Good morning and welcome to the Delivra Health Brands Q2 Fiscal 2025 semiannual results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. Presenting on today's call will be Gord Davey, President and CEO, and Jack Tasse, CFO. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the Conference Call, you may signal an operator by pressing star then zero. The information communicated by Delivra Health Brands, the company, is intended solely for discussion purposes and are not intended as and do not constitute an offer to sell or a solicitation of an offer to buy any security and should not be relied upon by you in evaluating the merits of investing in any security. The company believes the information communicated in this overview to be reliable but makes no warranty or representation, whether expressed or implied. An assumption assumes no legal liability for the accuracy, completeness, or usefulness of any information disclosed. Any estimates, investment strategies, and views expressed during this Conference Call are based upon current market conditions and/or data and information provided by unaffiliated third parties and are subject to change without notice. All forward-looking information provided during this Conference Call are given as of the date hereof and are based upon the opinions and estimates of management and information available to management as of the date hereof. Except as required by law, the company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events, or otherwise. I would now like to turn the conference over to Gord Davey, President and CEO of Delivra Health Brands. Mr. Davey, please proceed. Good day, and welcome to our mid-year shareholders' call. Good day, everyone, and thank you for joining our Fiscal 2025 mid-year update for Delivra Health Brands. I'm Gord Davey, President and CEO, and it's a privilege to speak with you at this transformative moment in our company's journey. Today, while we acknowledge the challenges of our past, we are accompanied with tremendous potential given the innovative solutions we provide and the progress we have made. Our aim is to share our vision for the future, outline the strategic opportunities that lie ahead, and detail how we are poised to unlock significant shareholder value. Let's take a brief look at our journey. Not long ago, we encountered substantial financial and operational challenges: negative EBITDA, modest revenues, slim margins, and an unsustainable cash burn. Through a decisive restructuring and a relentless focus on operational excellence, we transformed these challenges into a solid foundation. This journey has given us the clarity and resilience to seize the numerous opportunities that lie ahead. Today, we stand stronger than ever, using our past as a learning platform while focusing our energy on future growth and innovation. We are charting our future with strategic initiatives for growth. As we look forward, our strategy is built on a series of key initiatives designed to accelerate growth, drive innovation, and further enhance our shareholder value. We're accelerating our expansion of customers and channels in North America. We are actively accelerating our expansion across North America's diverse retail channels. We are strategically targeting key segments, including club, drug, grocery, and travel and convenience channels, to broaden our market footprint and drive sustainable revenue growth. In the club channel, we're leveraging volume-based partnerships to secure premium shelf space and reach a broader consumer base. In the drug and grocery sectors, our tailored product offerings and targeted marketing initiatives are resonating well with consumers who seek trust, health, and wellness solutions. Meanwhile, our presence in the travel and convenience channel is expanding, ensuring that our product remains accessible to consumers on the go. Parallel to our in-store efforts, we are making an enhanced investment in our e-commerce sales capabilities. Recognizing the tremendous growth potential of digital channels, we are upgrading our online platforms and leveraging data analytics to offer personalized customer experiences. This dual-channel strategy not only increases our reach but also builds a more resilient and adaptable sales framework, ensuring that Delivra Health Brands remains at the forefront of the evolving retail landscape. We want to become a brand powerhouse. We will explore opportunities that complement our core strengths. By identifying strategic partners and add-on acquisitions, we aim to unlock synergies, diversify our portfolio, and accelerate market expansion. These opportunities will not only strengthen our current product lineup but also broaden our reach into new segments within the health and wellness industry. Innovation is at our core. Innovation remains the engine that propels us forward. We are significantly expanding our research and development efforts to pioneer breakthrough products and enhance our existing formulations. Whether it's developing new delivery methods or creating entirely new product lines, our commitment to innovation ensures that we stay ahead of evolving consumer trends and capture emerging opportunities in the marketplace. We're building a world-class team culture. Our people are our greatest asset. We are investing into top-tier talent across all levels of the organization, from bolstering our leadership team to enhancing our operational capabilities. By attracting and retaining industry experts with fresh perspectives, we are cultivating a dynamic culture of excellence and collaboration that will underpin every strategic initiative we undertake. Our products spotlight and drive brand excellence. Our products are the heart of our success, and I'm excited to highlight the momentum across our flagship brands. Our Dream Water grows across all borders. Dream Water has been a standard success story. In the United States and Canada, we have seen robust sales driven by targeted marketing initiatives, expanded distribution networks, and a brand message that truly resonates with consumers. Internationally, we are beginning to establish our presence as we tap into new markets where the demand for innovative wellness solutions is growing. The global traction of Dream Water is a clear indicator of our product's appeal and the capability to execute on an international scale. LivRelief and expanding into new markets. Our LivRelief brand continues to grow steadily and is on the verge of entering new markets. This product line has built strong customer loyalty through its consistent performance and quality. As we roll out targeted regional campaigns and forge into new distribution partnerships, LivRelief is set to capture additional market share, solidifying its position as a leading wellness solution. LivRelief Infused, and we're revamping our route to market. Distinct from LivRelief, our LivRelief Infused line is undergoing a strategic revamp. We are re-engineering our route to market to optimize sales and better meet consumer needs. By refining our distribution channels and tailoring our marketing strategy, we are positioning LivRelief Infused for a significant uplift in performance. This focused approach will ensure that the product reaches its full potential in a very competitive landscape. As part of our ongoing efforts to enhance shareholder value and strengthen our market positioning, we have completed a 10-to-1 stock consolidation. This adjustment is intended to improve the trading dynamics of our stock, potentially increasing interest and accessibility to a broader range of investors. Importantly, this consolidation does not impact the overall fundamentals of our business, our market capitalization, or the value of each shareholder's proportional ownership in the company. We remain committed to executing our growth strategy and delivering long-term value to our shareholders. Our journey of transformation and consistent growth continues to strengthen Delivra Health Brands. We have made significant strides improving our financial performance, demonstrated by steady revenue growth and operational efficiencies. As we execute our strategic initiatives, expand our product reach, and enhance distribution, we remain focused on long-term value creation. We are confident that as we continue to deliver results, the market will recognize our progress and potential. We have solid foundations from recent performances. Our recent Q2 Fiscal 2025 results underscore the strength of our turnaround strategy. With a 34% increase in net revenue driven by strong Dream Water sales across key markets and strategic investments in our marketing and digital channels, we have built a foundation for sustained future growth. These results reinforce that our operational improvements and strategic initiatives are delivering tangible benefits. Our financial discipline and long-term value creation. While we aggressively pursue growth, our commitment to financial discipline remains steadfast. We continue to balance significant investment in innovation, market expansion, and talent acquisition with a focus on efficient operations and strong cash flow generation. This disciplined approach ensures that every strategic initiative we pursue not only drives short-term gains but also secures long-term value creation for our shareholders. In closing, I want to extend my sincere gratitude to our shareholders for your unwavering trust and support. Our journey from overcoming early challenges to seizing a future filled with innovation and growth is a testament to the dedication and resilience of the Delivra Health Brands team. With strong momentum behind Dream Water, a robust expansion plan for LivRelief, and a revamped strategy for LivRelief Infused, and a clear path to unlocking accelerated growth, I am more confident than ever in our path forward. Thank you for joining us today, and I look forward to updating you on our continued progress as we drive towards a bright and sustainable future. I will now turn it over to our Chief Financial Officer, Jack Tasse. Thank you, Gord. This is Jack Tasse, CFO of Delivra Health Brands. It's a great day here at the company, and I want to give a big shout-out to our team for delivering strong second-quarter results. I'm pleased to be on this call to share updates on our progress, latest developments, and what's ahead for our shareholders, potential investors, and the broader capital markets. Before providing the high-level financial overview, it is important to state that all commentary provided should be explained in the context of the latest financial statements and MD&A filed by the company. The company ended Fiscal 2024 on a strong note. Based on the first half of Fiscal 2025, the company seems on track, given that net sales are 3% ahead of the first half of last year. Despite a soft Q1 for the company this fiscal year due to timing of purchase orders received from our customers, Q1 was followed by a strong Q2, and the company was able to meet its customer expectations and deliver a 34% increase in net sales compared to the same quarter last year. We are delighted with this progress. We indicated on previous calls that the company is no longer burning cash as a typical startup that is very reliant on selling its securities to fund its operating losses. It is important for shareholders and potential investors to be aware of this, as it differentiates Delivra Health Brands from many small-cap companies that are seeking profitability. Working capital will continue to fluctuate from time to time given the planned investments in marketing and sales. However, the fundamentals of the business remain strong, and the business is scalable. The company achieved its best-ever annual result in Fiscal 2024. Given this progress, the company decided to invest heavily in Fiscal 2025 in marketing campaigns, including social media initiatives to create awareness of our products and support the trial of our products to acquire new customers and consumers. Net sales for Q2 Fiscal 2025 closed at approximately CAD 2.8 million compared to CAD 2.1 million same quarter last year. This is ahead of last year by 34%. This translated into a net dollar loss of CAD 194,000 for this quarter compared to a net dollar loss of CAD 84,000 in the prior quarter. As mentioned earlier, the company invested in marketing programs and selling costs were around CAD 244,000 or CAD 245,000 higher than the same quarter last year. This is the main reason behind the net dollar loss. Given the increase in sales in Q2 Fiscal 2025, net sales for the first half of the year closed at CAD 5.9 million compared to CAD 5.7 million year-to-date last year. This is ahead of last year by 3%. This translated into a net dollar loss of CAD 176,000 for the first half compared to a net dollar loss of CAD 601,000 or CAD 600,000 in the same period last year. As mentioned earlier, the company made additional investments in marketing programs and selling costs adding up to CAD 500,000 higher than the same period last year. This is the main driver behind the net dollar loss this year. In the first half of the year, the company grew both brands, Dream Water in the U.S. and Canada, and Delivra Leaf in Canada. The license-infused versions of LivRelief did not grow year over year due to changes in consumer behavior in the market, and the company is working with its partners on revamping its approach to market in this segment. As far as gross profit margins in the first half of the year, they are slightly lower relative to last year's margins. Year-to-date margins are at 49% compared to 53% last year. The main reason is that certain customer channels are more profitable than other customer channels, such as retail. Therefore, the reduction is the result of customer mix. As I carry forward our observations from prior calls, there is no change to our position to the fact that this unique business model works and is scalable, meaning that the company has the potential of becoming a brand powerhouse. Secondly, the relevance of our products and ability to compete with very well-backed brands in the health and wellness space. Similar to prior calls, I will unpack the first half of Fiscal 2025 by building briefly on the same key performance indicators we presented in prior calls. The first key performance indicator, which is to uncover potential in the US and international markets for the company's Dream Water brand and SKUs. This strategy was explained in prior investor calls. The company will continue to manage its customer mix and manage strategically its revenue. With this, the company is building on its international distributor success by adding more SKUs in response to customers' trends, behavior, and competition. As mentioned before, of course, having large customers comes with its own concentration risks. However, higher returns and growing the brand require standardization in serving such customers in our view. This takes us to the second key performance indicator, which is maintaining and growing gross profit and gross profit margin. With this high-level background, the company succeeded year over year in increasing its gross margin from 24% in Fiscal 2021, 32% in Fiscal 2022, 49% in Fiscal 2023, 52% in Fiscal 2024, and 49% in the first half of Fiscal 2025. There is a trend here, and it is heading in the positive direction. This demonstrates the progress the company made in changing its customer mix and finding the right distributor, which means lower sales fees and lower distribution costs. The company continues to focus on sales fees, which are important as a source of income for retailers and distributors. At the same time, the company will focus on making sure that such fees are balanced and are manageable. The same way of thinking applies to increasing sales fees in the e-commerce space, such as with Amazon and Shopify, where the company continues to explore and find ways to manage such increases in a balanced manner in the short and long term. The company took inventory provisions in the first half of the year on write-downs of CAD 82,000 compared to CAD 153,000 last year. This provision was CAD 1 million only a few years ago. This incremental improvement is promising in terms of efficiency. The company continues looking for opportunities and working with third-party manufacturers to reduce delivery timelines to keep write-downs at their minimum. This takes us to the third key performance indicator, which is targeted improvements in adjusted EBITDA. As mentioned on other calls, our objective was always to break even to demonstrate that our business model works and is scalable and to help us invest in needed marketing and innovation products. Now that the company reported positive adjusted EBITDA in 2023 and 2024, this has encouraged management to make additional investments in marketing campaigns and digital and other social media initiatives, leading to a slight EBITDA loss of CAD 176,000 in the first half of the year. The company will look at balancing such costs in the second half of the year, but at the same time, management is taking a long-term approach in managing such costs given our future outlook. For example, the company can reduce marketing costs to boost EBITDA results in the short term, but this could be at the expense of future growth opportunities. The final KPI we mentioned in our prior calls is scalability. Our financial and strategic achievements opened the scalability gate, which means including new SKUs and new brands. The company's launch of Sleep Gummies, as an example in Canada, was successful in terms of customers' acceptance of the product, which encouraged management to increase spend in marketing and innovation to attract a new base of loyal customers. The company is planning on adding more SKUs in the second half of the year as part of its innovation programs. To conclude, Fiscal 2025 has its own challenges in terms of changing demands of customers and changing customer behavior. Despite these changes and challenges, management remains positive despite the fluctuations experienced in the first half of the year. We believe that we have some work to do to stay competitive, keeping in mind the objective of increasing shareholder value over time. The company completed its 10-to-1 share consolidation. This was meant to have a more efficient capital structure and to improve the marketability of the company over time to reflect progress made so far. Management will continue to look for opportunities to make the business more efficient. We appreciate the support of our shareholders and stakeholders who have been with us on this journey. With this strong financial progress and performance of Delivra Health Brands, we are optimistic about the growing interest from our existing shareholders and potential investors. The success we are seeing today is a direct result of the strategic decisions we have made, and we look forward to building on this momentum together. Thank you very much for listening. With that, we will open the call for questions. Operator. Thank you. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up the handset before pressing any keys. To withdraw your question, please press star, then two. We will pause a moment as callers join the queue. Once again, if you have a question, please press star, then one. Since there are no questions, this concludes the question and answer session. I would like to turn the conference back over to Gord Davey for any closing remarks. Please go ahead. Thank you very much. It's exciting times for Delivra Health Brands. We are growing our revenues, expanding our market presence, and investing into marketing and awareness programs. Our future is bright. It's filled with strategic growth plans, market expansion, and positive momentum. We thank you for your continued support and look forward to a very bright future for Delivra Health Brands. Thank you very much and be well. This concludes today's Conference Call. You may disconnect your lines. Thank you for participating and have a pleasant day.