-- its financial results for the second quarter and six months ended June 30th, 2026. My name's Sean Peasgood, and I handle the investor relations for the company and will be moderating the call today. From the company, we have Cybeats Chief Executive Officer, Justin Leger, and Chief Financial Officer, Josh Bald. Justin will begin the call with an update on the business and some of the key developments during the quarter. Josh will then provide a brief overview of the financial results, and we'll wrap up the prepared remarks with Justin discussing the outlook, and we'll finish the call with Q&A. Today's call is being recorded, and you're currently in a listen-only mode. If you have a question, please enter it in the question box at the bottom of the webinar at any time, and we'll address questions at the end of the call. Before I pass the call to management, I'd like to remind everyone that certain statements in this call may be forward-looking in nature. Matters discussed on today's call, including our outlook for 2026 and beyond, involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements and reflect the company's judgment based on information available at the time of this call. For caveats about forward-looking statements and risk factors, please see our MD&A for the quarter ended June 30th, 2026, which can be found on our company profile on SEDAR+. Unless otherwise stated, all dollar amounts are denominated in Canadian dollars. With that, I would like to pass the call over to Cybeats Chief Executive Officer, Justin Leger. Good afternoon, everyone. Thanks for joining the call. Thank you, Sean. Before getting into the quarter, I want to spend a minute on some of the trends and events that we're seeing in the broader cybersecurity market, because I think it helps explain why the opportunity in front of Cybeats is so exciting. Software has become embedded in virtually everything, from medical devices and industrial control systems to automobiles, telecommunications networks, and critical infrastructure. At the same time, AI is dramatically increasing the speed at which new software can be developed and deployed. That creates enormous productivity benefits, but it also creates a much larger and more complex software environment that organizations need to secure and manage. AI is changing the other side of the equation as well. The same technologies helping developers write code faster are making it easier to identify and exploit vulnerabilities. One senior government official I spoke to on this topic believes the biggest financial beneficiaries of AI to date are cyber criminals. Security teams are being tasked with understanding increasingly complex software environments and respond to vulnerabilities faster than ever before. That is why software supply chain visibility is so important. Organizations need to know what software they're running, what components are inside of that software, where vulnerabilities exist, whether those vulnerabilities actually affect product security, and can they be exploited by bad actors. Finally, what do they need to do about them? Fundamentally, that visibility is what an SBOM provides, and simply generating an SBOM is not enough. Enterprises need systems capable of managing, monitoring, and operationalizing that information across thousands of products and software components. At the same time, regulation is reinforcing this need. Requirements such as the EU Cyber Resilience Act are moving software transparency and vulnerability management from best practice toward a regulatory requirement. Against that backdrop, we believe the market is moving directly towards the problem Cybeats was built to solve. We are now clearly seeing this demand for our solutions in the market. Q2 was an important quarter for Cybeats, and I believe we are seeing the business begin to really accelerate. During the quarter, we signed a major enterprise agreement with a global leader in industrial software and critical infrastructure solutions. This is exactly the type of customer we want to win. Large, sophisticated organizations operating complex software environments where security, compliance, and software transparency are increasingly important. Our pipeline also remains strong across medical devices, industrial automation, defense, healthcare, telecom, automotive, and critical infrastructure. We are also seeing progress from both sides of our commercial strategy. Our direct sales team is advancing several opportunities, while our channel and OEM partners are increasingly generating and winning opportunities on their own. That second part is important. In Q1, we announced our OEM partnership with Keysight Technologies, and under that relationship, Keysight combines Cybeats SBOM lifecycle management capabilities with its own binary composition analysis and SBOM generation capabilities, bringing the resulting solution to the market through its global sales team. The commercial terms are confidential, but strategically, the rationale is straightforward. Cybeats gets access to a much larger sales organization, established enterprise relationships, and global markets without having to replicate that infrastructure internally. We are now seeing opportunities generated through our partner ecosystem progress through the sales process and translate into commercial success. Subsequent to the quarter end, one of our channel partners secured multiple commercial engagements, including a leading Japanese industrial control system provider. More broadly, the level of activity we are seeing from our partners gives us increasing confidence that channel-driven business will become a meaningful contributor to Cybeats' growth. Second quarter 2026 was our highest grossing quarter ever, driven by both new and existing account growth. Our revenue for the quarter reached just over CAD 815,000. More broadly, this performance validates our long-term trajectory, keeping us firmly on track with a 37% compounded annual growth rate over the past 12 quarters. Another important indicator for us is what is happening in our sales pipeline, particularly looking at proof of concepts, or POCs. At the end of Q2, we had six active POCs. As of August 14th, that number has increased to eight active POCs, with another six scheduled already within Q3 and Q4. For comparison, we had seven at the end of Q1 and five at year-end 2025. A POC or a proof of concept is essentially a structured trial where a prospective customer evaluates our technology in their own environment to confirm that it meets their technical and business requirements. In the Cybeats sales pipeline, a POC is an important step between that initial sales opportunity and demonstration, and a commercial contract. It means the customers move beyond simply evaluating the solution and is actively validating it with the intention of making a purchase decision. These opportunities span medical device manufacturers, financial institutions, healthcare delivery organizations, and commercial good manufacturers, and includes several large enterprises and reseller opportunities. The importance of the POC pipeline is that these are not simply top-of-funnel leads. They represent organizations actively evaluating our tech within their environments and provides an important indicator of potential future commercial activity. We've got a very strong track record with POC conversion, and our conversion rate is around 80%. We're also seeing growth within our existing customer base, and we've had multiple contract expansions subsequent to quarter end, leading to some very sizable contracts that we've grown over three or four years. Leading to today, our annual recurring revenue has increased to approximately CAD 4 million. The combination of new enterprise opportunities, expansion within existing customers, and a growing channel pipeline gives us several different ways to grow that number. There is one point I want to address. Some of the enterprise opportunities that we expected to close earlier in the year have taken longer than we initially anticipated. Enterprise procurement, particularly with large regulated organizations and government, can involve lengthy security reviews, procurement processes, and many internal stakeholders. While these have taken longer, in some cases, the opportunities with these customers has also grown, and we're confident that we will close a number of these in the near term. None of the opportunities we discussed in the last call have been lost. While the timing has moved, our confidence in the underlying opportunity has not changed. I'd like to briefly talk about partnership activity over the last few months. Partner activity is becoming an increasingly important contributor to our growth. Our partners have brought three new customers into the business, with additional opportunities expected to close in the near term. These customers are in new verticals and geographies where Cybeats has not previously had meaningful access. These are not simply opportunities that we would otherwise have come into our direct sales channel. Our partners are expanding our reach into new markets and customer relationships that would've otherwise been almost impossible for us to access at this stage of our maturity, creating an incremental source of pipeline and growth. Before I hand things over to Josh, I want to spend a few minutes on one of the most important product developments that we've announced this year. In August, we introduced RAVEN, our new agentic AI intelligence layer for SBOM Studio. The idea behind RAVEN is relatively simple. SBOM Studio gives an organization a governed system of record for its software supply chain. When you're managing thousands of software components and potentially thousands of vulnerabilities, visibility alone does not solve the problem. Security teams need to know which vulnerabilities actually matter, why they matter, and what they should do next. RAVEN applies agentic AI reasoning to that governed data to assist with vulnerability triage, reachability analysis, and evidence generation. This is an important evolution of our platform because it moves Cybeats further from simply managing software transparency toward helping customers make security decisions based on that information at the speed of AI. RAVEN was designed around enterprise governance. Customers retain control over sensitive source code and intellectual property, while the evidence and rationale supporting security decisions can be audited and stored within SBOM Studio. We believe that AI will dramatically increase both the amount of software being created and the complexity of securing it. Our view is that AI therefore represents not only a new technology opportunity for Cybeats, but another structural driver for the broader software supply chain security market. With that, I'll turn the call over to Josh to discuss our financial results. Thanks, Justin. Today, I will review our second quarter and six months ended June 30th, 2026. Then I will pass the call back to Justin for our outlook. As Sean stated, all dollar amounts are in Canadian dollars. For more detailed information, please refer to the financial statements and management discussion and analysis filed on SEDAR+ earlier today. Revenue for the quarter was CAD 815,769, compared to CAD 744,664 in Q2 2025. The net loss in Q1 2026 of CAD 765,074 was lower than the CAD 792,922 loss in Q2 2025. Cash expenses decreased slightly to CAD 1,535,904 in Q2 2026 compared to CAD 1,536,727 in Q2 2025. Cash at the end of the quarter was CAD 261,643 compared to CAD 1,072,900 at the end of Q1 2026. Subsequent to the quarter end, the company closed an oversubscribed non-brokered private placement for CAD 1.9 million. The company's accounts receivable as of June 30th, 2026, does not include amounts related to SaaS subscription renewals that are expected to become billable in future periods. As a result, the accounts receivable balance at the period end may not fully reflect the company's anticipated near-term cash collections from existing customer relationships. Management expects upcoming subscription renewals, if renewed and billed in the ordinary course, may contribute positively to cash flow in subsequent periods. This concludes my financial summary for the second quarter of fiscal 2026. I will now pass the call back to Justin to sketch us out an outlook. Thanks, Josh. We enter the second half of 2026 with what I believe is the strongest commercial opportunity set we have had as a company. There are three things that give me confidence. First, our direct enterprise pipeline is strong. We have several large organizations moving through the sales process, and our POC pipeline gives us additional opportunities behind them. Second, our existing customers are expanding. For a SaaS company, this is one of the most important indicators that we look for. Winning a large enterprise customer is important, yes, but growing with that customer after they have deployed the technology tells us that we are solving a real problem and becoming increasingly embedded in their operations and providing value. Third, our partner strategy is starting to work. We built our channel and OEM strategy because we knew we could not and did not need to build a massive global sales organization ourselves. Partners such as Keysight already have those relationships, sales teams, and technical resources in place. We provide the technology. They provide another route into the market. We are now seeing those opportunities move through that ecosystem and into commercial engagements, and we believe this can become an increasingly important part of the Cybeats growth story. At the same time, the market itself is moving in our direction. AI is increasing the volume and complexity of software. Cyber threats are becoming more sophisticated. Governments are imposing greater software transparency and vulnerability management requirements. Large enterprises are increasingly asking their suppliers to demonstrate what is actually inside their software. All of those trends reinforce the need for a system capable of managing software supply chain intelligence at scale. With several large enterprise opportunities moving through the pipeline, growing activity from our channel partners, and opportunities to expand with existing customers, we believe Cybeats is well-positioned for a strong second half of 2026 and going into 2027. Our focus is straightforward: convert the opportunities in front of us, grow recurring revenue, expand within our customers, and give our partners the tools they need to sell Cybeats globally. If we execute on those priorities, we believe the financial results will follow. There's a lot happening across the business right now, and we look forward to providing additional updates as these opportunities progress. With that, I'll pass it back to Sean for questions. Thank you, Justin and Josh. As a reminder, you can submit a question by clicking the Q&A tab at the bottom of the webinar. I'd like to thank all participants for their questions. All right, so let's get to these. The first question's about cash. Seems like there was a drop in cash quarter-over-quarter. Has there been any change in the way clients pay from a timing perspective? Or can you just talk a little bit more about why the cash dropped- Sure. ...as it did? Yeah, especially looking and seeing a comparison like that, say, "Okay, what's going on differently here?" It's just the nature of our revenue that it's lumpy, with these big contracts and how and when they pay. The next day we could have had CAD 1 million in cash if a couple of customers paid, for example. So you can't look at cash at a given time as a particular indicator of health. We manage the cash flow very closely, and we've communicated with investors very clearly about our cash needs and how things have been going. We're very comfortable with where things are and as we get closer to that profitability, it becomes even more important to want to stay in that status. Yeah. It's not something that anyone can look at and make a judgment out of context. We know when we are going to get paid, and we plan for exactly when and how that is going to happen. Okay. A couple of people asking about this. Q2 ARR target was CAD 5 million. Then on the call, you were at CAD 4 million. Do you have a new deadline to get to CAD 5 million? Yes. As I said, we had very good reasons for making that projection. But I also want to learn my lesson here. Obviously, I am gutted that we did not make it, but I am also comforted by the reality of the situation, which is that in some cases the opportunities have grown, although the timeline has also grown along with it. We are working at the pace of large enterprise and institutional buyers. We just have to accept that. I would not want to give you another expectation right now and fail to meet it. I think it is very possible that we can be profitable this year. That has been a goal of mine as well. But again, I am not going to give a specific date for a CAD 5 million ARR when I have failed to meet it already, once already. We're going to learn from that lesson, promise low and deliver high. I think when we look at the opportunity, based on the fundamentals and the fact that we do continue to deliver, that we will get there in a very reasonable amount of time. You mentioned breakeven. A few people are asking, what is the breakeven number for ARR for the business? I think it's just shy of CAD 6 million. What competitors do you see the most when trying to convert prospects to customers? Can you discuss the competitive environment, including if enterprises are looking at AI for SBOM management? Mm-hmm. We haven't seen much competitively on the AI side of things yet. I think we are first to market, but there will be others, I'm sure, chomping at our heels, as is often the case. But, as far as competitors, it depends on the vertical. Some folks have focused, like MedCrypt, on the medical space. Some folks are focused on the U.S. federal market. We end up coming across a few. The ones that I know we've come up across, at Manifest Cyber, Cybellum. I'm not aware of us losing an opportunity to one of these guys in a formal procurement process. I know we're being cross-shopped, but I can't tell you who's beaten us in a particular opportunity. I'm happy to say that now, but I also, I'm sure that there's been a case where we have lost to somebody, and we just don't know it. We're always trying to solicit that feedback and, yeah, perhaps I'll have more information on a future call. With the recent CAD 1.9 million financing following quarter end and a cash balance of roughly CAD 262,000, what specific operating or revenue milestones should shareholders expect that capital to carry the company through before additional financing would be required? How's the Board thinking about minimizing further dilution? Yeah. Looking at that, the last discussion we had on that based on our burn rate was that would take us easily through the end of next summer, assuming no further growth. We are trying to get off this runway mindset and into a cash flow mindset as we approach that profitability. Certainly, we are not going to need any additional dilution to support current operations as they are through the end of next summer. But we have always left the door open to everything strategic. But we have no current plans for any further dilution, any further raises or anything of that nature. Can you provide any additional updates on channel partners beyond Keysight? Yes. I will say that I know I have hinted about them. I have not given much information. The process is a little bit slower. We are working in different markets where the business conventions are a little bit different. There are different cultural expectations around the speed of things. But it is still a very important market. This, of course, is the Japanese market, and there are many layers to working with partners in that geography. And we are working through it. Again, I could give you the information that I have, but I think it would set an unfair expectation that it will actually deliver by that date. But I am comfortable saying that we are close to announcing something potentially within Q4. Okay. Is RAVEN an additional revenue opportunity, or is an additional AI layer that you are providing to existing and new clients at no extra charge? Mm-hmm. Exactly how that'll go in the long term remains to be seen. But, as of right now, it's an additional revenue opportunity. And we are charging for it. We've actually had, interestingly, some fresh commercial interest based on that capability, primarily. So there's interest, of course, in SBOM Studio and everything it can do. But with one top five global medical device manufacturer, it was RAVEN that pushed them over the edge into wanting to move forward with a commercial conversation. So, it's already proving to be a very exciting feature in the market. And when that happens, we want to make sure that we realize some of that value right alongside the customer. As we get closer to the EU CRA deadlines, do you anticipate sales cycles improving, from 6- 18 months? Oh, absolutely. So yeah, we've already seen the sales cycles accelerate quite a lot, in some cases. The amount of time it takes from us to get in the door to get to a POC has sped up dramatically. The amount of time it takes us to get through the POC and to get alignment on what the customer's requirements are has sped up dramatically. The amount of time it takes to navigate their process along with them has not sped up dramatically, because there's no speeding that up. But there is additional pressure. Talking to customers, their legal, their government, and regulatory compliance folks are also applying pressure to get these deals done because they need a solution like ours to answer the regulatory remit. Now, there's still time for them to get ahead of that, but because these enterprises measure things at the micro level, on the quarterly level, they're only four or five quarters away from having to potentially deliver audit to government on this topic. So, the urgency around that has picked up. I also have noticed that the EU Cybersecurity Agency, ENISA, has, this summer, greatly increased the amount of communication that they're doing around this topic. The industry conversation around this topic has picked up a lot as well. So there is a lot more heat and light, and we're beneficiaries of that, of course, having been at the forefront of software supply chain security and SBOMs in particular here for the last few years. To answer your question, yes, I think we are seeing it, and we will continue to see it increase here as we get closer. I think September is going to be enlightening for some companies, depending on exactly how ENISA enforces the vulnerability notification requirements. They have to start notifying them of critical vulnerability exposure within 24 hours starting in September of this year. That should have a positive effect for us as well. Okay. As enterprise customers mature from generating and storing SBOMs toward actually consuming supplier SBOMs for continuous third-party risk decisions, what are you seeing in demand for SBOM Consumer? Do you see that consumption side use case becoming a meaningful expansion or a new customer revenue driver? I think it's going to primarily be a driver with new customers, as a different type of customer starts to understand the landscape and their responsibilities as well on the regulatory side. SBOM Consumer is really oriented towards understanding what third-party risk you're taking into your organization, not what you're developing. It's very easy to imagine a government customer wanting a solution like that to ingest the many thousands of SBOMs that they might collect from vendors, for example. Or from a large enterprise that has hundreds or even thousands of software vendors in their ecosystem and wanting to know what risk they've exposed themselves to by making that purchase. We see that as very likely a new customer opportunity, although we have had interest from existing customers as well. An interesting one that I want to bring up we haven't seen before until more recently is from the financial services market. They seem to be quite interested in SBOM Consumer specifically. That is a very interesting one. We haven't had too much interaction with them before, but SBOM Consumer seems to be an attractive tool for them. All right, next one. I believe in your opening remarks you mentioned that partners have closed three customers. You've only announced one in a press release. Does this mean you won't be announcing every win? Yes. That's been consistent from day one. We haven't announced every win. I don't want to get in the habit of announcing every win. We'll announce material wins. We'll announce news that we think is meaningful for everybody. Cybeats is a going concern. I don't think we need to announce every win that we have to show that we're growing, we're progressing, we're getting new customers. If feedback comes in that we need to be doing that, then of course, we'll consider it. To date, the market seems to be satisfied with some regular commercial touchpoints and some updates on material new customers. Okay, we still have lots of questions. As customers move beyond simply collecting SBOMs and start operationalizing them across procurement, third-party risk, asset management, and vulnerability management, where are you seeing the biggest implementation bottlenecks today? The biggest implementation bottlenecks. Okay. We've got an expert in the crowd here. I think it's going to be organizationally dependent. No two organizations are the same. Certainly we've seen how teams are structured, how teams communicate, what the vendor relationships are like, what are the contractual agreements around sharing this type of information. I don't have enough data to give you that assessment today. It's actually, I think, generation is not the problem. There are a lot of SBOMs out there. I think we're solving the biggest bottleneck at the end of the day, is collecting it. We're solving that problem for the market, and that's our primary concern. Tens of thousands of SBOMs in your organization. How are you going to manage that without a tool to do so? It's impossible to keep them up to date, and to not have a bunch of versions floating around. You need a third-party tool to give you some kind of management. Then, of course, the insight on top of it. I'm going to walk back a little bit on what I said, organizations are all different, but at least the ones that we talk to, management is the biggest bottleneck, and that's the problem that we're solving. All right. This question's about POCs. How many are via the Keysight relationship, if you're willing to disclose that? Then a follow-up to that. In the 20% of the POCs that don't convert into new clients, can you talk a little bit about what the reasons may be for them going the other way or not signing on? I'll say that I won't normally answer this question, but I'll answer it this time. One of the opportunities that I've cited are a Keysight opportunity. Not all of them, just one of them. They have their own pipeline. I'm not going to talk about their pipeline. I'll just leave it there, but it's big enough and complex enough that they want our team on it. Then why don't they select our tool? At the end of the day, or if it's cultural, I don't know what they want to do it themselves, but they select an open source tool. We've shown this many times, is that it's often more expensive to adopt an open source tool. Because you have to take in the tool, you have to build it, you have to manage it, you have to maintain it. It ends up being quite costly, and of course, it doesn't have nearly the functionality or value that our solutions are able to provide. I'd say, look, a certain percentage go that way. The other thing I would add in is that some companies, despite the regulation, they're still not feeling the pressure yet. They're going to take their time, they're going to build it, and they're going to try to meet those requirements themselves. They like scripts and spreadsheets versus a holistic solution. We can't win at all the hearts and minds, but I think around 80% we've got a pretty strong track record there. You can't win them all. One thing I would add, though, is these companies that are working with scripts and spreadsheets, they're not building a system of record. They're not building something that's truly auditable. They're not building something that is going to answer the regulatory requirements with minimal effort and pain and cost. They're setting themselves up for long-term expense and organizational pain. We've got a scalable system of record, and certainly if you have a few SBOMs, we might not be for you, and I'm okay with that. But if you have thousands of SBOMs that you need to manage, I would highly recommend that you look at our solution because we're going to save you money ultimately, and we're going to save you effort, and we're going to deliver on in all the ways that you need us to deliver on SBOM and software supply chain security. Okay, a few people have asked this. Do you have the number for net revenue retention for the quarter? I thought about that one, and we didn't include it. It's not a very good number to just snap out at a point in time. I think the number would be higher. In fact, I know it would be higher than what we've previously reported, but I don't want to be reporting on that one quarterly. I don't think it's a good leading indicator. But it was deliberate not to include that, I will tell you that. Okay. Not because it's a bad number. It's a good number. You've announced customer expansions. Can you talk about how those roll out and beyond what POCs, what those look like? Yeah. I can give a little bit of information around that. We'll have some more specific information to share in the not-too-distant future. Typically, we see customers grow in one of two ways. One is they just have more SBOMs because the nature of SBOMs is that you get more of them. When you have a new version of software, you have a new SBOM. Many times you don't just get rid of the old one, you still continue to monitor that old version because it's going to be deployed somewhere. In other cases, and this is where we see much, much more expansion, is when the customer decides to expand their deployment of our solution somewhere else in the enterprise. So they bring in either new product teams or new business units. A lot of these companies are very, very big. They have lots of subs, and they want to expand within them. That's where we see a lot of the expansion. So we've proven ourselves for, in some cases, years, and then they want to grow it and realize that value elsewhere within the organization. That is where we see the really big moves in terms of licensed growth with existing customers. I hope that answers your question. It was very broad. Okay, I think with that, we're going to wrap it up. There's no further questions at this time. If we missed a question or you think of a follow-up after the call, please do not hesitate to contact one of us, and we'll get back to you right away. I'll now pass the call back to management for closing remarks. Yes, thank you so much. I really appreciate this opportunity to communicate with you all directly. The questions are excellent and increasing in their difficulty, but also, I think in their value. I think they're very, very good questions. Please do not hesitate to reach out over email for expansion on anything that you think I might have missed or clarification. I know it's a little bit of a one-way conversation. I thank you all for your support in Cybeats. The team is beyond excited about where all of this is going. Business slows down a little bit in the summertime in terms of the number of meetings and everything. But for us, it's actually just been on fire. We are very, very motivated going here into the fall and into the end of the year. It's very exciting times, and all of the heat and light on this topic, we think it's going to be excellent tailwinds for our business. We're very, very excited to have you on board with us and to have your support. Thank you very much. This concludes Cybeats' second quarter of 2026 earnings call. Thank you for joining us.