Right. Good morning, good afternoon, depending on where you're dialing in from. Thanks for joining us today. We have an update with iFabric, who just reported their Q1 numbers earlier this week. With me today I have Hylton Karon, CEO, Hilton Price, CFO, and Giancarlo Beevis, COO. I don't think we're gonna work off a presentation, as always, this session will contain forward-looking statements. If you'd like to know more about those, you can find them on the presentation on the company's website. There will be a Q&A section, feel free to enter any questions you have in the Q&A box. I'm just gonna read a quick little disclaimer. As announced in the press release yesterday, the company is undertaking a short-form prospectus offering. Due to Canadian securities laws and regulatory quiet period, management is strictly banned from discussing the proposed financing, the offering terms, or the specific use of proceeds. Therefore, the remarks today will focus entirely on the recently released financial results, and we'll not be taking any questions regarding the offering. Apologies that we can't get into that until after the close, but those are the rules. With that out of the way, I'll turn the mic over to Hylton to talk a little bit about the quarter. Thanks for joining. Thank you. Good afternoon, everyone. Thanks for joining us. As I normally preface my discussion, I just want to advise everybody that we did a fairly comprehensive press release on the quarterly results and financial position, which you can find on our website, together with the financial statements and the MD&A. You can also find those on SEDAR+. They're available at both places. I'm gonna focus, as I normally do, on what I consider the important aspects of the results and our financial position, to help you get a better understanding of where we're at and what we achieved in Q1. Starting with the revenue. That came in at CAD 27.5 million compared to CAD 7.1 million in 2025. That was slightly ahead of the guidance we provided previously, which was CAD 20 million-CAD 25 million. An absolute record for the company. I think I should smile. I'm often accused of not smiling enough, but that makes me smile. Looking at revenues by division. Intelligent Fabrics, CAD 23.6 million compared to CAD 5.8 million last year. Excuse me. Sorry about that. Intimate Apparel, CAD 3.9 million compared to CAD 1.3 million. Both records, or huge records for the divisions. In terms of the main drivers for revenues, Intelligent Fabrics, we had new scrubs and footwear programs, plus we saw some expansion of existing programs as well as organic growth in our core lines. For the Intimate Apparel division, we saw the launch of our new brand, Nudish, to replace the prior Maidenform brand. We had to repopulate all the stores at our major clients, in particular Kohl's and Target. Also we saw the launch of a new major intimates program at Walmart U.S., and we're hoping that's gonna do well. Next item I'd like to deal with is inventory. We were carrying CAD 16.9 million in inventory at the end of the quarter. That may appear high, but generally we normally carry about four to six months worth of inventory. We actually employ three full-time analysts to track sales trends and sell-throughs and which products are doing well and which products are doing less well. However, even with this, sell-through rates on new programs are a guess at best. When we have as many new programs as we have now, we tend to bring in a bit more inventory than we need because if we run out of inventory, that's an absolute momentum breaker. We'd rather carry a bit more. Our goods are not fashion items, so there's no real chance of them of us being stranded with any of these products. It just may take a little bit longer to sell, but it's all good inventory. Actually, I see with the spike in oil prices, I'm expecting that fabric prices are going to go up. A lot of the fabrics we use are polyester-based, so investment into inventory might have been even a wiser move if that happens. Next item is accounts receivable. We're sitting with CAD 25.5 million on the book, obviously related to the revenues for the quarter. Our cycle, our collection cycle is normally around 75 days, so that would be in line with that. When you're dealing with the likes of Walmart, Costco, the collections tend to run like clockwork. If we have any doubt as to the credit worthiness of a new customer or client, we'll obtain credit insurance. In fact, very little risk actually attaches to our book. Gross margin. The quarter came in at 33%, which was up from the 26% in the prior quarter. Definitely headed in the right direction. My target for the year would be 35% or just north of 35%, we seem to be moving towards that. The real driver there on, of the margin is the high proportion of intelligent fabric sales, which do carry a lower margin in intimate apparel. Intimate apparel is the highest gross margin earner in the business. There was also a small impact from tariffs, and I'm glad to see that mid-February or towards end of February they were struck down. In fact, we've got a claim pending to recover around CAD 850,000 in tariffs that we paid to the date that the tariffs were declared no longer in effect. I don't know how long that's gonna take. I haven't recognized that as an asset on the books. I've taken a cautious approach, and we'll recognize any recoveries in income as and when we receive the cash. Selling and admin costs, there was a CAD 1.5 million increase there, and that's mainly attributable to variable costs, royalties, commissions and the like. Some small cost increases in our base overhead, but I think I mentioned a while back that above CAD 35 million, I expected a large proportion of the margin to drop to the bottom line, and the CAD 5.7 million in adjusted EBITDA in this quarter bears that out. In fact, in terms of variable costs, I just cut a check to Roots for CAD 1 million for royalties paid on Roots product sales to Costco. Our current ratio is a healthy two to one at the end of the quarter. When I calculate the current rate, I exclude a term loan, which is actually the mortgage on our building, which is shown as current unfortunately, even though it's a term loan. In terms of a banking agreement, it's also a demand loan, so when that happens we need to classify it as current even though we'll only pay the minimum payments during the course of the year. I exclude that, and as I say, the ratio is two to one, which I believe is fairly healthy. For deposits, for purchasing, down to CAD 1.3 million compared to CAD 6 million peak. Obviously, fall product is coming in in the short term, but I would expect a build-up of that amount again as we begin the process of ordering for the year-end programs. Expect, Q4 is normally one of our massive or bigger quarters, takes a while to put things into production, order the goods, design everything. We'll see a build-up in deposits over the course of the year. The last item I would deal with is our operating debt. We were carrying CAD 9.3 million in operating debt at the end of the quarter. With our earnings converting to cash and the recollection of our receivables, I would expect that to be paid down at a fairly rapid rate. I suppose with the capital raise now in effect, that's moot. I think that's all I really have to say. Questions? Chris Hylton, I don't see any questions coming. Oh, there are a couple. Give me a second here. All right. Did the higher volume of intimate apparel revenue this quarter have a positive impact on gross margin in the quarter? If so, could you indicate by how much? Absolutely. Again, I mean, it's mix-related, and we had a massive amount of Intelligent Fabric sales in that quarter. I don't have the exact number. If I was to give a number off the top of my head, I would say one to two points. Two points. At least two points. Okay, could you quantify the Q1 2026 revenue for us again? Is it largely in fulfilling the 1,000 additional Walmart stores? Did it include some of the CAD 8 million related to the Roots contract? How much is related to the fulfillment of the Walmart stores? I defer to Giancarlo. Q1 obviously had some of those additional 1,000 stores going into Walmart. It also was an expansion of our leak-proof program within Walmart U.S.A. It was the addition of the new Walmart program in the intimate side of the business as well, obviously the re-launch of our Nudish brand in the other two major retailers, being Kohl's and Target. It was kind of a mix of all of it. To address the Roots part, yes, part of it was in Q1, but also part of it was in Q4. It was a mix of all of those different things in Q1. What's the status of Walmart adding more stores? Do you have an update on that? I mean, I'm not sure that that's something we're allowed to speak about at this point for future business, given our quiet period. I'll defer to that as my response. Okay. I'll just jump in here very quickly and say I know people would like a lot of forward-looking, you know, what we've got planned. We are, as Giancarlo Beevis said, in a quiet period because of the raise. The raise has not Bless you. The raise has not been, has not closed. We've been cautioned by counsel to really try stick to this review as the review of Q1. We will have another webinar. We'll gladly have another webinar once the raise is closed so that we can talk with a lot more clarity about future plans That obviously we raised the money for. Once it's done we will circle back to everyone and have another webinar and address that. I just hope people appreciate the fact where we are today. Understood. I am gonna have to skip a couple of those questions then. This one maybe you can answer. What's the expected quarterly revenue cadence? I mean, historically Q1 and Q4 are your seasonally strongest quarters. Would you expect that to remain the same? Yeah, that again is forward-looking. I think we should leave that for the next webinar. Let's try and hold something shortly after the capital raise to deal with those kind- Okay Of questions. What are your payments, payment terms with Walmart and Costco? Our payment terms generally run from around 60- 90 days at the longest. Generally 60 days before we collect. It'll extend out to 75 by the nature of our clients' computer systems, et cetera, et cetera, and the time that it takes for goods to hit their warehouse. As the terms are between 60 and 90, and our average collection period's around 75 days. Were there any one-time items impacting the adjusted EBITDA margin in Q1? Yes. Tariffs was one, and I think we had CAD couple hundred thousand in the residual cost of transitioning from the Maidenform license to our own brand. We were setting through residual product. Giancarlo, what other costs were there on the transition? There was a handful. A little bit of markdown. Not a great deal. Oh, markdown is the one. Yeah. Yeah. Yeah, yeah. Um- It wasn't an overly material figure. It was about CAD 150 or CAD 200. Yeah. I would guess you're right, the vast majority of that would've been markdowns. Okay. The level of deposits has fallen sharply. Previously deposits were used to suggest the coming two quarters' revenue. You can't answer them. No, I think just to Hylton's point before, if our inventory's up already, I would suggest that might indicate that we've been priming the pump already. Deposits might be down, but inventory's at an all-time high. Got it. What's the principal market for your new Nudish line? Is it U.S. or Canada? I would say both. It expands not only the traditional solution bra and bra accessory market, but expands into our leak-proof product, into some sleepwear product, and then traditional intimates as well. Yeah. The Maidenform license restricted us in what we could do, and I think the unburdening is the fact that now we can do a lot more with our license and it opens up new areas for us. Again, we'll discuss that at the follow-up webinar and we'll provide more color on that. Okay. I think the rest of the questions that I have are all forward-looking. I'm assuming you can't talk about the leaching study. No. Other than things are moving ahead, I don't know that we can give any other further color on that at this stage, but it is moving ahead. Okay. Here's polyester prices have seen sharp increases due to the Strait of Hormuz. Have you seen any price changes for your materials? No, I think, again, to Hylton's previous point, is that even having this inventory in place has been a benefit to us, that we're not seeing that. We do do some polyester, but not a lot of it is polyester. We're into some other fabrications as well. We've been able to avoid it to a large degree. Okay. can answer. Congrats on a fantastic quarter and start to the year. Very numbers. Hylton, Giancarlo. Hylton, anything you wanna add that we didn't cover that we can cover? I know people are looking for forward statements and as I said, we will have a webinar. You know, if there is a dip from one quarter to another, that's by no means an indication of a soft quarter. I think that the business is still in unbelievable shape and really everything is pointing forward in a very nice manner. You know, it's really positive. I think that, there's really no alarm bells in any way, shape, or form. As I said, let's get through this raise and then we'll be able to give more color on that going forward. You are on mute, Daphne. Thanks, Giancarlo. I was saying, yeah, thank you so much for your time. I think you're scheduled to close, is it June 4th? Well, I think closing is around. Early June It's the. Yeah in the first week of June. We'll schedule something out, won't we? Very soon thereafter we'll schedule something to go forward. Okay, great. Thanks for your time. Thanks to the audience members for your questions. Sorry I couldn't but we'll get to them as soon as we can. Thanks everyone. Have a good day. Thanks. Thank you. Thanks, everyone.