Hello, welcome to Virtual Investor Conferences. On behalf of OTC Markets, we are very pleased you have joined us for our two-day OTCQB Virtual Investor Conference. The next presentation of the day is from CEMATRIX. Please note you may submit questions for the presenter at any time. You can also view a company's availability for a one-on-one meeting by clicking Book a Meeting. At this point, I'm very pleased to welcome Randy Boomhour. He's the Chief Executive Officer of CEMATRIX, which trades on the OTCQB Venture Market under the symbol CTXXF, and on the TSX under the symbol CEMX. Welcome, Randy. Thank you, Greg. Appreciate the introduction. Very glad to be part of the conference and talking to you all today. The first statement, our lawyers tell us we got to put this in here, but of course, there's some forward-looking statements and there are some non-GAAP measures. I won't go through all these just because we don't have a lot of time, but obviously, that's part of it. I always like to start out with this slide and just give the executive summary of CEMATRIX. We're a cellular concrete specialty contractor. We're 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. Really important. Customers choose cellular concrete because of one or more of its physical properties, and I'll talk about that a little bit later. We've got a really strong competitive advantage that's really built around our team. Unlike a lot of smaller companies, we've really come from a position of financial strength and overall growth trend. Our cumulative annual growth rate on revenue has been 25% since 2017. The last three years, and if you count this year, four years, we've really put up some consistent positive financial results that have really sort of created an inflection point for the company and changed who we are. 2025 was a record year in almost all of our financial KPIs, record Adjusted EBITDA, record cash flow from operations, record EPS. In 2026, we're forecasting to have another good year and on track. I love this little chart here on the right. I won't go through all the numbers, but you can really see how well we're performing financially. Really sniffing the market opportunity in front of us. We're an industry leader. The global cellular concrete market is significant and expected to grow and increased infrastructure spending in Canada and the U.S. is really providing a very strong tailwind to our business. The management team is small, nimble. Myself as CEO, Jordan Wolfe as the President of MixOnSite, which is our largest U.S. business, and MJ Cantin, who is our CFO. We've got a small board. Many of them have been with us from the start, so Minaz, Rick, and Steve, and then two newcomers, Anna and John, who joined us in the last five years. From a share ownership point of view, we have just about 150 million shares outstanding, fully diluted 158. Insider ownership is at 16 million shares or roughly 11%. Jordan owns about 12 million of those. I own about 2 million of those and up to 3.5 or 3.4 million if you include RSUs. I really like this timeline. I often get told not to present it, but I like it because it just shows how long it takes to become an overnight success story and how many sort of hard things you got to survive and get through. If you've never heard of cellular concrete before, cellular concrete is made by mixing cement, water, and a foaming agent together. The foaming agent creates a bubble structure in the mixture, and when that hardens, that turns into a cellular structure when the concrete sets, hence the name cellular concrete. The key properties for cellular concrete, it's cost-effective, has low density or lightweight, but still has a high bearing capacity. It's extremely pumpable, highly flowable and self-leveling, self-compacting, thermal insulating properties, durable, and excavatable. Primary applications we pursue are in the infrastructure market, they include lightweight engineered fill, MSE retaining wall fill, lightweight insulating road subbases, flowable self-compacting fill, pipe and culvert abandonments, tunnel and annular grout, shallow utility and foundation installation. Customers and competitive advantage, we're almost always a subcontractor to a general contractor. We've worked with many of the largest general contractors in North America. There's a small sort of subset of them there showing that we've worked with recently. Competitive advantage really revolves around five things. One is our reputation. We've been doing this for 25 years. Our team and our expertise, we've got over 200 years of in-the-field experience. Our equipment, we've got one of the largest, if not the largest fleet of mobile advanced equipment for producing cellular concrete with a lot of capacity to grow. We've got size and scale. We have multiple locations from coast to coast in Canada and the U.S., we've completed projects all across Canada and the U.S. I get asked this all the time, how big is the total addressable market? It's really hard to estimate. There's different third-party research firms that take a shot at it. All I will say for sure is we know it's significant and it's growing, we also know there's a lot of tailwinds around infrastructure because the infrastructure in Canada and the U.S. is aging and needs to be repaired and replaced. Populations continue to grow, which needs new infrastructure, we just see spending on infrastructure is going to continue to occur well into the futures. creating a really good tailwind for the corporation. Understanding our financials. I've already talked about the record year in 2025. Didn't talk about the balance sheet. We have a really healthy balance sheet. Really no leverage to low leverage. We have CAD 12 million in cash at the end of 2025, over CAD 16 million at the end of 2026, almost no debt. Some keys to understanding our business. We're not a software company. It's not system as a service. There is some lumpiness to our growth because we got to go find projects, we don't control when they start or stop. Really large projects can have a big impact on our financial results quarter-to-quarter. We are mostly in the northern states and in Canada, our business is seasonal, kind of varies with winter. You can see it's heavily skewed to the back half of the year. Obviously, every year the numbers are different, but these are the averages over the last five years. We are a specialty construction contractor, so margins tend to be higher than what you would see in a general contractor, but we also have more bench time and fixed costs that we got to cover. When we work, we got to make enough money not only to pay for the direct costs, but also all that downtime. Project size definitely impacts margins. Larger projects are more competitive, and as a result, the margins need to be lower to win them. We have excess capacity so that we can do significantly more revenue with existing equipment and staff levels. I won't go through these in detail, but these are our Q2 financial results. I'm obviously not going to go through these statements. There's too many lines there. This is the slide that we always show when we do our earnings calls. Pretty much all of our key financial metrics are going up. Revenue's going up versus last year. Margins have decreased. A lot of this has to do with contract structure, where in 2025, we allowed one of our customers to buy the cement, but we earn the same margin. As a percentage of the gross margin, our overall gross margin dollars were the same, but as a percentage of revenue is higher. In terms of our long-term expectation, they're pretty similar. Our SG&A expenses are actually going down, so we're growing revenue and spending less to do it. Operating income is up, Adjusted EBITDA is up, and then, of course, you can't pay any bills with EBITDA. You have to pay it with cash. Cash flow from operations is up. Cash flow from operations, including working capital, is up. Of course, you're seeing that reflected in our cash balance. All of our financial metrics are trending the right way. We're not just an idea of a company. We're an actual, real company executing, delivering revenue, and making money. These charts kind of highlight some of the main themes we like to talk about here. You can see the revenue growth. You can also see that it's not a staircase. Every now and then, we've got something big that happens or the revenue declines, but the overall trend is one of growth. Year to date, you can see at CAD 26 million, we've done almost as much revenue in half a year that we did in the full year for 2022 and more than we used to do annually in the years before that. Gross margins, you can see they went up, then they went down as we hit COVID and our volumes fell down, and we've been working on improving margins, and you can see that trend line here now showing on this graph to the right. You can also see that in 2018, 2019, we levered up to complete a couple of acquisitions, and as prudent financial managers, we then immediately started to raise money and make money to pay those down. As a result, you can now see that our balance sheet is extremely clean with very little leverage. The final chart here on the right is just our backlog. We came into the year with about CAD 68 million. Despite having record revenue, our backlog sits at CAD 61 million, and we're continuing to sell and win projects currently. I always like to show this chart, too. This is a good example here. If you invested CAD 100 with us on January 1st, 2025, which is about when I started with the company in the CEO role, you can just see the total return. Our share price has done really well over this period of time. This chart on the bottom left here is just, again, shares outstanding and dilutions, so you can understand that. Top right is just some calculations around how much the share price has gone up. This chart's a new one that we just added because a lot of people ask me about these different metrics. To be honest with you, I don't spend a lot of time on these fancy financial ratios. We really just focus on making money because we know if we make money and we make more money, all of these ratios are going to get better. You can really see that when you look at this chart. We focus on EBITDA, then we know that if we do that, these metrics are going to improve. Now just into the closing remarks. We always like to end with this slide is just why invest. Kind of simply put, we're an industry leader, really well-positioned to capitalize on the opportunity in the large and growing infrastructure construction segment. We're a growth company. We've got growing revenue, 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 the gap is definitely closing to my chart on the earlier one. Whether you want to use a multiple of revenue, a multiple of EBITDA, or multiple of EPS, we feel like on all of those, we're below where we should be. We don't have to raise any more capital to fund a burn rate now that we're cash flow positive. The only new capital we should have to raise would be in support of an accretive acquisition, but it'd have to be really large to justify that. We also have capital to deploy. We got CAD 16 million on the balance sheet. We expect that cash balance to grow here in Q3 and Q4, and we're looking to not only grow organically, but also to grow and deploy that cash via acquisitions. From an investor relations point of view, for my retail investors, obviously you can send your questions to me after this if you think of something. On the institutional side, we use Bristol Capital, and you're welcome to send it to Bristol. For analyst coverage, right now, Beacon Securities is the only analyst that covers CEMATRIX. Russell Stanley is the analyst, he puts out pretty regular research on our company. I'm kind of at the end. Just before I wrap it up and turn it over to Q&A, I've got a little video to show you. This video is from our largest project that was in our backlog and that we're actively on site. It's the project in North Carolina, where we're using cellular concrete to build bridge approaches for the North Carolina DOT. I don't really have the ability to stop the video as it goes, so I'm going to play it. I'll narrate a little bit here as we're talking, obviously if you have questions, I can take them in the Q&A. I'm going to go to the next slide here, and that'll start the video. This is obviously drone footage here as we're going up the bridge approach, and you can see the installations of cellular concrete here. This is a video shot of our equipment layout. There you can see some fresh product being laid in the middle. There is, again, our equipment set up with the guppies at one end, the silos, and then our machine behind. Here you can see the different lifts of cellular concrete that we've placed. You can see our hoses running there. You can see in the one corner an excavator sitting on our material after it's been placed. Another shot of our equipment set up. There you can see our guys placing fresh material in that middle cell there. You can see it kind of looks like a runny milkshake, is the way it comes out looking. That's the end of the video. Normally when I play that video, it has a bit of sound to it. It's just music. Normally, I might start and narrate as I did there. That's the end of the formal presentation. I went pretty quick so we could spend some more time on the Q&A. I'm just going to pause here, go into the Q&A here. I'm just going to take a quick drink, and we'll get started on some questions here. The first question I can see here is, "Management has suggested the company remains undervalued relative as growth and profitability. What do you see as the key milestones that could help close the valuation gap?" That's a really good question. I'll say I struggle with this because I'm not a capital markets guy. I'm an operator. When people ask me how the market works, I really struggle with what's the answer. I will say, I think the answer has to do with continuing to do what we say we're going to do. As I think with most businesses. I think when you continue to build a track record of doing what you say you're going to do, people learn to trust that you will actually deliver. I think in the past, maybe as a company, we've over-committed and under-delivered, and what we're trying to do is switch that around so we're under-committing and over-delivering. I really think that's the key, is just consistently doing good. We know that if we run a good business and we continue to make more money, the valuation over time will go up. Maybe the day-to-day or the week-to-week changes in the share price won't always make sense to us, but we know over the long term, the share price will appreciate. The next question here is, "As you scale, how are you defending your competitive moat? Is it more about proprietary mix designs, project execution expertise, or long-standing customer relationships?" I think it's really the latter two. Mix designs are not very proprietary. There are foaming agent companies that can provide a mix design. You can buy foaming agent from third-party commercial providers that is very good. We have our own proprietary foaming agent, but we also use the third-party ones. It used to be that the equipment was a competitive moat. Now there's very good providers that will provide equipment to people that want to start up the business. Really, the competitive moat is really about execution expertise, and then just the long-standing track record with customers of executing quality projects. That's really the key. The next question here is: "With Q2 revenue up 76% year over year, and first half revenue up over 50%, what should we think about sustainable growth rates for CEMATRIX over the next few years?" It's a really tricky question. I would say the cumulative annual growth rate that we shared in the presentation of around 25%, we're trying to maintain that. Like I said, the tricky thing about it is it won't be a staircase. One thing I know for sure is that it won't be 25% every year. Over the trend over time, we're hoping to maintain that. Obviously, it's easier to grow revenue when you're smaller. As you continue to get bigger, it gets harder and harder to grow revenue at the same percentage rates. That's essentially what we're trying to do. One of the things that would help, or will help, is if we were trying to do that just organically, that would be very challenging. With capital to deploy and into a potential acquisition, I think that makes that long-term cumulative annual growth rate more plausible. "On infrastructure spending generally, are you seeing any acceleration in bid activity tied to long-term government programs, and how well is CEMATRIX positioned to capture that?" A really good question, and I get asked this question a ton, actually. Whether it was three or four years ago and it was Biden's trillion-dollar infrastructure bill, or whether it's lately and it's Donald Trump's infrastructure bill. The honest answer is it's really hard for us to tell, as a specialty subcontractor, whether the scopes of work are tied into specific pieces of legislation. Really tricky. What I will say, though, is those types of bills and spendings are really good tailwinds that support infrastructure spending, whether that's repairing and maintaining our new infrastructure. We know that if there's enough dollars being spent in the infrastructure space, there are going to be situations that require a lightweight fill material, and we know that cellular concrete is a really good solution in many of those. It's really hard for me to tie to specifics. All I will say is that we see lots of examples where our market continues to grow. There's more and more demand and more and more requests for cellular concrete, and we think we're really well positioned to capture on that for all the reasons we talked about before in terms of our competitive advantage. The next question here is: The company finished with about CAD 60 million in cash on the balance sheet. I think maybe they meant 16. And then in terms of prioritizing the uses of capital between organic growth, M&A, or potential shareholders' return, it's a really good question. The bulk of that cash is definitely earmarked for an accretive acquisition. There's no doubt about that. We do have some modest CapEx, obviously, that we've got to fund. We do have some modest financing costs associated with an equipment loan. We have spent some money on a share buyback program over the last 18 months. We bought back 2 million shares, which actually reduced the share count for the first time in the history of our company. We're very cognizant of dilution to shareholders. I run the company as if I own all the shares, so every expenditure, I treat it like it's an expenditure out of my own dollars, and I've got no interest in diluting my ownership percentage. Allocating capital to make sure we don't dilute shareholders is super important, but the bulk of that cash is earmarked for an acquisition. The next question here is: From a technical standpoint, what differentiates your cellular concrete solutions versus traditional materials in terms of performance and cost, and how is that resonating with engineers and project owners? That's a good question. The interesting thing about design engineers and project owners is they're very conservative people. Getting conservative people to try something new or change is actually extremely challenging. I think when our founder started the company 20 years ago, or maybe even 25 years ago, he might have underestimated just how hard that is. We've been at it now for 25 years. Not only us, but we have competitors that are helping us in the marketplace. I have no fear of our competitors. I feel like if we go up with them toe to toe, we'll beat them in equipment, and we'll beat them in terms of our quality, and we'll beat them with our people. I view competitors actually as a really good thing because it's just more people spreading the word. I view them as an extension of our own sales and marketing team because they're helping me spread awareness. In some cases in construction, if you're a monopoly or sole source, people don't want to use you. They want to make sure that if you can't perform, there's someone else that can do it. Having competitors in the market is actually really healthy in competitive bid situations. Really, from a technical standpoint, like I say, there are a lot of different people that can produce cellular concrete. There are some situations where the cellular concrete is a very straightforward pour. You and I could pick any person on this call, and you and I could probably go buy a piece of equipment and do a really simple pour as long as nothing went wrong. As it gets more complicated and you're pumping farther and the volumes get higher, that's where the equipment and the expertise really starts to make a difference. The analogy I would use is you and me, we could drive around a racetrack, and we could get around fine, but could we do it at 300 km an hour and compete with a professional race car driver? The answer is no. It's the same thing in business. Next question here. CEMATRIX has ramped up volumes quite a bit. What operational investments have you made so that you can handle the next leg of growth without major steps ups in overhead? That's a really good question, actually, and I'm glad someone asked me that. In our equipment, we actually have a ton of capacity. We could probably do two, three, maybe even four times the amount of revenue with existing equipment. When we are at our absolute busiest and every single person is working, I still have equipment that's not working. Some of that is because some of the equipment is better for small jobs, some of the equipment is better for large jobs. The equipment really is selected based on the application or the project. We always have excess equipment. When we're at our busiest, we're doing about CAD 10 million a month in revenue, and that usually is in September or October, as we have a big push to finish before Christmas. When we're doing that, literally everybody's in the field helping out, whether that's guys who run our operations team, they're in the field running jobs, whether it's junior salespeople, and we stick them at the end of the hose, everybody's there. We can't do that level of revenue, over a full year without existing makeups, it's just not sustainable. We definitely have the ability to flex up. Really the only thing that's holding us back is we just need to sell more, and that's why we continue to focus our efforts and our SG&A on selling resources. This question here is: Are there particular regions where you've built enough density that logistics and mobilization costs are now structurally lower than a few years ago? The interesting thing about cellular concrete is because it's manufactured on-site and the main input is either ready-mix concrete or cement powder itself, there are some advantages to being local, but if the job gets big enough, then the cost to mobilize into that market becomes sort of de minimis in terms of the overall cost. For a large job, you can really mobilize from anywhere and still be competitive. For midsize or smaller jobs, those things like location, mobilization costs, labor costs, become a bigger component of the overall total of the customer, and there, being local matters more. Excuse me. I don't feel like we've done anything really structurally to change that. I think what we have done is gotten better at understanding the strategy and the situation, and we're bidding projects appropriately based on the competitive environment. The next question is: With your existing product set, which applications, roads, bridges, geotechnical, do you think are still under-penetrated and offer the most upside? Yeah, that's a really good question, actually. Also, I want to say all of them. There's definitely more opportunities for all of them. We're talking to, I don't want to say all the state DOTs, but many of the state DOTs trying to get cellular concrete approved or our material approved. We're talking to them about different applications where cellular concrete could be used. We're talking about grouting applications. I think they're all under-penetrated, to be honest with you, and they all offer upside. The ones where you find maybe the most upside are the ones that have the larger volume, and the larger volumes tend to be in the infrastructure space and the geotechnical space. It's things like tunnel grouting, where the volumes can be quite big, or it's backfilling in behind MSE walls or retaining walls around bridge abutments or other places. Those are probably where the biggest opportunities are. I've got the warning here that I got about five minutes left, I'm just going to do a quick scan of the question here and see here if there's one. Maybe I'll answer this one here. It's a bit out of order, but the question is: You have been clear that revenue can be seasonal and project driven. What would you point to as the main risks that investors should watch, and how are you proactively mitigating it? I really love this question because a lot of people, I think, are overly concerned with seasonality or when projects happen. I find one of the challenges of being a public company is people are obsessed with changes every quarter. If revenue goes up a ton, people think, "Oh, Randy's super smart. He must have done something really good." If the next quarter it goes down, people are like, "Oh, Randy's an idiot. He must have done something really dumb." The reality is we're doing the same things. We don't control when projects start or stop. The general contractor does, we show up when they say show up, then we go and do our work as efficiently and effectively as we can. Sometimes a really large project could start in the second quarter, then the next year, a really large project could start in the fourth quarter. Nothing's fundamentally changed in the business in terms of how we run it or what we're doing. It's just how projects start and stop. What I'm trying to get investors do is worry less about the quarter-to-quarter differences and zoom out more and understand how the business is doing either last year or in the last 12 months or on a year-to-date basis. If you look at our last 12 months, our trailing 12 months, I think our trailing 12 months revenue is CAD 53 million, CAD 54 million. Our trailing 12-month EBITDA is CAD 10 million. Those are the things that I would suggest to investors that they have to look for. The other thing I would say is, as I mentioned, is our growth isn't going to be staircase based. It's not going to look like a staircase. We're going to have ups and downs, and what you need to watch for is the overall trend still intact of growing? Here's a question here. CEMATRIX has announced over CAD 26 million in new contract awards so far in 2026, including city, bridge, and wall projects. Which types of projects are driving the strongest growth right now? It really gets back to what I talked about is the largest awards are always going to be in those big infrastructure opportunities, whether that's a tunnel grouting, whether that's a big MSE wall, lightweight fill-in behind there. Those ones are always the largest opportunities. The small ones count. They add up, they keep our crews busy, and they help pay the bills. There's really no project where we'd say it's too small for us. We do projects as small as five cubic yards, and the North Carolina project will be 200,000+ cubic yards. We have capacity, and right now we're not turning anything away. We'll do them all. Can you share more about the mix between Canada and U.S. work in the backlog and whether the U.S. market has become a bigger growth driver for CEMATRIX? We don't share the mix in backlog. We do break out the revenue, and if you look at our revenue right now, it's about 20% in Canada, 80% in the U.S., and it can fluctuate. Sometimes it's 25/75, sometimes it's 15/85, but it's around there. For us, we have a much bigger, larger market share in Canada. In terms of the overall size of the U.S. market, our market share is lower. For us, the U.S. market is definitely the market we're focusing on in terms of growing. That's where we're focusing on adding the more sales resources. That's where if we buy new equipment, where it goes, and that's where we see the opportunity to do an acquisition. For us, the U.S. market is really where we're going to get our growth out of. Here's one. Are you developing any new cellular concrete formulations or application methods could open up entirely new verticals for the company? There are a lot of uses for cellular concrete that we don't pursue. There's roofing and flooring applications that are very big applications, especially in the Southern U.S., because of the insulating properties of the material. Some people are using cellular concrete to create insulating panels. Some people are using cellular concrete to create fireproof panels. We don't see enough volume in those lines of businesses right now at this point to justify it. We still see lots of opportunity to grow in our existing base markets in the infrastructure. That's really where we're focused. If we felt like we were running out of places where we could bid work there, we might consider some of those other applications. We're more likely to say, once Canada and U.S., we feel like we've got our market share and it's getting tougher, we would more likely look international then. Look for acquisitions in countries that have a similar way of doing business to us, whether that's U.K. or Australia. I think unfortunately, I'm out of time. There's definitely some questions here that I've missed, and I apologize for that. My contact information is here on the slide. If I've missed your question and you still would like an answer, please feel free to reach out to me through this and I'll try my best to answer your question. I just wanted to wrap up on, though, and say thank you. I appreciate your time. I really love the interest and the number of questions. I'm glad I went quickly through the presentation so I could answer as many as I could. For the ones I missed, I apologize. Just wanted to say thank you to the OTC for having me and allowing me to present and tell you about our great company.