in Q4 2025. Together with a stronger number of life sciences studies in Q2 2025, this accounted for the change in year-over-year EBITDA. Healwell achieved gross profit of CAD 17.9 million during Q2 2026, compared to CAD 18.7 million in Q2 2025. The decrease is due to a lower margin mix of studies within the Data Science & AI segment in the current year's period. Healwell achieved a gross margin of 54% during Q2 2026, compared to 56% in Q2 2025. Looking at our first half of 2026, Healwell achieved revenue from continuing operations of CAD 66.2 million for the six months ended June 30, 2026, an increase of 60% compared to CAD 41.2 million generated in the six months ended June 30, 2025. The increase was driven primarily by the Orion Health acquisition, which closed on April 1st, 2025, and contributed a full six months of revenue in the current period versus a partial period in the prior year. Healwell reported positive adjusted EBITDA of CAD 1.9 million for the six months ended June 30, 2026, compared to CAD 0.1 million in the prior year period, an increase of approximately 2,574%. The increase was primarily attributed to the Orion Health acquisition and improved performance across our operating segments. Healwell achieved gross profit of CAD 37.4 million during the six months ended June 30, 2026, an increase of 62% compared to CAD 23.2 million in the prior year period due to higher revenues driven primarily by the Orion Health acquisition. Healwell achieved a gross margin of 57% for the six months ended June 30, 2026, compared to 56% in the prior-year period. A key highlight this quarter is the continued positive trajectory of our operating cash flow. We generated CAD 4.5 million of positive operating cash flow for the first half of 2026, a CAD 14.4 million improvement, approximately 145%, compared to cash used in the prior-year period, reflecting an underlying strength in increasing efficiency in our combined operations following the Orion Health acquisition. This shift to sustained positive cash generation strengthens our balance sheet and liquidity position, and we remain in compliance with all of our covenants under our credit facilities as of June 30, 2026. We continue to prioritize disciplined capital allocation as we build on this cash flow momentum and work towards sustained profitability. With that, I'd like to now turn the call over to our President, Dr. Alexander Dobranowski. Thank you, Anthony. Thank you, James. I'd like to take a moment to walk through the scale of impact of Healwell's platforms as we deliver globally. This is really the proof point behind everything James and Anthony have just walked you through, and it's one thing to talk about an integrated platform and another to show you the reach it's actually achieving across patients, clinicians, and the broader healthcare system. Let's start with data. Across our global business units spanning 13 distinct clinical data domains, Healwell now maintains more than 150 million patient records. That breadth of longitudinal data is really the foundation of everything we do. It's what allows our AI models to identify at-risk patients earlier and more accurately than a single source system ever could. On the clinical side, more than 770,000 clinicians and physicians are now engaged across our platforms globally. That's a meaningful and growing share of the frontline healthcare workforce actively using Healwell software and technology in their day-to-day practice. That engagement is translating directly into outcomes. In the second quarter alone, our AI copilots, powered by our DARWEN AI engine, identified over 62,000 high-risk patients. Patients who in many cases have not otherwise been flagged for early intervention. On the clinical technology side, our DARWEN AI engine now supports and is able to screen for 123 rare, complex, and chronic diseases, reflecting the continued expansion of our clinical validation work and the depth of our disease detection capabilities. From a network perspective, we serve more than 22,000 healthcare service providers across our combined network of platforms and business units, underscoring just how embedded our technology has become across the broader healthcare ecosystem. Finally, on adoption, as of the second quarter, 1,291 physicians have been onboarded to our AI Copilots, giving us a strong and growing base of active physician users to build on as we scale. Together, these figures reflect the scale and reach of the platform we've built and, more importantly, the depth of real-world impact we're delivering for patients and providers around the world. This is the kind of scale that we believe differentiates Healwell, and it's a big part of why we remain so confident in the growth opportunity ahead. From an outlook perspective, we remain focused on several key drivers of growth as we continue to build on the momentum we've established this quarter. First, on profitability. Management and the team, we continue to target an approximately 10% adjusted EBITDA margin by the end of the year, reflecting continued operating leverage across the platform as we scale our revenue base and drive further efficiencies across our combined operations. Second, on revenue quality, we expect, as James reflected, a growing mix of enterprise recurring revenue led by subscription, support, and maintenance growth, which continues to make our overall revenue base more durable and more predictable quarter to quarter. Third, on deal economics, we now anticipate larger AI deal sizes as SMART Search and SMART Summary scale across our customer base, reflecting both deeper adoption within existing accounts and the growing maturity of our AI product suite. Fourth, on geographic expansion, we continue to see organic growth and new customer wins across our key geographies, and we expect that footprint to keep expanding as our enterprise pipeline matures. Fifth, finally, on the public sector, we're seeing extremely strong tailwinds supporting continued adoption of our platform as governments and health systems increasingly prioritize preventative data-driven care. Beyond these five priorities, we also continue to see meaningful key value and growth alongside WELL Health, our strategic partner, across three specific areas of that relationship that James highlighted earlier. First is WELL ID, our secure digital identity and single sign-on platform across the WELL Health network, which continues to streamline clinician access while strengthening the security and interoperability of our broader platform. The second is WADES, WELL AI Decision Support, our AI-powered clinician decision support platform for early disease detection, which continues to generate strong clinical validation and commercial momentum. Third is WELL Trust, our patient consent and data governance infrastructure that underpins secure data access across our platform. Across all three of these areas, we're looking to expand these capabilities into additional geographies in the periods ahead, and we see meaningful runway to deepen this partnership even further. Taken together, the profitability discipline, the shift towards recurring enterprise revenue, the scaling of our AI products, our geographic expansion and public sector tailwinds, and the depth of our partnership with WELL Health, these priorities reflect our continued discipline in scaling a connected AI-enabled platform. It's a platform that we believe is built to deliver durable, long-term value for our shareholders, for the patients we serve, and for our healthcare partners around the world. In short, 2026 has been a year of focus on margin expansion and improvement, with 2027 being a year where we will focus again firmly on growth. With that, I'll now hand it back to the operator and move to the Q&A portion. Thank you. Ladies and gentlemen, we will now begin the question and answer session. For analysts, if you would like to ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. Your first question comes from Kevin Krishnaratne from Scotiabank. Please go ahead. Hey. Good morning. Congrats on the continued success. I wanted to talk about your mention there of moving from episodic to enterprise. Maybe it's in public health, actually. I'm wondering if you talk about the current pipeline of opportunities; what's that looking like on potential HIE RFPs? Maybe you can talk about opportunities by geo. Just curious how the discussions with customers are progressing. Is there any change in the macro or healthcare budgetary front that we need to be aware of as we think about the timing of potential RFPs and how that would translate to revenue? Kevin, look, great question. You probably asked enough in that question; I could probably spend the next 30 minutes covering it off. Let me try to bring that back and then just maybe ask a follow-up and push me if I get some of it wrong. Starting your first point, it's not just a software, it's just not in healthcare. We've actually shifted all of our focus to enterprise sales. We're seeing potential deals not with our life science partners, with our Data Unlock partners across HIEs and across our SMART Suite with enterprise sales. The pipeline now would be that we're seeing opportunities in all four areas, but importantly, we're seeing it across all geographies. It's very hard to sort of isolate it down. What we've actually seen the last six months is a shift in approach from the market, partly because there's been so many people trying to do small pilots that what they're really looking for is much more enterprise platform outcome, so not a single point solution. What we're actually seeing is that the conversations are morphing much more quickly from a little pilot to show us what a proper RFP would look like at scale. To give you some context of size, a pilot we've talked about previously might have been CAD 200,000 or CAD 300,000. What we're seeing now is that an enterprise agreement might be anywhere between CAD 1 million and CAD 3 million, depending on the size of the customer. As I said, it's across all parts of our business. Geography-wise, we've seen a lot of activity in the Middle East, a lot of activity in the U.S. Canada is busy; Europe have got some RFPs coming out towards the end of the year. Importantly for home markets, both Australia and New Zealand are busy at the moment as well. It's quite broad-brushed. What we've seen is it's across all of our product suites and across all of our geographies currently, which is why probably some of the optimism we're seeing currently in our language. Did I leave any out there, Kevin? Yeah. I think you captured it well. Maybe to get Anthony on board here, just as we think about the model. Thanks again. Good to see the confidence in the 10% EBITDA margin trajectory. How do we think about your thoughts or any guidance you want to give us on revenue growth by segment on the Data Science & AI and then the healthcare software for 2026? I know maybe it's a bit early, but if you can just talk about the trajectory into 2027 on your growth expectations? Kevin, great question. As we look out here and as we talked about, the shift to more enterprise sales is going to create an elongation of sales cycle for us. While we started the year with a very exuberant sense that we do that 30%-50% in terms of growth, we're likely to be more on the lower end of that growth range in terms of 2026, but really see 2027 on the heels of the health systems side of the AI & DS part of the business be a big contributor of our growth in 2027. Kevin, to your question on AI & DS, I think we can see that growth on that profile has probably shifted to the right for us from our perspective, given our real focus on enterprise. As we look at healthcare software, I think growth rates that we've been talking about to now, I think you can expect to see continue in that high single-digit kind of range, as we look at that business as our steady state, kind of really stable core revenue stream. Great. Those are helpful goalposts. Thanks again. I'll pass the line. Thank you. Your next question comes from Gianluca Tucci from Haywood Securities. Please go ahead. Hi. Good morning, guys. I guess firstly, at a high level, can you speak to cross-sell attach rates so far for selling into the Orion legacy customer base? How is that tracking? Yeah. Our goal was to get 10% done this year. I think as we sit there now, we have line of sight as at halfway through the year for that. Feeling really comfortable with our current target that we'll achieve our cross-sell. We've got another big push coming second half to go a bit wider. Realistically, we're probably towards capacity of what we want to get done that first year to make sure we do it well. Obviously, the enterprise sales cycle is probably more like six-nine months, not one-three. We're seeing that in the way towards the second half. Great. Thanks, James. Then just perhaps a follow-up on the adjusted EBITDA margin target of 10%. That would imply a strong second half. Can you bridge that for us? What kind of cost actions or revenue combination helps get you there by the end of the year? Yeah. There's three things you should see there. Obviously, one is the enterprise sales starting to kick in healthcare and AI and DS. We'll start seeing that occur in Q3 and Q4. Given that they were small numbers in the first half, it'll shift that division materially in terms of margin profile. Cost actions we've seen taken in the first half Flowing through in the second half in the software business. Finally, some continued growth in our software business items. There's obviously some timing issues between first half and second half within costs. First-half costs might have been slightly higher than second-half. Effectively, those three things bridge that gap. Okay, that's helpful. Thank you, guys. I'll pass the line. Congrats. Next question comes from Michael Freeman from Raymond James. Please go ahead. Hey, good morning, James, Anthony, and Alex. Congrats on the quarter and the progress. If we could double-click on your pursuit of the insurance opportunity. I wonder if you could frame that again and sort of update your view on it from when you introduced it, the pursuit of that last quarter. Yeah, sure. I guess when you look at the framing of it, the best way to think about insurance is in the U.S., obviously, insurance replaces where the role of public health does in commonwealth countries, i.e., the fundamental payer. One of the things we're finding in the U.S. is that the insurance market has a secondary use of risk, i.e., so looking for where there are gaps in care where they might get sued. What we're seeing in the U.S. is there's two different lenses. It's not only cost savings from an insurance point of view, but it's also risk mitigation. It's got a really different driver in that market. What we're also seeing in the U.S. in particular with the insurance side is that they are tied to the provider network. We're also seeing that where we're talking to providers in the U.S., they've actually got connectivity to their payer markets. We see those sales as much more intertwined. What I would say is they are larger but slower burn sales; we won't be expecting to make any of those in 2026. The sheer size of that market is what we're excited about, Michael. Okay. All right. Great. I appreciate you framing that. I wonder if you could touch on the balance sheet and how are you feeling about its profile and how you can anticipate it evolving in the second half of the year? Yeah, I'll open that, and then maybe, Anthony, you can close it out. I think the best way we think about our balance sheet, Michael, is that in terms of our short-term liabilities post the disposal of SpaceX, we'll see net liabilities in the short term of circa one time adjusted EBITDA. Our long-term debt, CAD 30-odd million, is a convertible instrument, as you know, with four more years to go. We look at the balance sheet now as being a really stable part of the business to serve the needs we have today. Anthony, is there anything you want to add to that? Yeah, look, great question on that because I think the big thing that James highlighted on the call was that with our investment in SpaceX, I think, again, the intention is clearly to liquidate that position. We will actually have a good source of capital there for our immediate needs. The balance sheet, actually, for us is we feel very good about because, while we approach cash flow neutrality and generation towards the end of the year, we're now in a very solid position from a liquidity standpoint with that asset being one that we will be liquidating. We feel very comfortable that we have all the resources we need to meet the expectations that we've been setting for ourselves, not only for this year, but also for next year. Okay. Well, thank you very much. I'm going to pass it on now. Your next question comes from Brian Kinstlinger from Alliance Global Partners. Please go ahead. Great. Thanks so much. I appreciate your change in your approach to get away from episodic demand, and the opportunity as it relates to preventative care is clearly large. Subscriptions for AI technology are almost half what they were two quarters ago, and this is the part I'm focused on, not the services piece. First, what's driving this reduction? Next, what's the biggest impediment you're seeing right now to growth? Lastly, what gives you the confidence the ramp is imminent, as we've been talking about it for a bit? Anthony, do you want to start on the first one? Because obviously when I look at our services' subscription revenue in AI and DS, I'm not seeing it down. Do you want to maybe comment on what number you're talking about? Sure. You did CAD 531,000 in the June quarter for subscriptions, and just two quarters ago, you were at about CAD 1 million, and it's come down each of the last two quarters. Anthony, again, I'm looking at a very different number. I see our number as 479 in DS&AI. Yeah. Brian. You're looking year-over-year? In our prior period numbers, if you're looking at the prior period numbers up until the beginning of the first quarter last year, we had a business called Mutuo that we have divested. Those numbers stay in our comparatives because it was sold. They were 100% subscription, and that's probably what's throwing off some of your numbers there. I would say otherwise, our subscription numbers have been pretty steady for every other part of our business. I think that might be the skew for you in terms of what you're seeing in terms of the subscription piece. Okay, let me ask differently. Last quarter, when that business was not in the numbers, you did about CAD 828,000. We're down 36% sequentially. It speaks to the same trend. Again, I'm curious: what's the biggest impediment in growth? What's leading to the churn? What gives you confidence that imminently we'll be growing this? Brian, I'm happy to take this up with you. We didn't have any churn in the quarter; the changes that we've had in any of our business is really around our episodic revenue or maybe a little bit on our professional services. Our subscription business remains pretty robust. We can take that piece back up online. In terms of what's giving us confidence in the second half is revenue recognition is effectively the key issue there. When you're delivering on enterprise licenses, the revenue recognition is very different from the sales that we've made. We've announced sales in the Middle East, in Canada, and the U.S., and we're in the process of delivering those. We'll be able to recognize revenue against those as those delivery milestones are made in the third and fourth quarters. Does that Sure. Hopefully, we can take it offline. That is good. The numbers are down. In a previous question Anthony responded to, he said you will probably be at the low end of the 30%-50% growth for the AI segment. First of all, what number does that suggest for 2025 AI Data Science? What was reported was CAD 10 million. I am sure that does not include the divested piece. I am just kind of curious what that suggests for the second half of the year. Yes, Brian, we did start with. The comparable for 2025 is that CAD 10 million mark. As I mentioned, we are going to be on the lower end of the growth scale on that in terms of year-over-year growth for 2026. That would suggest that we are closer to that CAD 13 million for the full year. That would suggest almost CAD 9 million in second-half revenue for AI and Data Science from CAD 4 million and change in the first half of the year. Sorry- From a sales cycle, I guess maybe you can talk about some bookings that get you there already. Brian, in our first half, You did CAD 4.6 million. That's correct Right. We anticipate that we have a healthy pipeline that has us on track to hit that, of the 30% growth rate year-over-year. Right. Just to be clear, that's about CAD 8.5 million, CAD 9 million almost, just doing simple math of 30% on CAD 10 million, right? Your math is right. That's correct. Revenue recognition is a key component of that. Obviously there's a bunch of work that's been done in the first half. We haven't been able to recognize revenue until the projects meet the milestones in Q3 and Q4. You shouldn't think about it in a straight line. Where we land as a percentage will really determine our revenue recognition. The sales pipeline for our healthcare health suite software AI business is on track. The revenue recognition in the first half was behind because of its enterprise nature. Then we've got plenty of activity in the life sciences business, which again, we hope to recognize in the second half. Okay, thanks. Your next question comes from Firuz Yakhyayev from TD Cowen. Please go ahead. Good morning. Thank you for taking our questions. My first question is on the multi-province pilot that you've recently completed for SMART Summary and SMART Search. We know you have the presentation coming up in November, in addition to that, do you see any sales traction with the listed provinces as a result of those trials? Excellent question. The reality is those pilots now lead to what we would call the second stage. We've now done a pilot in those regions; we're now looking to deploy it further to go back and get further funding on all three regions. We expect to go live this quarter in another region. To be honest, I think we're going to see quite good activity from that product late 2026 into 2027. Thank you. That's a great color. A follow-up to the previous balance sheet question. As SpaceX lockups are starting to expire, do you have an expected timeline for monetizing your investment? How soon after are you planning to deploy it on debt extinguishments? We'll get notification shortly on our lockup expiry because we obviously hold our stock indirectly in a fund. We should be able to update you in the next month or so on that. Our anticipation is that we are not a VC investor, and we will be looking to liquidate as practical and sensibly as we can. Great. On debt extinguishments, if you were planning to improve your balance sheets as well. If you look at our debt, our debt is a working capital facility sitting within Orion Health. If you think about that can, it's an accordion, can go up and down. It may be used to pay down debt, but it'll be a working capital debt facility. No, we won't be tying the facility off. Perfect. Thank you very much for the insights. Your next question comes from Daniel Rosenberg from Paradigm Capital. Please go ahead. Hi, James, Anthony, Alex. Thanks for taking my questions. First one comes just on the enterprise licenses and potentials for six-figure type revenues. I was just wondering if you could speak to how it ramps. I know you touched on a bit of the accounting and timing treatment, but really to understand, perhaps an example of you engage with a client, what that looks like to stand up the solution, and how it flows through to revenue. Thanks. Yeah. Excellent question. Maybe it'll take longer than we've got here. What I would say is every region's different. The first thing when we ramp up into a customer is there'll be an implementation fee. That implementation fee requires us to set the environment, whether that's going to be Azure, Google, or AWS. What I would say is every region has a different component there. What we're finding is that from signing to launch and bound to book implementation fees is probably taking longer than we expected. While we may have got some started in February to March, we may not be able to recognize revenue until Q3. Based on the setup function, each region's new; once we get through doing it once in each region, it'll be much faster. The reality is within three to four months of implementation, we're moving into SaaS fees. Those SaaS fees will be somewhere between three to four times the implementation fee. It's different to healthcare systems where this implementation fee, because it's so much more complex, might be one-to-one. What we find is implementation fees here are smaller, and SaaS fees are materially larger. I appreciate that. That adds a lot of color and understanding. I guess in going to market and pursuing these opportunities. I was wondering if you could update us on how you're working with partner channels, if you're going direct, just what does the sales process look like? Understanding there's a lot of geographies and customers here, but if you could give us some color, that'd be helpful. Thank you. That might be the most complex question. There are four different channels and 11 different geographies. Broadly, you should think that we partner in life sciences with one of the major five for a data unlock. We would work alongside a life sciences customer and an HIE as a partner network for distribution. You can name a top 10 pharma, pick a geography, and then we partner with one life sciences per region and obviously with one healthcare system. Within the SMART Suite product that we're currently focused on our own direct channel, using our own capacity. Open to going further, but we don't have capacity within our deployment to go much more than what we can do already ourselves. In Canada, we obviously partner really well with WELL as a one WELL team to take all of the products and WELL's offerings in a complete, united front for our customer base. We work very closely with the WELL and WELLSTAR within Canada itself. We work with SI partners for large projects. You could name a few like Deloitte, EY, Accenture, for large-scale deployments. We haven't really talked about that today because we've been focusing a lot on the AI business, which I understand, as we think about the overall mix, they've been a few million CAD slower, as Anthony talked about. Obviously we're seeing on the flip side, the software division being stronger than that, than we expected the year. We've seen a lot of opportunity in the Middle East within HIEs, obviously within the U.K. coming back to market. U.S. is very busy in the HIE space. What I would say is that the partner network in those markets is far more important. They're much bigger CAD value sales, and we're no longer talking one or two a year RFPs coming up. We're probably talking one or two per region every six months are coming up now. It's a very active market. These processes are long-dated, so don't expect 15 to land by the end of the year. What I would say is that there's a very deep pipe now of HIE business, and the HIE business is great because the first sale is obviously a software sale, and the second sale is therefore the AI sale. The AI conversations with our existing customers are going very well. Does that cover your question? Yeah. That's a fantastic color. Lastly for me, you mentioned a number of engines that are driving demand: clinical data unlock, SMART Search, WELL ID, consent. I was curious how you would rank, or I guess, rank with your customers. What gets people most excited? Or is it always this bundled solution that you're talking about in conversations with end customers? Then I'll pass the line. Thank you. Yeah. If you think about a customer segment, it's been broken into healthcare systems and life sciences. Life sciences: it's the data unlock. It's the ability to partner with a region to effectively help that region utilize their data. You've seen obviously very large contracts around the world with people like Tempus and AstraZeneca and different regions doing those data unlocks. That would be what gets our life sciences customers most excited. Within our Canadian life sciences business, though, WELL Trust, the ability to find patients to get onto clinical trials at the speed at which we can do that from consent to data—that is a unique database. That has a lot of interest in it currently. The SMART Suite, SMART Summary, that has the most impact with big healthcare systems with our providers, because obviously the key thing they're looking for is efficiency with their networks. Yeah, what I would say is that everyone's got different components. Interestingly, though, while we're all talking about the interesting AI exciting stuff, interoperability and that is such a phenomenal problem in the U.S. Just the single most basic thing of sharing data along with general records. One of the quotes we had from a customer was even in a closed-loop customer base where the customer is theirs; they still only get between 20% or 30% of a patient's data from their own network. HIEs are of high value to actually enable AI in the U.S. I wouldn't underestimate the value that we're finding just from that, as they would describe it, diamond in the rough. What is an infrastructure-type asset is a core component to enable any sort of real AI. I might just squeeze one more in, given the answer. It sounds like a ton of opportunity across the board. I'm just curious if you had the resources or additional resources, whether it be capital or people or just reach in general, where would you put that towards? What would you do if everything you had the control to implement whatever you wanted in terms of pursuing these opportunities? Yeah. It's a great question, right? You sit there in a war room sometimes. How do we scale up when we need to scale up? As we sit there today, we're very mindful of both margin and growth and getting the right balance because it's very easy to chase 100 different deals and not deliver on any. What I would say is that the data unlock activation is probably where we'd probably put time and energy right now. Why that is, though, to be really clear, is because that'll take longer than the other stuff, but it's really, really scalable. Where the HIE business is, that's RFP; they'll land, we'll deploy them, we'll scale up the team to deploy more of those, then we can embed AI solutions like SMART Suite. The data unlock, that is not a linear sale. They're effectively unlocking some regions with multi, multi-million dollar contracts. What we'd like to do and what we'll do in time is, once we show we can do it, is we'll try all of our regions together rather than pick them off one by one. Great to hear. I'll pass the line. Thanks. Your next question comes from Justin Keywood from Stifel. Please go ahead. All right. Good morning. Thanks for taking my call. Maybe just a follow-up on the capital allocation. Is a share buyback or NCIB part of the strategy? Good. I saw that Vital did one today. Look, realistically, we haven't discussed that at the board now. I think we'd always be looking at use of capital in the environment. What I would say is that the liquidity in our stock's not great, so announcing a share buyback, probably the stock price would move and wouldn't even get any back. It's a good thought process and probably something we'll discuss late second half, early first half next year. Okay. Thank you. I'm not sure if I missed it, the timing of the SpaceX disposition. When is that anticipated? We will get notified by our fund in the next month as to the timing of our componentry. Effectively, the lockup was a year from investment. There should be three transfers between now and February next year. Just the mechanics of it would be a share transfer; the shares are freely trading to dispose? That is the current expectation. I'm saying the current expectation. We will be notified shortly, theoretically, the stock would be transferred into our brokerage account, we would manage the sale ourselves. Thank you very much. If you would like to ask a question, please press star 1 on your telephone keypad. Your next question comes from Christopher Crowe from Canaccord. Please go ahead. Hey, guys. Thanks for taking my question. I'm on the line here for Tanya. I just have a question regarding the Orion Health, kind of a high-level question. I'm wondering if you can let us know how much integration work is left and if you can quantify perhaps how much of this remaining integration work is more of a top-line thing versus like a cost reduction play. We're talking specifically now Orion Health, yes? For Orion Health. That's fine. Sorry. Just want to make sure I've got my head straight on the question. Realistically, revenue synergies, we are connecting as much as we can today. I don't think there's much more in terms of revenue synergies that we would get by integrating further. What we might find, though, is we get more efficient on those revenue synergies. They go faster by pulling teams closer together. The reality is, I would say we've achieved 90% of what we'll achieve in terms of putting the revenue synergy point of view. From a cost synergy point of view, though, there's still plenty of room across the organization over the next year and a bit, both from gross margins and both from net margins. Realistically, we're only probably a third of the way through that component. What we're talking about in terms of R&D, retiring tech debt, corporate functions. We've still got a lot of room to go there, as some of the stuff just takes time. We've talked previously about removing some of our tech debt to broaden out gross margins, for both within IntraHealth and Orion Health. Those processes take largely a year and a half to complete, but they're meaningful increases to our gross margin profile. That's great to see some numbers around that. My last question is regarding the customer acquisition cost, because you have a lot of new jurisdictions that are outside of Canada. I'm wondering, how does the CAC compare with your expectations so far? I can't actually answer that today because we haven't won a new customer that hasn't been in an existing region. All of our expansion has been in the regions we're currently already in. When we move into a new region, we'll be able to quantify that. Currently, we've only really expanded our existing footprint. Okay. Well, great. Thanks for taking my question. If there are no further questions, I'll turn the call back over to speakers. Well, thanks for joining us today. Look, it's a really good session. Lots of really good questions. We're excited on the second half of the year. There's plenty of work still be done. We feel like we're on the other side of that trough through the transition, and there's still plenty of opportunity both to grow revenue and, as we had the last question, margin. Enjoy, anyone that's having summer holidays! Thank you for joining us today and good luck for the rest of the day. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.