Thank you for standing by. Welcome to the Greenlane Renewables Inc. Q4 2023 Results Conference Call. At this time, all participants are in listen only mode. Following the results, we will conduct a question and answer session. 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 and zero. Today's call is being recorded and the replay will be available on the Greenlane website. I'll now turn the call over to Darren Seed from Incite Capital Markets. You may begin your conference. Thank you, operator, and good afternoon. Welcome to the Greenlane Renewables Q4 and Fiscal Year-End 2023 Conference Call. I'm joined today by Ian Kane, Greenlane's President and Chief Executive Officer, and Monty Balderston, Greenlane's Chief Financial Officer. Before beginning our formal remarks, we'd like to remind listeners that 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 those forward-looking statements. Greenlane Renewables does not undertake to update any forward-looking statements except as may be required by applicable laws. Listeners are urged to review the full discussion of risk factors in the company's annual information form, which has been filed with Canadian securities regulators. Lastly, while the conference call is open to the public, and for the sake of brevity, questions will be prioritized for analysts. Now I'll turn the call over to Ian. Good afternoon, and thank you for participating on today's call. I'll cover some of the events in 2023 and then focus on our goals in 2024 and the path ahead. In 2023, our focus was on preparing the business for future growth, scaling and positive Adjusted EBITDA in 2024. We continue on this journey of business foundation building and are happy with our progress to date. We have invested in and implemented processes, systems to enable us to scale sustainably. We are transitioning from an engineered to order to a configured to order business model, emphasizing standard products to streamline our costs and enhance our competitiveness in the market. This accelerates our ability to increase the sales pipeline, revenue, and enhance our bottom line. In 2023, we progressed 28 active biogas upgrading projects, demonstrating our team's experience and capacity. This puts us among the global industrial industry leaders and with a broad variety of solutions and configured configurations that are unparalleled. We announced CAD 42.5 million in new sales contracts, featuring one for CAD 35.3 million for landfill to RNG projects in Brazil, announced in October. As we mature our business, we have prioritized cost management, are realigning our cost structure and focusing on efficiency in our supply chain execution. These efforts are expected to contribute to our goals of achieving positive Adjusted EBITDA in 2024, as was achieved in 2021, and maintaining cash reserves. Our dedicated team, closely aligned with our customers, ensures the delivery of quality services and products. I am confident and excited about our strong future, considering the foundation work we have done and continue to do. With respect to the market backdrop, the RNG market is maturing and customers are becoming more sophisticated, shifting towards both larger projects and larger portfolio of projects, and this is influencing how we are orientating our business model going forward. Our sales funnel is robust, giving us confidence in our approach, and we're particularly excited about Brazil and North America, with extensive interest from multiple repeat customers and new customers. Additionally, the collaboration agreement that we entered into last year with ZEG Biogás to establish industrial scale volume production locally in Brazil, is structured to provide revenue under a new royalty-like business model together with service contracts. While the changes underway will take time for the full benefit to reflect on our financial results, we expect to reflect our resilience, adaptability, and commitment to deliver on our overall long-term results to grow our product sales into existing and exciting new models. Sorry, new markets. I look forward to keep the public informed of our progress, and want to thank Greenlane employees for their continued hard work and drive, and I look forward to bringing you further updates as we progress. With that, we will now turn it over, the call over to Monty. Thanks, Ian, and good afternoon, everyone. As a reminder, all figures are in Canadian dollars and all comparisons are for the Q4 and fiscal year 2023 against the respective periods of 2022, unless otherwise stated. Greenlane generated revenue in the Q4 of CAD 17.3 million, compared to CAD 17 million in 2022. This was a significant improvement over Q3 2023, as the company commenced work on its CAD 35.3 million dollar sales order announced in October. For the fiscal year 2023 revenue of CAD 57.8 million was a decline of 19% over 2022 revenue of CAD 71.2 million. System sales revenue accounted for 84% of the total 2023 revenue, which is recognized in accordance with the stage of completion on the projects, with the remaining 16% of revenue being generated from aftercare services. Our gross margin, excluding amortization in the Q4 of 2023, was 18% or CAD 3.2 million, compared to CAD 3.3 million or 19% in the Q4 of 2022. For the full year, we delivered a gross margin excluding amortization of 25% or CAD 14.4 million, compared to 24% or CAD 16.8 million in 2022. The company has a portfolio of active projects at different stages of completion and at different gross margin levels. While the quarter and year-over-year results were effectively similar gross margin percentages, I do want to provide some additional color on the current quarter. During the Q4, gross margin before amortization reflects additional commissioning and related costs from three projects and an inventory obsolescence charge of CAD 300,000. Furthermore, the October 2023 CAD 35.3 million sales order I previously mentioned was a significant portion of our activity in Q4, and the contract reflects volume pricing, hence a lower gross margin profile in comparison to the company's historical run rate. As Ian noted earlier, we are transitioning our business model and emphasizing product standardization and cost streamlining together with royalty revenue from our ZEG Biogás agreement, which should assist in our gross margin improvement efforts in fiscal 2024. Adjusted EBITDA in the Q4 was a loss of CAD 2.3 million, versus a loss of CAD 2 million in the Q4 of 2022. For the full year, adjusted EBITDA was a loss of CAD 10 million, versus a CAD 2 million dollar loss in 2022. The adjusted EBITDA results for 2023 reflect the overall decrease in system sales revenue and an increase in G&A expenses, as we made a conscious investment in 2023 to improve our systems and processes to facilitate the company's ability to scale and be more cost effective. The company incurred a net loss and comprehensive loss of CAD 17.7 million in the Q4 of 2023, compared to a net loss and comprehensive loss of CAD 1.5 million in Q4 of 2022. For fiscal 2023, the company incurred a net loss and comprehensive loss of CAD 29.4 million, compared to a net loss and comprehensive loss of CAD 6.1 million in the prior year. The net loss and comprehensive net loss was largely reflective of an impairment of goodwill and intangible assets charge taken in Q4 of CAD 14.4 million. The impairment removed the remaining balance sheet value of our 2019 biogas upgrading business acquisition, which is reflective of Greenlane's current enterprise value. The company's sales order backlog was CAD 36 million at December 31, 2023, and as a reminder, our sales order backlog is a snapshot at one moment in time, and it varies from quarter- to- quarter. The sales order backlog increases by the value of new system sales contracts and is drawn down over time as the projects progress towards completion, with those amounts being recognized in revenue. Further, our sales order backlog does not include our Cascade H2S sales, service revenue, or revenue from our royalty-like agreement with ZEG Biogás. As at December 31st, Greenlane had cash and cash equivalents of CAD 11.8 million and working capital of CAD 16.7 million with no debt. We look forward to keeping our shareholders apprised of our progress, and with that, I will open the call to questions. Operator? Thank you. We will now begin the question and answer session. 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 are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Hamzah Faris of Cormark Securities. Please go ahead. Hey, good evening. I just wanted to get a little bit of color on the market. So what are you currently seeing in the Brazil market compared to the US and Italy in terms of market tailwinds and headwinds? Yeah, that's a good question. I mean, there's no doubt in Brazil there is a drive for biogas, and a lot of that's partly because Brazil doesn't have their own source of gas. And secondly, they have a lot of large sugarcane facilities and landfill facilities that are great sources of biogas. So overall, you know, the country is well suited for the biogas RNG market. Okay, great. And then second question: Can you help me understand the thinking around this CAD 35.3 million sale order you secured? You quoted the sale is at a lower margin. What's the reason behind accepting this order? Do you expect to see future sales from different projects from the same customer, or has the competitive landscape changed? And then how much did this project contribute to Q4 revenues? It was loosely about half of our upgrader sales revenue in the Q4, maybe a little bit more than half. Obviously the logic behind the lower margin is we were in a competitive process and, you know, certain things have a larger dollar value, but they don't necessarily require more physical work. You know, the engineering work, the procurement work, that type of thing. So, in absolute dollars, you know, we're seeing a bigger number, but as a percentage of the revenue, the margin is less than what we, you know, historically quoted. So there, there's always gives and takes in that exercise. But, you know, when you look at our cost of goods sold on upgrader projects, essentially ± 85-ish%, maybe even 90%, is, you know, third-party acquisition of materials. So, you know, the labor component, which is often ours, is, you know, loosely in that 10% to 15%. So that's where the, kind of the math comes into on a larger contract, being able to, you know, be more aggressive. And obviously, we were in a competitive process with other parties and to secure it, that's why we went down that path. Okay, great. I'll pass it on. Thank you. Once again, any analyst who wishes to ask a question may press Star, then one. Please press star then one now. As there are no more questions from the phones, this concludes the question and answer session. I would like to turn... Pardon me, we have another question from Mr. Hamzah Faris of Cormark Securities. Please go ahead. Yeah, sorry, just one final question. Of the 11 contracts completed this quarter, how much revenue do you believe is remaining? And can you provide any color on how you expect these revenues to be distributed across 2024? Well, you know, at December 31st, we still had a backlog of CAD 36 million. Obviously, that's gonna largely be realized in, you know, the first six months to nine months. So you're gonna see a lot of that revenues, you know, coming through here, in particular in Q1 and Q2. It'll tail off. You know, the project isn't linear. There's a lot of heavy lifting at the beginning, and then there's a bit of a lull, and then there's a push when you go to commissioning. So hopefully that answers the question there. And then obviously, as Ian had mentioned, we do have a number of projects that are at various stages in the sales pipeline. Obviously, they're not done, because if they were done and contracted, we would have announced them. But we do have a stable of projects that we're working at the present time in both North America and in South America and Brazil. Okay, perfect. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Darren Seed for any closing remarks. Thanks, everyone. Thanks, operator. I appreciate your questions and ongoing interest and support, and look forward to seeing you on the next conference call. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a blessed day.