The purpose of today's presentation is to give our audience an introduction and better understanding of the business through a presentation by management. We have a fairly large audience today that includes some existing investors, but mostly that are fairly new to CEMATRIX. Our webinar structure today is geared for participants that are less familiar with the business. The discussion is going to be led by CEO Randy Boomhour, who is also joined by CFO Marie-Josée Cantin, and Jordan Wolfe, President of subsidiary MixOnSite. We will break for questions at the end of the formal presentation. When we do break, we encourage those questions. As a reminder, we are only going to take questions through the webinar portal. If you are listening over the telephone, please access the web link sent earlier to ask a question. You can submit a question using the question box within the portal at any time. I will ask the questions on the air for everyone to hear, and then management will answer. I am not going to reference anyone's name, but simply read the questions asked. If I cannot get to your question online, and it has not yet been addressed during the call and can be, I will come back to you by email. I am not going to read the forward-looking statements, but I do state that they apply and I reference them on page two of this presentation. With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. Now I will turn the call over to Randy to start his part of the discussion and presentation. Thank you, Glen. Really appreciate that introduction. Before we get to this slide, MJ, if we could just stay on the disclaimer slide there, that would be great. Did want to say welcome to everyone to our investor webcast presentation. We are happy to have both people that are new to our story and then existing shareholders. This presentation will be more geared towards potential new investors than our existing shareholders. As a result, we are going to spend more time on the company, what we do, the opportunity, and a little less time on the financial results. But we will, of course, cover both. Unlike many microcap companies, we do not spend as much time talking about things we hope to do in the future. We are not a story about how we hope to one day be a growing profitable company. We already are a real company that is growing profitably. We do not trade on a multiple of future hopes and plans. A very large percentage of small public companies fail. They never get to commercialization. They never get to revenue growth. They never get to profitability. We have achieved all of those things already. We are already there. Let me tell you more about us and what we do. Next slide, please, MJ. Thank you. Yep. CEMATRIX, we like to call this a key investor highlights or an executive summary, but CEMATRIX is a cellular concrete specialty contractor. We are a leading provider of lightweight, cost-effective, durable cellular concrete for infrastructure projects. We provide solutions to our customers' geotechnical challenges using cellular concrete. On time, on budget, on quality is our mantra. Customers choose cellular concrete because of one or more of its physical properties, and we have a strong competitive advantage that we will describe in a later slide. We are really proud of our overall financial strength and overall growth trend. Revenue has grown at a cumulative annual growth rate of 25% since 2017. Our last three years, we have consistently posted positive financial results. 2025 was a record in almost all of our key financial indicators, record adjusted EBITDA, record cash flow from ops, and record EPS. 2026, we are on track to be another good year. I love this chart on the right here, these bullet points, which really just shows our improvement the last couple of years. In particular, you can see how we are off to a strong start in 2026. If you look at the trailing 12 months as of June 30th, you can see well over CAD 50 million in revenue, over CAD 10 million adjusted EBITDA, cash flow from ops over CAD 10 million. Pretty significant financial performance. There is significant market opportunity in front of us. We are an industry leader. The global cellular concrete market is significant and is expected to grow. We will talk about the total addressable market later. It is hard to get our arms fully around, but we will do our best. In particular, there are some really strong tailwinds around increased infrastructure spending in Canada and the U.S. that are really providing a lot of support for our business. We are going to pause right now and show a short video that we think helps people get a really good understanding of cellular concrete, what it looks like when it comes out, what it looks like when we manufacture it on site, and a common infrastructure application that we use. I am going to share the screen now and run a video. Just give me one second here while I do that. This video should play without sound, and then I will do a little bit of stopping and talking as we go. This, before I get it started to set it up, this is a video taken from our North Carolina project, which many of our existing shareholders have heard about for a long time. It is a project that has five bridge abutments. We are replacing cellular concrete because of the underlying soil conditions. We believe it is the largest installation of cellular concrete in North America, and we are now about to mobilize out for the third of the five bridge approaches. Let me get this started. I will stop it right here, but this is a really good video of showing us filling a cell here in this pour, and you can see as the material comes out, it really looks like a runny milkshake, and we will fill this cell up, and then it will look like these existing areas here. When it is first poured, obviously, it is liquid, so you can go in, but it hardens to the point where you can pour over top of it or use it the next day. On the top here, you can see an excavator that is sitting on the material, and it is placing the MSE panel walls here. That is sitting on our existing material. Again, this is a great shot where you can see existing pours. Here we are standing on it. Here is a fresh pour of a cell we just completed, and you can see this is our crew here pouring in a new cell to fill that spot. Back to MJ to share the presentation. That video is a little bit out of order in terms of how we like to do things, but we think it is helpful in terms of people who have never seen the product before as to what it looks like and what one of our major applications would be. I will turn it over now to Jordan, who will go through some more information on CEMATRIX. Thanks, Randy. My name is Jordan Wolfe, President of MixOnSite, one of CEMATRIX subsidiaries. I am part of the key core management team alongside Randy and MJ. You can see here a list of our board of directors, their names. We work very closely, and I might add, very well with them. I will not go through the company timeline. You can kind of see CEMATRIX from the time it was founded in 1999 all the way to 2025, but I will talk about insider ownership a little bit more in detail. We have outstanding shares of around 150 million, fully diluted 157.6 million shares. I think it is important to note that insider ownership has around 16 million shares or 11%. The largest insiders being myself with 12.2 million and Randy Boomhour with 1.8 million shares, although that would be 3.4 million if you included his restricted share units. Next slide, please. I will talk a little bit about cellular concrete for those that are new to the material and our company. Cellular concrete is made by mixing cement, water, and a foaming agent. The foaming agent creates bubbles in the mixture, resulting in cellular concrete structure when the concrete sets. If I may, you can picture a cubic foot of cement and water that weighs around 114 pounds per cubic foot without any foam in it. Once we inject foam, we can bring that density down to whatever is specified on the project, so that 114 pounds per cubic feet can easily turn into 35, 25, 35, 45, 55 pounds per cubic foot. When it does that, all that air is not only making it lighter, but it makes that one cubic foot expand as much as two or three or four times. Some of the key properties of cellular concrete include it being cost-effective. The next two, low density, lightweight, and high bearing capacity, are some of the primary reasons why engineers specify our material, which is pretty much to solve geotechnical challenges across construction projects across the country. Cellular concrete is extremely pumpable. We have pumped it over 14,000 feet before in one shot. It is highly flowable, self-leveling, self-compacting, has great thermal insulating properties because of the foam, which is highly desirable in colder climates. It is very durable and very excavatable. Our primary applications include lightweight engineered fill, MSE retaining wall fill, lightweight insulating road base, flowable self-leveling compacting fill, pipe and culvert abandonments, tunnel and annular grout, and shallow utility and foundation installation. To go over some of our customers and our competitive advantage. Our key customers, CEMATRIX is always a subcontractor to a general contractor. We will occasionally work directly for an owner, but this usually happens on very small scopes of work. We have worked with many of the largest general contractors in North America, from AECOM, Balfour Beatty, Skanska, Walsh, you name it, we've probably worked for them. To highlight some of our competitive advantages, I think our reputation is at the front of that list. We've been successful in delivering cellular concrete on time and on budget for over 25 years. Our team and expertise is an advantage with over 200 years of on the field, in-field experience across our crews. Our equipment gives us a large advantage. We have a large fleet of mobile, technically advanced equipment for producing state-of-the-art cellular concrete with capacity to grow. Our size and scale is an advantage. We have multiple locations from coast to coast, successfully completing projects across Canada and the U.S. I would say we cover a lot of ground, both above and below ground, considering some of that work has taken place 200 feet below ground on Hickam Air Force Base in Hawaii. We really do get around. Also we're more sustainable. We're generally more environmentally friendly than the legacy products that we replace. I told you a moment ago, we can turn one cubic feet into around 3- 5 cubic feet. When we get one tanker of cement delivered, we can turn that one tanker into as much as 100 yards or more. There's less. Compared to Ready Mix, that would require about 10 loads or 10 trucks, we can do that volume with just one load. Not only does that impact the environment less with less truck, but also improves our safety because there's less truck traffic on site. With that, I'll pass it back to Randy. A question that we get asked a ton is just how big is the opportunity in front of us? If we're being honest, it's really hard to nail it down. When we go research third-party data and the size of the global cellular market, we get ranges that vary quite dramatically. A recent estimate that we think is roughly accurate is the U.S. market size is around $1.2 billion. That would be for all potential applications of cellular concrete, some of which we don't pursue. I do think in general, we all agree the market for cellular concrete is growing, and the market for lightweight fills, which includes competitive products, is a multiple still larger than just cellular concrete. There is also a lot of tailwinds right now supporting our industry and infrastructure spending in general in Canada and the U.S. is increasing, and that is because the infrastructure is aging. Infrastructure needs to be repaired and replaced. For decades, that repair and replacement has been ignored or paused. As a result, what happens is we see infrastructure breaking in places. When that infrastructure gets broken, then there is an immediate, an emergency repair effort, and then other municipalities or governments take note and say, "Well, we better make sure that does not happen to us." Also, a tailwind is just populations continue to grow. When those populations grow, they need new infrastructure, and that is placing additional, and it also places additional loads on existing infrastructure. We forecast spending an increase on infrastructure now and into the future, and this is really providing a significant tailwind for our business. I will turn over now to MJ, who will go through some of the financial highlights of our business. Thanks, Randy. Let us review some financial highlights. As Randy mentioned earlier, we had a record year for 2025. Our EBITDA was higher than our 10, 20 previous year combined. It was at CAD 8.3 million. If you look at our two best years that we had previously of 2023 and 2024, we are exceeding that number. If you are familiar with the rule of 40 for a growth investment, we fit that category as well with revenue growth of 27% and EBITDA margin of 18%. Our revenue is growing. We have positive bottom line, and we are generating cash. Our revenue CAGR of 25% has been going on since 2017. As we mentioned, we have a record CAD 8.3 million in adjusted EBITDA. We had a record CAD 8.2 million in cash flow from ops and EPS of CAD 0.027 per share. We have a strong balance sheet with low leverage. We finished the year last year with CAD 12 million in cash, and at the end of Q2 this year, we had CAD 16 million in our coffers. If you are new to our story, CEMATRIX, or are new to the construction industry in general, I am going to give you some keys to understand our business a bit better. Revenue growth will be lumpy. It is not going to be a perfect staircase, and our financial results will be variable based on the timing of when large projects start and stop. Construction is a seasonal business. Usually, you have higher revenue in warmer months. If you take our average over the last five years, we do 18% of our revenue in Q1, 17% in Q2, 34% in Q3, and 31% in Q4. We are a specialty construction contractor. Our margins tend to be higher than general contractors, but we do have more bench time and more fixed cost. Project size impacts our margins, so larger projects have more competition and, as a result, lower margins. We do have excess capacity that enables us to do significantly more revenue with existing equipment and staffing levels. I am not going to go through that slide. Having said that, you can find it on SEDAR+ and on our website if you are interested in knowing more about our financials. This is our Q2 2026 financial highlights. Again, we have done an earnings call recently, so if you are interested, you can go on our website and have a listen. Maybe I can highlight that we did have some records in for CEMATRIX for both the quarter and the year, particularly for revenues and EBITDA. Perhaps a couple of things that I would like to highlight for you may notice our gross margin look a little bit lower this year, but if you look at our MD&A, I encourage you to go have a read. We are discussing a key contract we had last year in 2025 that are benefiting our numbers last year. If you were to normalize this, we would have been ahead on the quarter and almost flat for the year. Maybe the second thing I would like to highlight on this slide is, despite our growth in revenue, our SG&A is lower. We made some changes to our cost structure, and it is benefiting our SG&A. We made some improvement there. All right. You can see at a glance what I have mentioned about our revenue not being a perfect staircase, but you can see the trend line is a growth trend line. If you look in orange, that is our year-to-date number for revenue. As you can see, we are exceeding a few of the years we have had previously in the past. When you look at gross margin, I touch base a little bit on that. A long-term sustainable target is 30% for us. Again, the trend line is of a growth. If you look at the middle graph around 2022, if you are interested in knowing what the dip is about, it is because we had some supply chain issues during the pandemic and some cement shortages. Our debt was dramatically reduced since 2017. We have come a long way, and that provides us with a strong foundation for the future for us. Looking at our sales success and backlog, this is a year-to-date number for Q2. We announced CAD 26.2 million in awards, but just so you know, we did issue a press release last month of CAD 8.2 million, so the tally right now is at CAD 34.4 million. Our backlog is strong. It is at CAD 61.5 million at the end of Q2. It supports future revenues, and our largest project and backlog is on the way. Our achievements are getting recognized in the market. If you look at the graph on the left, if you were to invest CAD 100 since January 1 of 2025, we would have exceeded the TSX Composite Index. If you look at our share price at September 15 of this week, we closed at CAD 0.47. It is 81% higher than what we ended up at December 31 of 2024, when it was CAD 0.26. It's an increase of 185% compared to the low we had in March 14 of 2025 when it was at CAD 0.16. We have no plans to raise capital or issue shares at the moment. These are our share outstanding and potential dilution as of August 31, 2026. We have 149.7 million in common shares outstanding. We have 4.7 million in options and RSUs of 3.1 million, for a total of 157.6. As you may be aware, we do have an NCIB program. Since the beginning of the program, we repurchased about 2 million shares of CEMATRIX as of Q2 of this year. We've put some ratios for you on the right-hand side. They're all trending up, obviously, as we're making more money and we're becoming more profitable. That can be a resource for you if you're interested. That's it for a snapshot of our financials. I'm going to turn it back to Randy. Okay, MJ, can you go one more for me, please? Of course. Yep. We always like to end with this slide, which is just sort of a summary of why invest, and it really comes down to what we think are five key points. One is we're an industry leader. We're really well-positioned to capitalize on the opportunity in the large and growing infrastructure construction segment. Number two is we are a growth company. We are growing revenue, as we've talked about many times in this presentation, at over 25% per year cumulative since 2017. We have positive adjusted EBITDA, positive cash flow from operations, and a strong balance sheet. We do believe that we're currently undervalued based on traditional valuation metrics, but that gap is closing. Whether you think that metric is some multiple of four revenue, four EBITDA, or four EPS, we believe in all of those, that we're lower than what we should be. We don't have any new plans or no new capital raises required to fund a burn rate. Unlike a lot of micro-cap or small-cap companies, we are cash flow positive, so the only new capital should be in support of an accretive acquisition. Then importantly, we have capital to deploy right now. As MJ mentioned at the end of Q2, we have CAD 16 million in the bank, and we're actively looking to grow organically and deploy that cash to grow via acquisition. There is no pressure we feel to do an acquisition just because we're talking about it. We're only going to do an acquisition if it makes sense. If that happens in the next three months, great. If it takes two years to find the right one, we'll take two years because we're only going to do an acquisition if it makes sense. On the right-hand side here, we have investor relations contacts. The retail side, we encourage you to email the company at the information there, and on the institutional side, we encourage you to email Bristol Capital at the information there. We currently have one analyst that follows the company. That's Russell Stanley with Beacon Securities. Russell is on the webinar with us today, and I think we'll have some questions. Then just in terms of wrapping it up before we go to the Q&A, just wanted to sort of reemphasize, our focus is now is to continue growing profitably. If you look around the public markets and try to find a company that has a market cap under CAD 75 million with revenue over CAD 50 million, positive EBITDA, and positive cash flow, you won't find very many. In fact, I think you'd be challenged to find more than five. The reason we know this is because we looked, and there's not many companies that fit the profile that I just described, which is essentially CEMATRIX's profile. Having said that, we're not an ESG company and not a crypto company. We're not an AI company. We're not a rare earth minerals company, not a data center company, not a computer chips company, or fill in the blank for whatever you think the current hot market trend is. We're a traditional bricks and mortar execution story. There are some things about our businesses that some investors don't like. We don't hide from those things or to try to whitewash those things. Things like our seasonality or uneven growth. We talk about them openly and honestly. We help our shareholders understand those. Now, some of those things some people won't like, but I think that creates opportunities for those who can see past them. We believe that companies don't exist to serve shareholders. They exist to serve customers and to solve a customer need. When companies serve their customers first, that's when they also serve their shareholders. That's what we're focused on. We're going to run a good company, and we're going to make money. With that, I'll turn it over to Glen for the Q&A session. Super. Thanks, Randy. Thanks, MJ. We do have quite a few questions in the queue, so we'll get going. I'll try to sort of segment them. The first series of questions are around the product itself. Can you briefly explain the difference between cellular concrete and traditional concrete? Is it weight, strength? What is the differentiating characteristics? I'm going to hand this one over to Jordan, who's grown up in the business and probably do a better job than me explaining this. Yeah. Good question. It's predominantly the weight. Concrete can weigh around 140 pounds per cubic foot, and our material typically is specified anywhere from 25 to 50 pounds per cubic foot. It is a fraction of the weight of normal concrete. Our material is not considered a final wear surface like concrete would be. We are typically underground, not seen, or if we're above ground, there's a final material that's put on top of our material because we are, by definition, a low strength material. Our materials might be in the range of 50 to several hundred PSI. That's the compressive unconfined strength, where concrete is typically measured in thousands of PSI. We are meant to be a subgrade material, not the final concrete product. We're typically a lot less expensive than concrete. Thank you. I'm sorry. Go ahead. Sorry, Glen. Just to add to that is, some people think we compete against concrete, but we never compete against concrete. Concrete is a structural material in a different category. We're a lightweight fill material, so we don't compete against regular concrete. Very important to understand that. Good add. Thank you. How does cellular concrete perform under prolonged exposure to extreme heat in regions such as Africa? Have you conducted testing or completed projects in similar climates? Does the product require any modifications for these conditions? The simple answer is the product performs very well, but it really has to be matched to the situation or the spec. We've had cellular concrete installed in some instances for 25 years, and it's still performing and still meeting the spec. It really depends on the situation. Cellular concrete could work very well in very cold environments or very hot environments. Thank you. Can the product be used in residential applications, i.e., basement pours? If so, have you any plans to expand into this area? Absolutely. Because of its insulating properties and lightweight properties and flowable properties, there are a lot of instances where cellular concrete does have retail or residential applications. The challenge with those applications is they are small volumes. As a result, it can be tricky to make money on those. As a result, we have chosen not to focus on that segment of the market, and we focus on the industrial or commercial spaces or applications. Thank you. We have seen some splashy announcements recently. The Canada Pension Plan and Brookfield Asset Management are launching a CAD 50 billion fund that will make major investments in key sectors, including infrastructure. BMO and Sun Life announced a CAD 75 billion spending pledge last week to support infrastructure. Do you have a sense as to how long it will take announcements to translate into real demand? The U.S. has traditionally contributed the majority of your revenue. Might these recent announcements entice you to focus more on Canada? Yeah. It is a really good question, and I would say those announcements really fit into the category of tailwinds that support this idea that infrastructure spending is increasing and is going to stay in place for many, many years to come. It is very hard for us to tie a specific project to some kind of government announcement. Maybe at the general contractor level, you could see those ties. But at our level, at the subcontract level, we just do not see those direct ties where we could say, "This project is tied to this piece of legislation." But we do feel like it fits very well with the overall tailwind message that we have been delivering. In terms of Canada versus the U.S., we are obviously going to continue to try to grow and find opportunities in Canada, but the U.S. market is at least 10 times bigger than the Canadian market, and that is where we see our biggest potential for growth. Okay. With that said, I know I saw some questions related to tariffs and the trade disputes or I guess lack of agreement between Canada and the U.S. Any comments on that? Yes. So far, we have not been impacted by tariffs. I would say generally, we see tariffs more as a negotiation strategy as opposed to an overall sort of coherent trade policy. I guess the other thing is we procure cement and manufacture a product locally. We do not have a lot of things that cross the Canada-U.S. border. Now, the U.S. is a net importer of cement, so they are also bringing cement from other countries like Turkey or Greece. To the extent the tariffs start applying against cement sources from there, we could also see some tariff impact. I do think the U.S. cement industry is pretty good about advising the current administration on the impact of tariffs on cement because the U.S. is a net cement importer and have had some success at convincing the administration not to do that. Long story short, we feel pretty comfortable right now in the current tariff environment that it will not have a meaningful impact on us, but of course, that can change very quickly. Yeah. Thank you. Going on from my previous question related to large infrastructure investments taking place in Canada, there is sort of a secondary question to that from a different audience member. More or less repeating the same type of comments related to the opportunities, but more specific. If those opportunities exist, can you sort of define the end markets? Are they data centers, pipelines, LNG, energy, gas, mines? Whatever you could share on that. Yeah. We get asked a version of this question a lot. For example, I talked about it earlier in terms of the types of companies right now that are hot in the investment community. One of those is data centers. There is not a one-to-one correlation with, hey, if you build a data center, you are going to need X percent of cellular concrete. It does not work that way. The one-to-one correlation is always around soil conditions or the requirement to reduce vertical or lateral loads in a situation where you need a lightweight fill material. You could have nine data centers, nine mines, nine bridges that have no requirement for lightweight fill, but then the 10th one does. There is no one-to-one correlation or some correlation. It is just if you build enough of these things, sooner or later, you are going to run into a situation where the soils are a concern or load is a concern, and then those are ideal situations for cellular concrete to be used. It is not a situation where one of these equals one of these, but it is a situation where overall spending on infrastructure means there are more opportunities for cellular concrete. Thank you. Is this a commodity product? What is the competitive landscape and what is your, I guess, market share within that landscape? It is not a commodity product. It is definitely a technical sales process, and we have hired people that have come from the commodity environment, and they have struggled in our sales environment because of that requirement to understand the specification and alter the mix design to meet the specification or the need of the customer, or to have a conversation with that customer about value engineering where the spec that they have put in might not be what is required in that situation, and we can offer them savings. The competitive landscape in each area is different. In the U.S., there is one other national player that we consider that kind of goes coast to coast. Outside of that, you have several large regional players who might only participate in certain areas of the U.S. Canada is not really another large volume competitor. We see small volume competitors or alternative products, but in the U.S., there are other large cellular, capable cellular concrete companies out there. The competitive environment is different depending on the situation and the region. Okay, I think the last part of that was market share. Market share is really tough for us to estimate. There really are no good estimates of the overall size of the market as we talked about before. We would believe, obviously in Canada, because there are no other large volume suppliers, we probably have a bigger, more proportionate market share. Whereas in the U.S., our market share would be less than the total because of the number of competitors there. Okay. Thank you. I guess going off this theme, you answered part of this question, but I will ask it again. What other companies or technologies are attempting, like you, to disrupt this industry, and who are your chief competitors? Yeah. Our chief competitors really are other cellular concrete companies. As I said in the previous answer, we have one player that is nationally. We have probably somewhere between 5- 10 large regional players, and then there are probably dozens of smaller family businesses that are probably doing CAD 1 million to CAD 5 million, several in each region. Alternative products are also competitive against us. It really depends on the situation. If it is a grouting application, you might be competing against a polyurethane grout or some other contact grout. If it is behind MSE walls, we would be competing against EPS blocks. If it is other applications, it could be other different materials. It could be foam glass aggregate if they are looking for something that is ultra-lightweight. Again, the competition and the competitive products really depends on the application in the area that we are talking about. Perfect. These questions are lining up perfectly. In that same mindset, of the applications where cellular concrete could technically be used as an alternative to conventional solutions or conventional materials, what proportion are currently using cellular concrete today? Yeah, it is really tricky because it sort of implies that I know what the total market is and I am seeing every opportunity and it just does not work like that. I do not really have a good answer to that, Glen. I would say we actively search out opportunities where our competitor products are being used, and if we can flip those to cellular concrete, we definitely try to do that as the sales strategy. I would say when we run into construction opportunities where it is more construction management, that can be a trickier flip, where we run into opportunities where it is a design build or there is some kind of savings mechanism between the GC and the owner that they are more receptive to value engineering and flip. Again, it just really depends. Okay. Where are your barriers to entry? What would stop a much larger competitor from copying your technology? Are there any patents protecting them? Yeah. There are no patents. We do have our own proprietary equipment. We do have our own proprietary foaming agent. But you can purchase large volume mixing equipment now commercially. You can purchase foaming agents now commercially. The real barrier to entry really gets back to what we described as our competitive advantage. It's really around our years of experience and expertise. We've pretty much done every job that you can imagine. We've pretty much made every mistake that you can imagine. The collective experience of having been there, done that before really is the biggest competitive advantage. Two people like you and me could go buy a piece of equipment, Glen, and if it was a pretty simple open pour, we could probably even pull it off. But obviously the higher the volume, the more complicated the pour. That's where the experience really matters. Also the nature of being a specialty contractor is very tough, right? There are large periods where you don't have crews doing anything. We find lots of our competitors really don't have the expertise to manage those types of businesses that are both seasonal and also have peaks and valleys. Most businesses want to run a consistent workforce, and when the work slows down, they want to lay those people off. But when you're in a highly specialized specialty construction business like us, or segment like us, you have to keep those people on board. You have to run your business in such a way that not only do you make money when you're working, you've got to make enough money to pay for that downtime and to pay for all your SG&A. That's the trick is, and it takes a certain volume to get above that to break even and start making money. Okay. Thank you. You may have answered this, but I may have been focused on a different question, so I'll ask it. To what extent are you participating in the data center construction boom, if at all? Yeah. We did kind of answer that one already. There is not a one-to-one correlation. We get this question a ton. People always want to say there are 10 data centers, how much cellular concrete is in each one? You could do nine of them that have no cellular concrete, but the 10th one is built in a situation where the soils are weak or unstable, or you are worried about lateral or vertical loads against some other structure. Then you could have two in a row that need it, and then maybe six more that don't. The answer is, it really depends. It is really about soil conditions and load management. Okay. Thank you. Can you walk through how the sales and bidding process works and characterize the size and quality of the opportunity pipeline you are seeing today versus, say, several years ago, for instance? What is different in the market? The thing that is different in the market is we are seeing more opportunities. That is really built on two things, is every year that not only we are in the industry, but our competitors in the industry are delivering successful applications or projects with cellular concrete. It helps improve the overall confidence of the construction industry and the product, and just creates more opportunities for us in the future. On top of that, we are meeting with all the different components of the decision-making chain, whether that is owners, design engineers, general contractors, specialty contractors. We meet with as many of those as we can to educate them on the applications and properties of cellular concrete so that we can help get cellular concrete specced in and designed in to more projects in the future. It is really we are standing on the shoulders of all the people that came before us and all the work that they did before us to build the market, and then we continue to add to that legacy to make it easier to sell in the future. Then you add on that just the overall aging infrastructure tailwind that we have talked about many times, and then new infrastructure that is being built. It is really those two things that are just creating more sales opportunities for us and the industry in general. Okay. Thank you. When you started the presentation, you mentioned a large contract that is currently underway. Can you comment on how big that contract is, and how many quarters will it continue to last? As a general rule, we do not generally talk about specific contracts, but we have made an exception in the past that I will continue to honor around this one. The North Carolina contract is around $20 million U.S. We have done roughly two of the five scopes of work, if you will, two of the five bridges. We are about to start the third one this month, and then the next two will likely go sometime in 2027. The work is not continuous. We will go and show up, and then we will do the bridge pours for two, three, four months depending, and then there will be a break as the contractor goes to the next bridge and sets it up, and then we will start again. It is not a continuous $1 million of revenue per month per se. It really will be a lump, a break, a lump, a break, a lump. Okay. Thank you. Can you talk a little bit more about your geographical reach and current locations? Yeah. In Canada we have three crews, three locations, Vancouver, Calgary, and the GTA in Toronto. In the U.S., we have two primary locations, one based out of Chicago, Illinois, and one based on the West Coast, near Seattle in Bellingham. We have some equipment staged on the East Coast of the U.S. Then with our ability to mobilize for a large project, we can really get very easily to anywhere in the continental U.S. or Canada. Okay. And how variable are your raw material costs from a geographic standpoint? Are your costs affected much by where you secure jobs? Do you have inflation escalation clauses in your contracts? Yeah, absolutely. Our biggest component of our cost is either cement or Ready Mix. And the cost of cement or Ready Mix varies quite substantially based on how far you are away from a cement or Ready Mix plant. Obviously, if you're in a major metropolitan area with a cement manufacturing source close by, your cement costs are going to be lower. If you're bidding a job in the Northwest Territories or in Hawaii, well, your cement or Ready Mix costs are going to be substantially higher. But in every case, the local market already understands that distance requirement and how that impacts construction costs, and so those are just built into our prices. So you can't say a cubic yard or a cubic meter of cellular concrete is going to cost the same in Alaska as it does in Chicago. It doesn't work that way. But the pricing is consistent based on those market conditions. Okay. Speaking, I guess, to geography, can you comment on Florida? Is that a market for you given the high water table? Yeah. We do believe Florida is a very good market for us. I would say right now our market share in that market is underrepresented. As a result, it's a market that we're very interested in expanding our presence in. Okay. Do you source your cement locally and then add your foam, which is your special sauce? Yes. Cement or Ready Mix is heavy, and as a result, it's very expensive to transport it long distance. You always want to try to get a cement or Ready Mix source, all other things equal, as close as possible to the job. That's exactly what we do. We bring our water supply, cement or Ready Mix, plus the foaming agent, plus our equipment and our know-how, and we manufacture the product right on site. What does management see as constraints to achieving growth plans, and how does current capacity utilization look? What does CapEx look like in the next few years? As Jordan Wolfe mentioned on the one slide, we have quite a bit of capacity in our equipment. The thing about equipment is scheduling never schedules out ideally, so you always have to have a little bit of extra equipment. We would love to say all of our equipment is running five days a week, but it just doesn't work that way. We have to show up when we're called and leave when we're done. As a result, we always have to have a little bit of extra capacity and equipment. But we could easily do two, maybe even three times our revenue today with existing equipment levels. We could probably do somewhere between 20%-25%- 50% higher revenue with existing crew levels, or maybe adding five or 10 employees. Very small increase. We've got a lot of capacity to grow. We're not constrained by working capital because we have an unused credit facility of up to CAD 8 million. We have existing cash in the bank. Really our biggest constraint really is just selling, and so we've got to continue to invest in sales and sales support resources to sell more opportunities so we can dig into our excess capacity. Okay. This is a follow-up to your statement on adverse environments. Can you talk more about examples and what you mean by spec matters? Well, what I mean by that is that, for example, you have to meet the spec of the job. If the job requires it to be 450 Kg material, or it has to meet a strength requirement of 35 PSI, you have to meet that spec. We do a lot of quality control testing to make sure that we are able to meet the spec that's required. Okay. You seemingly have a growing healthy balance sheet and healthy cash position. How are you thinking about deploying capital to drive organic growth or pursue acquisitions? Yeah. We don't believe we really have to use our balance sheet to pursue organic growth. We've demonstrated a pretty good ability to do that, to store it organically without necessarily making capital investments. As we've talked about, we've got the ability to grow through our equipment and our crews. That cash is really earmarked to buy companies. We're actively looking right now for companies that fit our profile. As I said before, we will not do an acquisition just to do it or to be able to say we did one. We just don't believe in doing that. We'd rather someone say, "These guys are slow and ineffective," than have us do a bad acquisition. We're only going to do one if it makes sense. Thank you. As MJ showed earlier, gross margins have varied significantly over the past few years. As the business scales, where do you see normalized gross margins setting in once the business reaches larger and more mature scale? Yeah. We actually tried to illustrate that point on the slide as we believe a long-term sustainable gross margin is around 30%. Because of volatility and project mix and execution, that's probably going to vary by a couple of percentage points every year. It's not going to be 30% every year, but it should be around there. Some years it might be 28%, some years it might be 31%, but we think a long-term sustainable target is 30%. Are entities like municipalities in general already specifying cellular concrete, or are there opportunities for education on the specifications side? Where is that at today? Yeah, the answer is obviously it's both. There are many municipalities or many governments, many state DOTs that specify cellular concrete or allow cellular concrete as one of the alternative products that could be used in the different construction designs. And then there are some that don't. Obviously the ones that have it specced in on, we probably spend less time talking to those DOTs, and they would tend to be the larger ones, I would say. Then of course, the ones that are smaller, maybe even more municipal construction specs, we spend some of our business development time and efforts trying to convince those people to add cellular concrete to their specification lists. Thank you. What is the average age of your equipment, and what do you budget for new or maintenance costs to keep equipment in workable condition? The great thing about our equipment that makes cellular concrete is it can last for a really long time if you maintain and repair it. It's really no different than the infrastructure argument that we're using on the other side of our business. If you repair and maintain infrastructure, it lasts for a long time. If you try to cut corners and don't repair and maintain it, well, it's going to break, and you're going to have to buy new stuff. We've had really good luck at maintaining our equipment, and in most cases, it's operating well past its useful life. We've replaced internal components, whether that's pump or hoses or air compressors or generators to keep it running. The thing that does wear out is the trucking part of our equipment. Most of our ongoing CapEx is related to trucks, replacing trucks that either pull our equipment or that our equipment is mounted on, or trucks that we use to move crew from place to place. Then in terms of a dollar figure, we estimate our sort of ongoing annual CapEx to be somewhere between CAD 500,000 a year to CAD 800,000 a year. Okay, thank you. Can you comment on your historical win rate when making bids? How many competitors are you typically bidding against, and I guess what is your likely outcome? Yeah. We always have to strike the balance between disclosing information to help shareholders make decisions versus protecting our competitive advantage. We don't disclose win rates in these forms. We actually don't disclose win rates anywhere with people. I would say, though, that we feel like we're winning our fair share of work. Then as we continue to execute and prove that we're a reliable partner, we expect to continue to win more work. Okay, thank you. You mentioned M&A and acquisitions. Can you be a little bit more specific in terms of what you are specifically looking for in deciding on an acquisition? For sure. Our preferred target is another pure-play cellular concrete company. I think one of the mistakes that lots of small companies make, especially small public companies make, is they lack focus. They are trying to do 17 different things at once. We just do not operate that way. We want to be a cellular concrete company. That is our preferred focus, and those are our number one targets. I would say everybody who is in the industry, though, I think is aware that we are trying to grow by acquisition, and that if they were for sale, they would probably come see us. We have not had a lot of luck so far on those companies, so that really kind of pushes us down into the next preferred type of target, which would be somebody who is also a specialty contractor, that has a technical sales process, that is doing a product that would be similar to cellular concrete. An example that I like to use a lot is like a polyurethane grouting company. So there could be a polyurethane grouting company maybe in Texas, which is another market that we have a lot of interest in, that would have a lot of similar customers, that would probably sometimes run into situations where cellular concrete could be offered. That would be a good customer or a good company for us to look at acquiring, because we could acquire that company, add a cellular concrete piece of equipment into that market, a cellular concrete salesperson, try to then use their existing relationships to leverage that business. Then we could also look to take that polyurethane grouting business and move it to other aspects of our business. Okay. Thank you. I guess a good follow-on from that point, do you have any plans for new products or new markets beyond where you currently operate that could increase growth potential? No plans for new products per se. In terms of new markets, we really want to increase our presence in the southern states, just because we think we're underrepresented in those markets. We also think that would help with one of investors' sort of sore points, I guess, would be around our seasonality. From my perspective, I worry less about seasonality, even though investors can sometimes get very frustrated by it. If I could do CAD 50 million of business in July and make more money and exacerbate our seasonality, I would do it, because the first thing we want to do is make money, not reduce seasonality. Having said that, if there's a way to do both, make more money and reduce seasonality, we would also love to do that, because we know that would help with some of the concerns in our investor community. Okay. Thank you. Do you disclose the revenue split between Canada and the U.S. in terms of proportion, and how do you expect this to change going forward? Which country is showing the strongest growth opportunity? We do disclose that. That's part of our segmentation note in our financial statements. Our U.S.-Canada split is usually something like 80% U.S., 20% Canada. It can, again, fluctuate sort of 5% or 10% either way, depending on project mix. As we talked about earlier in the webinar, I definitely expect our U.S. revenue to increase much faster than our Canadian revenue. So I'd expect that as a percentage, our U.S. revenue or U.S.-based business will grow faster than Canada. Okay. Thank you. You talked about M&A opportunities. Can we reverse that? Has anybody called you, and could you be an M&A target for a larger company? We do think that is a potential exit down the road, for CEMATRIX shareholders, that we could be acquired by someone who wants to grow their business. I would say in the past it didn't really happen because we didn't have a track record of making money. It's really hard to sell a business that doesn't make money. People just don't want to acquire those businesses. Now that we're consistently making money, I think the next challenge for us is to get to of a certain size where it becomes more appealing for maybe some of those large strategic buyers. If you're only doing CAD 50 million and, say, CAD 5 million EBITDA, again, it's hard to appeal to those. But if we can get the business to CAD 100 million and CAD 15 million or CAD 20 million EBITDA, then I think we start to get on the target of some of those companies where that might be appealing to them. Okay. Thank you. With all the KPIs that you have, do you typically track specific ones to measure your performance? Can you comment on them? Are there concerns in scaling the company and putting safety or quality at risk? That's actually a really insightful question that someone's asked. I think the main KPIs that we follow are things like revenue growth, project margin, gross margin, EBITDA, and then cash flow from operations. Those are the ones that we focus on. We know that if those are improving, whatever kind of fancy textbook financial metric you want to think about, I almost guarantee you that it'll be better if those are better. We don't really spend a lot of time on some of the more fancier ones because we know if you fix the numerator on almost all of those, which is profit or cash flow, you're going to do better. And sorry, Glen, what was the second part of that question? I think you answered it. Okay. Oh, I guess safety as you grow. Yeah, exactly. For sure, safety and quality is definitely a concern, right? Especially in our business where it's built on people and we're manufacturing out in the field where you can't have perfect control over the conditions. When we go from CAD50 million- 75 million, you're taking your A team and you're splitting them up. You're taking your B team and you're splitting them up because now you need to make a C and a D team, or an A1 and A2 team, or a B1 and a B2 team. So we have to spread some of that expertise around, and so absolutely that is a concern, and we've definitely run into that when we're training new people as we grow. The key is to make sure that you have really capable people as part of that crew, and to the extent that you can, you standardize and you document your processes so that they're repeatable. Okay, thank you. You've commented that you have a stock buyback program, and you bought stock earlier, or I guess last year and earlier this year. Can you give more insight as to your plans to continue to use your cash to buy more stock? Yeah. I personally am a big believer in the share buyback program. I really make every decision as if I own the whole company, and I think that's the way Jordan and MJ think about it as well. The idea of slowly diluting my ownership percentage does not appeal to me if I own the whole company. It doesn't appeal to me even for the shares that I own. We're pretty committed as a company to having an active NCIB that at least buys back the dilution from the equity incentive plans. Ideally, we'd like to allocate more capital to it so that we're slowly reducing share count. That's our goal. Okay. Do you face any difficulties of being a Canadian-based company to compete for business in the U.S. despite having an 80/20 split of U.S. versus Canada work? We haven't currently run into any challenges associated with that. I'd say one of the things that helps us is we don't manufacture here and then export places. We have an employee base, an equipment base. We have a U.S. company. We buy and manufacture from U.S. suppliers, and we supply right on site. I think in terms of made in the U.S.A. or made in Canada, we would tick all the boxes that somebody realistically would look at. I guess in theory, somebody could have some issue with the fact that the company has Canadian shareholders. I think that would be true of any U.S. public company, and it's probably true of any Canadian public company, that you're going to have some cross-pollination. Long-winded story to say we haven't really seen any impact of that yet. But as these protectionist trade policies continue to evolve, that could change. Okay, great. Just doing a time check. It looks like we're up against the hour, so I'm going to ask you one final question, and then we'll end the presentation. At what point would you consider a U.S. exchange listing? Well, we're technically already listed on the U.S. I know some people discount our OTC listing, but we believe there already is an avenue for U.S. shareholders to trade. I think really what you mean is one of the more major share exchanges there, like the New York Stock Exchange or the Nasdaq. I think realistically, that's probably at least five years out, Glen. I would think in order to have that make sense, we'd have to probably be doing CAD 100 million revenue on CAD 15 million or CAD 20 million EBITDA. That's kind of at the far end of our strategic plan window. But I would say that's something that's definitely on our radar and something that we're thinking about for sure. Okay, super. I have no more questions in the queue, and I will let you give some closing remarks, and we will end the presentation. Yeah, I just wanted to say thank you. We are extremely grateful for people to take the time to hear our story and to hear our presentation. As you can tell, we have a lot of pride of ownership. We are big believers in the company. We have probably never been more optimistic about the future of our company. I think we are getting better at being more honest about some of the things that people might not like, what some people might call warts. We are a seasonal business. We are going to have some lumpiness to our business. But I really think that presents an opportunity for shareholders to have a sophistication that can see past that and see the overall growth trends and the improvements we have made in our business and the window of opportunity that is in front of us in terms of the tailwinds in the infrastructure space. We are really positive about cellular concrete, really positive about our opportunity in that market space, and we think we are one of the best run micro-cap or small-cap companies that you will find in Canada. Okay, super. Thank you, Randy. Thank you, MJ. Thank you, Jordan, and thank you to our audience. This concludes this webinar. Thank you, Glen.