Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the EcoSynthetix 2026 second quarter results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided for you at that time for questions. If anyone has any difficulty hearing the conference, you may press star zero for operator assistance at any time. Listeners are reminded that portions of today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on EcoSynthetix risks and uncertainties related to these forward-looking statements, refer to the company's annual information form dated February 17th, 2026, which is posted on SEDAR. This morning's call is being recorded on Wednesday, July 29th, 2026 at 8:30 A.M. Eastern Time. I would now like to turn the call over to Mr. Jeff MacDonald, Chief Executive Officer of EcoSynthetix. Please go ahead, sir. Thank you. Good morning, and thank you all for joining us. Yesterday afternoon, we reported our 2026 second quarter results. Sales were CAD 4.5 million in the quarter, a decline of 9% compared to the same period last year. Adjusted EBITDA loss was CAD 150,000, a decline of CAD 390,000. As we mentioned in our last call, it is a continuation of the softness we saw in the first quarter with a couple of specific differences. Over the past few months, it's become clear that near-term uncertainty is affecting two strategic relationships, our key accounts in the pulp and wood composite end markets. That uncertainty has created the softness in our results. The technical performance and value proposition of our offering has been proven many times over with each of these customers and others. Our biopolymers continue to generate strong interest in our end markets, and our pipeline of prospects gives us confidence that as these market dynamics normalize, we are positioned with the right accounts to drive future growth. Let's break down what we're experiencing in each end market. In the pulp, tissue, and packaging end market, the major factor is the spread between the price of softwood pulp and hardwood pulp. That spread has narrowed to near zero in North America and Asia and is modestly positive in Europe. Independent reports show there is an oversupply of softwood being sold into the market to the point where it's been reported that 40% of the softwood merchant pulp capacity is being sold below cash cost. That's unsustainable in any industry. The long-term drivers for that spread to normalize remain intact, with additional hardwood capacity coming online and a net decrease in softwood capacity scheduled to close. You can see the spread on this chart. Historically, softwood trades between CAD 200 and CAD 300 more than hardwood. That spread is a healthy enough gap to support the value proposition of our offering to our strategic customer and of their enhanced pulp offering to their end customers. Our customer is a top 10 global pulp producer selling into a range of downstream applications. They're using our strength aids as an ingredient in a next generation hardwood pulp that offers comparable performance to the longer fiber softwood pulp. However, in today's environment, their customers can purchase softwood pulp at depressed prices, which reduces the incentive to switch. On the positive side, they have significantly increased their prospect pool with a reported 20% increase in their pipeline during 2026. They've also reported an extremely high technical success rate in their trial programs. Their customers are willing to do this technical work because they recognize the long-term trend. When that trend normalizes, they'll have the alternative of our customer's enhanced pulp. That's why our customer views the current softness as a slowdown until that spread reopens. On the development front, we continue to work with them to further optimize our strength aids for their pulp. They remain very engaged with our team at all levels, including purchasing, the commercial team, and R&D. In the tissue end market, we conducted an extended trial during the quarter with a top five global tissue producer, which has continued successfully into the third quarter. This first tissue line represents an approximate CAD 200,000 annual opportunity, and based on the success so far, we've already begun work on two additional lines at this customer. We're excited about this opportunity as this account is one of the most progressive tissue manufacturers in the market, with significant global expansion investments and a strong commitment to operational excellence. Today, this company has approximately 20 manufacturing facilities with over 30 tissue lines. This latest trial would represent a flagship account that others in the industry would take note of. During the quarter, despite the depressed softwood prices, we also expanded our pipeline and made progress with the North American-based tissue producers. To date, we have made most of our traction in the tissue end market with European-based producers. Expanding the opportunity set in North America is an important development. We recognize that you want us to move faster. We're aligned on that and are doing everything we can to expand and accelerate our opportunity set. The momentum we've built in the tissue market over the past two years is significant in the pulp and paper market, which has dealt with its own macro headwinds. We're encouraged by the accounts where we have gained traction and expanded share, and by the broader market reach we're building with our distribution partners. These partners are investing alongside us, and their progress in a challenging environment speaks to how well our product is performing in trials and commercial reps. In the wood composites end market, the macro drivers are different. Our key strategic account, which is an international retailer that's backward integrated into wood panel production, has reprioritized their business in the near term with a focus on low-cost products for everyone, given the global crisis of affordability. Their view is that simplification is key to addressing the complexity in their business to drive costs out. At this account, they run two glue systems, a conventional petroleum-based formaldehyde glue, and our biopolymers. There is a cost to running two systems, and they ascribe that cost of complexity to our alternative. As a result, they've reduced the volume of our biopolymer they use. At the same time, they've told us they remain committed to their sustainability goals. It's a case of reprioritization and timing, not one of competitiveness or importance to their long-term future. Our solution is as technically viable and commercially competitive as ever. As a thought leader in the wood panel industry, the conviction this strategic account has for eliminating petroleum-based glues from its supply chain will set the standard for the market, but it is taking longer than we anticipated. In that vein, we continue to work on development projects with them that would create an even stronger and more permanent economic advantage over conventional glues. If we can reach the point where the economics are compelling under any commodity conditions, our biopolymer becomes the mainstream solution. As long as we continue to earn a return on their current business and they remain engaged in continuing to drive the program forward, we're committed to keep working with them. In the personal care end market, Dow started the year more slowly, which we believe was due to inventory stocking at the end of 2025. They picked back up to normalized levels in the second quarter. They remain bullish that 2026 will be another growth year, following what was already a nice growth year in 2025. While volumes are modest on a relative basis compared to our other end markets, personal care remains a higher margin opportunity that supported the resilience of our bottom line in the quarter. We remain confident in the long-term opportunity ahead of us. We're driving ahead in our key end markets, and our strategy is the right one. There are no bio-based alternatives in the applications we target with as strong a commercial offering as ours. We've attracted blue-chip customers and continue to add more. They're investing alongside us in development programs, trials, and new product offerings. We're in a bumpy period, there's no doubt about that. We have the team, the capital, and the strategy to manage through and position the business for the other side. With that, I'll turn it over to Rob to review the financials. Rob? Thanks, Jeff, good morning. Net sales were CAD 4.5 million in Q2 2026, down 9% or CAD 460,000 compared to the same period in 2025. The change was primarily due to lower sales volumes. As Jeff mentioned, lower sales volumes in key end markets reflect temporary market conditions. In wood composites, our key strategic account had a mill maintenance shutdown during the quarter and is now prioritizing manufacturing efficiency during a period of softer end market demand, resulting in lower DuraBind demand. In pulp, the unusually narrow price spread between hardwood and softwood pulp has reduced the economic incentive for premium products despite high trial success rates. Net of manufacturing depreciation, gross profit as a percentage of sales was 34% in the quarter, compared to 33% for the same period in 2025. The improvement was primarily due to lower manufacturing costs. SG&A expenses were CAD 1.7 million in the quarter, compared to CAD 1.2 million in the same period last year. The CAD 420,000 change was primarily due to a change in foreign exchange gains and losses of CAD 200,000, higher salaries and benefits of CAD 100,000, and increased repairs and maintenance of CAD 100,000. R&D expenses were CAD 340,000 in the quarter, compared with CAD 430,000 in the same period last year. The change primarily relates to refundable SR&ED tax credits recognized in the current period. R&D expense as a percentage of sales was 7% for Q2 2026. Our R&D efforts continue to focus on further enhancing the value of our existing products and expanding our addressable opportunities. Adjusted EBITDA loss was CAD 150,000 in the quarter, compared to a positive adjusted EBITDA of CAD 240,000 in the same period last year. The CAD 390,000 decline in the quarter was primarily due to lower gross profit and higher operating costs adjusted for non-cash items. As of June 30th, we had CAD 29.1 million of cash and term deposits compared to CAD 29.6 million as of December 31st, 2025. During Q2, we invested CAD 150,000 in the NCIB to purchase and retire 61,500 shares. Year to date, we have invested CAD 730,000 to purchase and retire 307,000 shares. We have demonstrated our ability to responsibly manage your cash reserves through multiple cycles while continuing to invest in our long-term growth strategy. I'll turn it back to Jeff for closing comments. Thanks, Rob. We're facing headwinds which have slowed the momentum we were building. That is frustrating, and based on the feedback from shareholders, I know you feel the same way. Our product offering addresses large end markets. The opportunity set has not changed. The value proposition remains intact across each one. We've proven the technical viability of our biopolymers repeatedly. We've expanded and deepened our pipeline, prospects continue to report successful trials and advance their programs. Introducing a new chemistry into entrenched markets that relied on incumbent petroleum-based chemistries for decades is hard. The progress we've made to this point is significant, we know there is more work ahead, and we're ready for that challenge, delivering long-term sustainable value for shareholders. With that, I'll ask the operator to open the call up to your questions. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. If you are using a speakerphone, please leave the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Jeff Chacter of TD. Please go ahead. Your line is open. Hey, Jeff. Hi, Jeff. Hey, Rob. Hi. Good morning. Good. Just a question on the pulp producer. Are they guiding you to any appropriate timeline for the spread as far as their estimation is how long it will stay narrow? Not really, Jeff. They guide us to, I think, the same charts we can all see, the historical ones that show that spread over time. Historically, I think you see that that spread can go to where it is today for six to 12 months at periods of time. Their guidance to us was really just hang in there with us until we see that spread reopen and the value proposition return to where we know it will get to. That's really the only guidance they could give us. I believe I understand why they term it a premium product. Obviously, in a time where things are normal, it offers the enhanced value. Do you think all producers, if you have others in the future, will perceive the market similarly? Remains to be seen, I guess, Jeff. We actually have expanded the range of pulp producers that we're active with through the quarter, actually. Three in particular have advanced their programs. A couple of them that have been looking at our product are, I would say, fairly slow to move, but there are three that are moving ahead. I think they all see that in order to fully take advantage of the switch from softwood to hardwood, that they need something more. They all have the same drivers. How they end up taking that to market is going to be up to them. I'm not sure exactly how they'll position it, but the value proposition is there in normal times, and I think the fact that our main customer is continuing to expand their pipeline shows that people are still investing in proving this for when normalized times return. They were very bullish about that in our last discussion with them. Okay. Beyond the spread and with your sort of evolution of the science, is there any other benefits that, like if the spread was tighter, that just even on a like for like basis, there's some additional enhancements as far as using it even with like for like pricing? Yeah. I think our customer has shown some what they call hero cases of introducing their pulp, especially to tissue manufacturers, and there are benefits on top of the fiber switch. The fiber switch is always, I think, going to be the main driver, but there are things like energy reductions. When they introduce this product, the customer has to do less what the industry calls refining, which is basically opening up the fibers to allow them to bond together better and form a stronger structure. If you can create the stronger structure through the fiber itself, then you don't need to use that refining energy. If a typical line has, let's say, two refiners, they can sometimes turn off one refiner and achieve a pretty meaningful energy savings. There's some other things stacked on top of it. I think to really make it go, it has to serve the gap between softwood and hardwood first and foremost, though. Okay. On the tissue side, is it subject to the same? I mean, it's not necessarily the gap of the softwood/hardwood, but can your process sort of be the de facto? Is that what you're working towards in tissue? With this company that you're driving with or going commercial with, is the goal all their lines and that's the standard in the industry, or are we going to see if oil drops to $40 a barrel, we have the same kind of different type of narrowing of a spread. The energy costs are down and somehow the solution is sort of maybe a little less viable for tissue or can what you're doing be sort of the standard in the industry and force others to be competitive and just move across the board? That'll be it for me. Yeah, I think we're driving it toward it being the standard for the industry. To answer the specific question about, the customer that we spoke about, the top five tissue producer, it's definitely our goal to support them in driving that across all of their lines, which would be very meaningful to us. To your question on dependence on petroleum prices, this is a product for us that really is disconnected. I'll say unlike the paper coating products, it's really disconnected from where the petroleum price value is. Even with when we are introducing it to a tissue producer, there are several benefits that we've shared in the past, but one of the key benefits remains allowing that customer to substitute out softwood for hardwood within the tissue mill, absent of who they're buying their pulp from. That's going quite well. There remains a modest gap in Europe. Apart from the one customer that we highlighted, we had a lot of activity in tissue during the quarter. Still the majority of it in Europe. The first trial programs and first successes within the North American market as well. It's built on a little bit broader value proposition than just the hardwood, softwood gap. That still remains a big one because those customers are looking to add more hardwood to their fiber furnish as well. In the current environment, do you see any reason for the tissue to lose momentum, or can you see still sustained and increasing momentum just right now as we sit? I think in North America, where the gap is essentially zero today between hardwood and softwood, there's less impetus to change today. We saw a player make good, quick strides during the quarter in North America, looking at the other side of that and some of the other benefits that they can achieve in the meantime. It's not all dependent on that. In Europe, where there still remains a gap and people see that this is going to be an issue for a long time to come, I think that the pace continues to be quite good there. With this one customer in particular, the pace has been great. This first one, which I think we're going to see as a win here fairly shortly, is coming with the support of one of the distribution partners that we really got started with in January. That's a pretty short timeline to success within the pulp and paper industry. We're encouraged by the level of activity and in cases like this, the pace of it. Okay. Thanks. Maybe just in closing, I'll get off the line now. I've got to run. The service providers themselves, you didn't comment, but are you actually seeing them drive meaningful leads? Can you tie any of it back to You've talked a lot about onboarding them, how are you kind of rating them and motivation as far as replacing other chemistries and their motivation to do so and whether they're still incentivized? Okay. Thanks. I'm going to be off the line. Thanks. Thanks, Jeff. The motivation's definitely there. It's evidenced by the work that they're doing. It's not material enough for us to report, but in another European geography, a distributor that got started with us in January has their first little win in tissue, which it's clearly given them the confidence to drive this further into their pipeline. We're seeing that really across all of the distribution partners. Not only that, given what's happening in other geographies, we have potential distribution partners coming to us, looking to be able to work together. We've got several of those that we're in the very early stages of introducing right now. I think that program continues to be the right decision for us to take this as broad and as fast as possible. We're going to keep pushing in that direction. Thank you. Again, if you would like to ask a question, please press star followed by the number one on your touchtone phone. There are no further questions at this time. I'd now like to turn the call back over to Jeff MacDonald for closing comments. Thank you, thanks everyone for joining us today. We look forward to talking to you again soon. Ladies and gentlemen, this concludes today's conference. We thank you for participating and ask that you please disconnect your line.