Thank you, Mike. Welcome to Legend Power Systems' Fiscal 2025 Year-End Investor Call. I'm Randy Buchamer, Legend's Chief Executive Officer. We're pleased to have you join us today to discuss our corporate progress and financial results for the fiscal year 2025, which were the 12 months ending September 30, 2025. Please note that certain statements in this call may be forward-looking in nature. They include statements involving 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. For more information about Legend's forward-looking statements and risk factors, please see our Management's Discussion and Analysis, which was filed on SEDAR+ yesterday under our company profile at sedarplus.ca. I'm joined today by Paul Moffat, our Chief Operating Officer and acting CFO, and Mike Cioce, our VP Sales and Marketing. Paul will provide an update on the various operational units under his leadership, and Mike will discuss the extraordinary challenges affecting sales over the last year and his appropriate plans and tools that have been developed to minimize the challenges' impact on sales going forward. We've operated obviously on a tight cash environment for the last couple of years, and 2025 was also a tight cash year. We continued to make the necessary expense and operational cost reduction changes to keep our momentum going, including several leadership team members deferring salaries from September to January. In addition, the team members were paid back only 75% of the salaries owed to conserve cash. The dedication and resilience shown by the Legend team during challenging times, in my opinion, has been commendable and heroic at times, and we thank our Legend team members for their ongoing support. In previous years, in system generations, purchasing decisions were made on industry-standard energy-saving methodologies. Previous system versions cost varying from CAD 60,000-CAD 100,000, and installations were CAD 30,000- CAD 100,000. 30,000- CAD 100,000. Today, systems are CAD 125,000- CAD 250,000 and up, and installations CAD 100,000- CAD 300,000. 100,000- CAD 300,000. So decisions can't be just justified simply on energy savings, but combined with non-energy savings. Without industry-standard methodology to measure the non-energy savings, prospects question the validity or how impartial non-energy calculations are. The skepticism has led to deal closing delays, and Mike will discuss how we're managing the challenge and how the combination of energy and non-energy saving provides very attractive payback ROI. We've also been frustrated during the year with the U.S. government flip-flops on programs and policy changes that have deferred significant orders. Expected commitments have been seriously delayed due to government intervention, including complete departmental shutdowns or eliminations. To be clear, we have not lost, or we don't expect to lose any U.S. government business. We've experienced delays but expect good future order flow. And again, Mike will give more color on that. We continue to lower our component costs and increase our system margins. Substantial reviews have been conducted to source new vendors or better pricing to reduce our COGS, and we expect to achieve 50% margins during the next year. We managed our backlog by leveraging existing inventory to continue fulfilling commitments. We currently have a seven-system backlog and expect all systems to be shipped by year-end. We see more opportunity than ever before. SmartGATE interest is strong. We're close on numerous large, multiple-year deals, and in-field system performance has been outstanding on the new product. Importantly, while the green investing sector has faced political challenges, Legend Power's value proposition transcends political narratives. Over the last year or so, power quality and the cost of bad power are being highlighted. By delivering lower costs, increased profitability, and reduced risk, we can provide enduring value rooted in traditional business fundamentals. We see a bright Legend future, and the Legend team is absolutely committed to make Legend Power a success story. On that note, and share some more insight, Paul, to you, please. And thanks, Randy. Revenue for our fourth quarter, 2025 was CAD 690,000. That was compared to CAD 705,000 in the same quarter of fiscal 2024. Revenue for the year ended September 30, 2025 was CAD 1.7 million. That was down from CAD 1.9 million fiscal 2024, and that was basically unit volume, couple units more in 2024, and also deal value. With ongoing shipment of our backlog, our cash receipts are steady, and our inventories, levels have continued to reduce. We saw a 25% reduction year-over-year in inventories from 2024 to 2025. Gross margin for the year ended September 30, 2025, was 23%, compared to 38% in fiscal 2024, and there's some good assignable reasons for that. The decrease in gross margin in 25 was primarily due to an additional inventory provision, of which we've completed. We do not see any more of those provisions in the near future, as well as an increase in our costs due to inflation and a decrease in average price due to product mix and what has been sold. But as Randy mentioned, we do expect to see 50% gross margins, and we have active supplier and material cost reductions in play that will help us to achieve our 50% target. Our operating expenses for the fourth quarter of '25 were at an all-time low of CAD 650,000. That's CAD 217,000 per month. We have ideas to lower that even further, and that's down from almost CAD 1 million per quarter in the same quarter of fiscal 2024. In some years, in the past two or three years ago, we had costs of as much as CAD 550,000 per month. So we've done a dramatic change, a massive improvement in our monthly costs, and we continue to focus on that, conserve cash, and we plan to do more in that area. Overall, operating costs for the year ended September 30, 2025, were CAD 3.7 million versus CAD 4 million in fiscal 2024, and the primary cause for the decrease was really optimization of processes and resources. We had lower headcount, salaries, consulting, and system costs all decreased as a result of internal cost-cutting and continuous improvement measures. In operations, we ended FY 2025 with 12 systems in backlog, or CAD 1.3 million. Since then, five systems have shipped and seven are remaining, that will ship over the fiscal, driving further cash receipts to support operations. We continue to manage cash very tightly, and we will do so throughout the year. Our monthly operating costs, as I mentioned, have reduced to CAD 217,000, and we target CAD 200,000 per month. And again, this was achieved through continuous improvement in all areas of the business, streamlining of processes, and elimination of any costs, obviously, that we don't need, but ones that are not specifically driving revenues within the business. We continue our focus on COGS reduction. We've recently received a prototype component that will reduce our COGS by close to 10%, potentially 12%-15%, with other actions underway. We expect to implement mid-summer of this year in support of our objectives for fiscal 2026. In general, material costs have increased somewhat. However, with growing sales and ongoing supplier relationships, we have leverage to negotiate improved pricing and terms as we grow order size and we procure more materials from our strong partners that we've made over the many years. With the stable Gen 3 SmartGATE platform, engineering has focused on mainly system refinements centered around quality and COGS improvement, as I'd mentioned, as well as communications and security enhancements within the product. Our factory redesign is complete, and by adding a second shift, we have burst capacity designed in and available with no additional capital requirements. Thanks, everybody, and I'll pass it over to Mike. Paul, appreciate that. And, thank you, everybody, for joining us today. As Randy outlined, fiscal 2025 was a challenging sales environment for us, but not because of market demand or because of product performance, but due to extraordinary external disruptions that directly affect the decision timing. So I want to be clear about a few things from the outset. Make no mistake about it, power is getting worse, building owners and operators feel it, and demand for our product is high. However, we have experienced some delays in decisions and not lost opportunities. So I want to spend some time today talking about what actually happened. Again, as Randy mentioned, there were two major external disruptors to our sales cycles in 2025. First, U.S. tariffs certainly caused many commercial and institutional buyers to pause capital decisions. Even projects that had strong technical and economic justification stalled while decision-makers waited to see how tariffs might affect prices, budgets, and broader market conditions. Second, the U.S. government shutdown effectively froze government sales activity. Budgets were delayed or cut, procurement timelines slipped, and our GSA Multiple Award Schedule submission had to be restarted due to shutdowns and budget delays. As Randy noted, this was frustrating for all of us, but critically, we did not lose customer and government business. Projects were deferred or delayed, not canceled, and we expect good order flow as procurement normalizes. So I also want to talk about some things that went right in 2025 and why it matters, because despite these headwinds, several things went right and they materially de-risk the future. First is SmartGATE system performance in the field has been outstanding. Installed customers continue to validate that the technology performs exactly as intended, delivering stable, high-quality power that improves critical building systems' life expectancy, reliability, reduces failures, and operating costs. Our first system with the U.S. federal government was finalized, and we sold a number of systems and installed a number of systems to multiple markets. That performance is translating into behavior. Again, during fiscal 2025, an existing customer materially expanded their SmartGATE investment, adding a double-digit number of additional systems after initial installations proved out the value. And again, this is not an isolated case. It reinforces a pattern that we see consistently. Once SmartGATE is installed and the results are visible, customers move from evaluation to expansion. Second, our pipeline continues to grow and mature. Even as closes were delayed, we remain engaged with more than 20 active opportunities, with visibility to over 200 potential SmartGATE systems across those customers that could potentially develop into thousands of systems over time. While the first customer close rate, well, our close rates with our first customer sales are relatively lower than we'd like. As expected for a new category, our follow-on sales to existing customers exceed 70%, and that just confirms the strong value recognition once systems are in place and operating. Additionally, our deals are getting larger and more strategic. We are increasingly engaged at the portfolio and enterprise level, with opportunities structured as multiple year rollouts rather than isolated pilots. This reflects growing customer confidence and a clear understanding of SmartGATE's role as an infrastructure, not as an accessory. For example, our near-term pipeline for 20 customers and 200 systems represents a total addressable market of over 2,000 systems for the same 20 customers. So again, we're growing into high-credibility verticals. We saw a meaningful expansion into mission-critical and credibility building verticals. We've advanced multiple airport engagements, including active power impact, impact assessments and pilots across several major airports. These environments are particularly important because they validate SmartGATE as a reliability and resiliency platform, not just an energy efficiency tool. We also continue to build momentum across government and public sectors. While progress was slowed by shutdowns and procurement delays, engagement remains strong, and the underlying demand has not changed. Additionally, we have some strategic partners and the role of resellers is a significant development for 2025, and it continues to grow for our partner-led selling processes. We're currently working closely with resellers and ecosystem partners who already have those trusted relationships with building owners, facilities managers, and institutional customers. These partners see SmartGATE as a way to differentiate their offering, add new high-value revenue streams, and solve real operational problems for the customers are facing. As Randy mentioned, reseller interest is growing, sell-through is starting to increase, and partner-led opportunities often represent the shortest and most efficient path to close business. So the most important sales challenge that we faced in 2025 was not product skepticism. SmartGATE works, and customers see that. The challenge has been translating improved power quality into defensible, hard dollar financial outcomes, particularly outside of the energy savings. Now, SmartGATE delivers value through reduced maintenance repair costs, fewer equipment failures, extended asset life, which helps the depreciation schedules, as well as improved uptime reliability to improve satisfaction. At present, there is no industry standard methodology for quantifying these non-energy benefits. That has caused some projects, especially finance and procurement teams, to pause. That's not unusual when you're starting a new market. The same skepticism existed years ago when the energy efficiency projects first entered in the market. Acceptance followed once data, standards, and third-party validation emerged. So here's what we're doing going forward. In fiscal 2025, put the right tools and proof mechanisms into place to remove this friction. We are executing a multi-pronged validation strategy that includes a formal analysis of operating data from existing SmartGATE deployments. We're leveraging third-party actuarial maintenance and repair cost validation with our strategic partners and our independent U.S. government validation via the GSA and Oak Ridge National Laboratory. Together, these efforts convert operational performance into financial proof that CFOs and institutional buyers can underwrite with confidence. This directly addresses the skepticism we encountered and materially shortened sales cycles going forward. So where are we headed? Looking ahead, we see more opportunity than ever before. SmartGATE interest is strong, the pipeline is growing, and deals are becoming larger and more strategic. With proven field performance, expanding partner involvement, and independent valuations underway, the foundation for scalable sales execution is materially stronger than it was even a year ago. Importantly, while parts of the green investing sector have faced political challenges, again, as Randy mentioned, Legend's value proposition transcends politics. We deliver lower costs, reduced risk, and improved profitability, which are rooted in traditional business fundamentals, and that message is resonating very well with multiple markets. So in closing and in summary, 2025 tested our sales execution in ways that few could have predicted, but it also clarified exactly what we need to change. We now have a proven, validated platform, a growing mature pipeline, strong, repeatable customer behavior, expanding seller and partner engagements, and a clear path to resolving the financial skepticism. Our sales momentum is rebuilding on a stronger, more durable foundation, and we believe the setup for fiscal 2026 and beyond is meaningfully better than at any point in the company's history. So with that said, I thank you for your time and look forward to your questions. And thank you, Paul and Mike, for your leadership and commitment to Legend. Much appreciated. Just a quick summarization before we take questions is that we continue to see alternative energy growth, increased problems with the grid, and that insatiable demand for more power at higher costs ensure Legend's solutions have a huge marketplace. We're really comfortable and really pleased with the proven technology, the growing pipeline, and a clear path to strong revenue growth over the next few years. We're poised to redefine the future of power optimization. For those that invested in the journey, we think the future is extraordinarily bright, and the best is yet to come. The team is very positive about where we're going and Legend's future. We're each committed to making Legend Power a leading power management company. We also want to thank you for your trust, your partnership, as we continue this remarkable journey. Without you, we would not have the dream we have, so we appreciate that. At this point, we'd be pleased to take your questions. Yeah, Randy, and we had a couple of questions come in, and the first question is: What payback period in years can customers expect by buying and installing a SmartGATE platform? Shall I take that one? Absolutely. Okay, great. Thank you. So, when we look at a fully benefited system, when we look at energy savings, maintenance repair savings, those are the small versions. Those are gonna be in the tens of thousands of dollars per year. Where we see our customers getting the big benefit is in asset building-critical building system asset life expectancy. When you have a 20-year system that you're betting, that you've amortized and you're depreciating over a 20-year period, and that dies after 15 years, that's what they call the triple whammy, right? Because now not only do you have an additional 5 years worth of depreciation you need to take in 1 year, but you also have an unbudgeted capital replacement cost to replace that. Then you also have the impact to the people that depend upon the building. So when we look at a fully benefited system, when we look at the life expectancy increases and actually protection of those depreciation schedules, we can easily see paybacks in the 1.5 years -2 years on a 20-year durable asset. And even if there's some skepticism that remains, and they want to discount that, you can see that we're still gonna be in the 3 years-4 years range. So, our key is to really build the metrics and the proof points to be able to pull in that increased asset depreciation, those increased asset depreciation gains. Randy, anything to add to that? No, I think that's good. I think that, it used to be the game of a three or four-year payback for energy savings, but with the additional cost of, of systems and the increased cost of installations, vis-à-vis larger systems and larger buildings, I think the overall value proposition has enhanced. But more importantly, I think it's, you know, when you start a market, this is the wrap. We were talking about this yesterday at the board meeting. You develop a product, and because there is no incumbent, you learn how to wrap the product with the proper financial tools, how do you communicate savings, et cetera, in a meaningful way, how do you dress each different decision maker and every requirement in the organization? And that's the wrap. That's the wrap that makes the product more than just a physical product, but an overall effective business tool. I think we've really matured with that, and the sales process, et cetera, is much more aligned with the various decision-makers and/or key recommenders in building decisions. I think it's very positive. Great. Another question came in. "Can, can you tell us what the MAS means to the LPS opportunity set and any timeline for receipt of the MAS? Go ahead, Mike. Okay, great. Yeah, so the U.S. federal government has an organization which is called the GSA, General Services Administration. They are the ones that administer all of the common government contracts. They have a process which is called the Multiple Award Schedule, and that's essentially getting in the catalog book, if you will. So that's where U.S. buyers, and actually any public sector buyer, can come in and purchase, or can purchase under that Multiple Award Schedule. So that Multiple Award Schedule is gonna be a massive opportunity for us because not only does it open the door to the federal markets, but also to literally to every state and federal market or state and local market in the United States as well. So, massive opportunities, for sure. And we look at the timeline again. Because of some of the shutdowns, we were delayed in that, but we do have a meaningful review of our schedule coming up, and we expect to hear more on that in the coming weeks. So, obviously, with any governmental process, there's amount of a crystal ball. My crystal ball is not functioning currently, but we do expect that to come very quickly. Yeah, and I would just add that we also have a system in and a location within the GSA that's working extremely well. They're partnering with us. The other part is that the federal government has paid for the review with Oak Ridge Labs as part of the endeavor to validate the non-energy savings, et cetera. I think when a partner like the government pays a third party to do a fundamental review, it's really critical where you can see how the relationship has grown. So we've got a proven system. We've got a partner that wants to do business with us. We're going through the paperwork and making it easy and facilitate the procurement process, and we've got a third-party report being funded by the partner that we will be allowed to use, and we have been intimately involved in the development of the output of what that report will say, and we expect that preliminary report this quarter. A detailed report in September, but we're really more focused on the summary report, 'cause most people won't want to go through a phone book. They'll wanna know, "Tell me what it says." But we'll use that as a sales tool and tie it all together with Mike's presentation. That will directly affect the skepticism and some of the challenging on some of the numbers, when we can refer that the federal government paid for a report, and we're fundamentally seeing these results, and they can back it. It has a lot of power on the sales cycle. Excellent. We've had a couple questions that have come in about Oak Ridge National Laboratory and the report, and I think that we've addressed those. The one thing that I also want to state is that someone asked about the trial install. Again, we want to be very clear, this is not a trial install. When we look at the GSA process, when we look at everything that we went through with them, there were about 800 companies that applied for this. There were 80 companies that were selected to go through final review. Of those 80 companies, they chose to move forward with 8 companies, and many of those 8 companies were to prove functionality. There were two that were selected for what they call portfolio pilot to portfolio. This is the— It's not a trial program. They have the reports. They know the system works. What they're focused on is building out their metrics to come up with a broad-scale deployment process. So, I want to be very clear on what the GSA initial install is. It's not a trial. It is how can they build the proper metrics to be able to deploy this across their billions of sq ft worth of real estate that they operate. We are the only power management company that got selected to go forward. Absolutely. Now, the person who asked the question about both Oak Ridge and GSA, if there's any additional question, please let us know, because I think we've answered the question, but just in case. Yep. There was another question that came in. We mentioned that we have a strategy to deal with the customer skepticism around non-energy savings, and when do we expect to have evidence and tools to present to those skeptical customers? Yep. I'll take that, Randy. Yes. Really, what that comes down to is there are three major components to that, and the first piece of that is a new calculator, and that new calculator is going to give them visibility to when we say life expectancy of building systems and reduction of maintenance costs, to actually go through and be very specific about what systems we're talking about. 'Cause, again, it's HVAC systems, elevation systems, life and safety systems, air handling systems, lighting systems, life and safety systems, motor pumps and drives. And, when we are engaged with customers, our assumption is that they have that visibility in their head, that they're doing that. We're taking that assumption away, and we're actually gonna be listing all of those out. We're gonna be showing them all of the systems that they have in their building and what the estimated repair costs are on those and give them the ability to be able to normalize that, and be able to show them exactly what a reduction could potentially look like. So the first step of that is that calculator, and that's in development. We're expecting another version of it, and we hope to have that deployed in the coming weeks. We look at the second prong of that is really focused around our work with Oak Ridge National Labs, as well as some of our third-party partners. You know, 'cause when we look at our third-party partners, like, for example, one of the things that we assume is we use some of the ASHRAE numbers for maintenance repair of HVAC systems, and this particular company manages HVAC systems for about 30,000 different facilities, and they see their numbers materially differing from what ASHRAE's publishing. So they've done a very deep dive on that to understand what the increase in labor costs are, what the increase in parts and materials are, and then there's still a gap. And what's interesting is they looked across their network, and they had spends in the CAD 30,000 range were CAD 30 million range, I'm sorry. When they look at the budget on this, it's in the teens of millions of dollars. So even if they look at the increased labor costs and even if they look at the increased part costs, there's still more activity happening, that more activity is being driven by power quality. So we're codifying that, we're documenting that, and we're using that as an additional proof point. So it starts with understanding what when we talk about building systems, what do we mean? Then we talk about the industry-available research that validates that. And then what we're also doing is we're working with our customers to come up with a very deep financial deep dive on the impact of the systems that have been deployed. This way, we can, we can show them what our actual experience is. We can show them what to expect, why they expect it, and that we can actually deliver that. So that's a little bit about our three-pronged approach to deal with that customer skepticism around the non-energy savings. Mm-hmm. Any other questions? Yeah, there was another question that came in: "Is there anything Legend Power can do to lower the customer SmartGATE installation costs?" And, if you don't mind, Randy, I'll take that one as well. Sure. Yep. Yeah, yeah. Yep. So, there are a number of things. So first of all, when we look at the types of business that we have, we have new builds and we have retrofits. On our retrofits is where our historical performance has been, and that involves finding space in an electric room, and then modifying the existing infrastructure to install a SmartGATE. Versus new installs, we literally simply go in as another bay in the switchgear lineup. What we essentially do is we take a switchgear that's been an industry standard for decades and decades, and we transform that from a switchgear to a smart switchgear. So rather than just distributing what's coming in from the electric grid, we're able to transform that to what the building actually needs, and that's game changing for us. When we look at the cost difference, literally on new and on when we're going in with switchgear, the installation costs are reduced by 70%-80%. So that's one thing that we can definitely do. Another thing that we're doing is one of our partners, because of just the sheer number of electricians that they work with, they want to standardize those installation costs. So what we're trying to do with them is a traditional retrofit is what they call a design build project, where you need to go through and look at all the specifications, and you need to design where it's gonna go and how it's gonna hook in, and there's engineering, there's design, there's all the different infrastructure that goes that drives up the cost of those installations. And what our partner is looking to do is they're looking to standardize that and transform it from a design build project to a simple installation. So that's gonna go a long way for helping us to overcome the unknown for some companies that have not installed a SmartGATE before. Randy, anything to add to that, Randy or Paul? Yeah, I think also, you know, volume helps drive that down. I know when we had the orders for the school system in Ontario, you know, we had 75 systems, 80 systems go out about a year and a half, and we dealt with one particular company that did, you know, 90% of the installations for a fixed cost. I think when you can give partners a standard costing and regular order flow, it goes a long way. So volume makes a big difference. I think the other thing, too, is, like, when you look at the GSA and people like that, where there's standardized building types, et cetera, it takes away that whole engineering cost of having to look at buildings and sort of customize installations and make it more systemic. So there's some really good opportunities there. When you have low volume and you're doing different buildings, obviously your costs are gonna be higher. So there's some good news, and I think there's some really good opportunities to improve the costing on the installation side. Those are all the questions that have been posed. If anybody has any final questions, please feel free to put those out there. Otherwise, Randy, I think we're ready for some closing remarks. Okay. Just maybe give it 10 seconds to see if another question comes in. Okay. Well, I will just summarize by saying that, the U.S. electric grid, as everyone knows, and grids globally, are facing increased power quality challenges due to aging infrastructure, billions and billions of dollars of infrastructure renewal that has to occur to address some of the challenges they have. There's growing renewable penetrations, and rising demand for electrification. I mean, with data centers and AI and everything you were hearing, the— it's just insatiable demand for power, which is great for our business. And these shifts are introducing significant power quality issues. We commonly use the term dirty power, or power quality challenges that drive the demand for SmartGATE solutions. We're really excited about where we're going and where the opportunities can be. As I said earlier, we have a committed and talented team. When people work for a third of the year without getting paid, I think you can say that they're committed. And when they take a reduction on their pay, they're committed. And we've got an outstanding active power management platform without equal. We're focused on achieving our sales objectives. We're closely managing our cash and reducing operating costs and securing sales deposits. We believe the future looks incredibly strong for Legend Power and our stakeholders. Again, we thank you for your support during the challenging times, and we look forward to sharing many Legend Power success stories with you over the next few years. Otherwise, thank you again, and have a great legendary day.