Good afternoon, everybody. I'm here with Shane Madden, and he is presenting Hydreight Technologies. Thank you. Thank you very much. Hi, everybody. Good to see some long-term shareholders here in the audience, and thank you guys for turning up. Hopefully, you've been enjoying some of the execution over these last couple of years. Obviously, there might be some forward-looking disclaimers here. I'm going to bounce around the slides a little bit, just to talk about some things that I think are pertinent towards the end of the presentation. The foundation of Hydreight and what we founded in 2018 is very important. We looked at the fragmented healthcare system, and the solutions were going to come in three different areas of the same industry, we felt. That was mobile health and wellness, the medical infrastructure, bricks and mortars that are not your traditional doctor's office, your medi-spas, et cetera, that still have to comply with federal and state laws. The third area of industry, which was the direct-to-consumer virtual care, which again, we will go into a little bit later in the presentation. Now, our goal was to create an ecosystem, a B2B2C ecosystem for all of those three verticals. Some of the companies that you'll see up here, and the reason I started on this slide from an education perspective is they're all potential customers or partners, not competitors. The way we viewed this was, if the solution was going to come from the sick care mentality of the healthcare industry, which was see a doctor, go to the hospital, and obviously there's downstream problems of that. If the preventative healthcare was going to come, it was going to come in these three areas. We wanted to create a B2B2C ecosystem. We didn't want to be another runner in one of the spaces, even though some of the spaces hadn't even been put together yet. We wanted to create basically an ecosystem where all businesses, depending on what issue you have in what vertical, we can be a partner for you. To do that, there was a few guardrails that we had to create. Now, in 2018, the preventative healthcare sector was in its infancy at the best, and when it comes to the virtual care self-administered side, which we'll talk about in a bit, didn't exist at all. We actually, at our core, are a 50-state medical company. That's 50 LLCs, that is ran like 50 companies, all cohesively into a national network. We have three proprietary techs that are built on top of that, again, to create a B2B2C ecosystem. To give an analogy for our third vertical that we'll go into, we didn't want to be another Hims in that vertical. Why not have 10,000 mini Hims all solving real-world problems? Now, when we created the ecosystem, again, we didn't want to have just acute tech or some maybe different other offering. We want it to be a must-have, not a nice-to-have. The biggest must-have is compliance. Around corporate practice of medicine, which is pretty much as it's described, it's the prohibition of the practice of medicine or earning money in the practice of medicine if you're not structured correctly. When we created our structure, we were creating a real-world, tangible solution for anybody that wants to get into these spaces. Again, these businesses are potential customers. Some of them are partners already, not competitors. That was the idea behind Hydreight. Just to give a snapshot here of how it's been going. We started off with our nurses vertical. We were called colloquially the Uber for nurses because our 50-state medical network was able to have nurses work as independent contractors. Again, not a nice-to-have, a must-have. Up until that point, nurses could not work outside the bricks and mortar, i.e., a hospital or a clinic. With our model, they were able to actually monetize their credentials in a way that has never been done before. The Uber reference is not only because of tech, it's because of the independent contractor piece. That was in 2018. That was our flagship first vertical of the overall vision and has been scaling year-on-year and doing very well. Our other two verticals, of course, which we'll go into in a minute, was around the bricks and mortar medi-spas and the direct-to-consumer virtual care model, which is incredibly explosive because it's recurring medications. 450% growth year-on-year. Q1 of this year is largely related to our third vertical. We'll talk about it in detail here in a minute. Highly scalable and recurring prescription sales and platform sales. Adjusted EBITDA margins 13% in Q1. CAD 24 million cash on hand as of Q1 2026, and 50% inside ownership. Really strong growth and validation of the model. Regarding the industry itself, the U.S. telehealth market is planning to grow from $42.5 billion to $150 billion in 2024 to 2030. There's a few things that are going to drive that. Obviously, the pandemic accelerated and normalized care. When we founded Hydreight in 2018, nobody had a crystal ball. Obviously, we didn't know COVID was coming, but we did know that the solutions to the healthcare system was going to come in these three areas. Rather than creating just another solution, we wanted to create an ecosystem. The second accelerator that came, of course, was the Ozempic craze or the awareness of virtual care self-administered. Which, of course, is growing rapidly, and we'll talk a little bit more about that in detail. Obviously, the introduction of telehealth, prescribing rules, increased convenience and patient-led therapies, ubiquitous smartphone penetration, and of course, provider shortages in rural areas. All of these things factored into the growth and the need for a platform like ours. Regarding our three verticals, as I call it. Again, VSDHOne, we can talk about as the direct-to-consumer, self-administered medication model where there's virtual care. The franchise white label is more so to do with the bricks and mortars. Any med spa or IV lounge or any medical facility that is a physical bricks and mortar but isn't your traditional doctor's office, again, we can provide guardrails around that. Of course, our first vertical, which was the nurses network. Just to give some highlights here, we have 3,000+ nurses that all pay us to be part of the network. That, again, validates the moat. They pay $3,000 a year just to join the network. One of the reasons for that is because as the only company that can provide them a way to monetize their credentials in a compliant fashion, it's incredibly valuable for them to pay that subscription. As we talk about the other two verticals, licensure and compliance is our moat. Legality, compliance, and legal guardrails is going to be the MO across all of these three verticals, and especially as we talk about the main accelerator, which was VSDHOne here in a little bit. Regarding obviously the growth, record revenue with expanding profit margins for the third consecutive quarter. Q1 revenue of CAD 25 million was roughly 70% of our full year fiscal year 2025. We launched the third vertical, which was again, a place to do business for anybody who had tried to get into the direct-to-consumer self-administered space. In 2023, 2024, 2025, there was obviously relaxed laws because of COVID. Even when COVID finished, the laws persisted a little bit. Anyone who opened up was either operating on a very flawed foundation, corporate practice of medicine-wise, or they were operating in a way where they couldn't expand into other states, or they were operating where they had kind of pigeonholed themselves into a category of product. We, as a medical company, not a tech company, a medical company can provide our own categories, our own policies and procedures. We comply with all three state boards, which is medical, pharmacy, and nursing on all 50 states. We're a very different ecosystem. We can solve one or a myriad of problems, because of that, we became very attractive to any business who was either in the space and very successful but needed one or two modules or somebody who wanted to get into the space. Incredibly attractive from an ecosystem perspective. To that end, 67% quarter-over-quarter revenue growth in Q1. 450% year-over-year revenue growth in Q1. Scaling is accelerating across multiple facets of the business. This is a nice graph to look at. Trailing 12-month revenue of CAD 55.8 million. A clear inflection if I jumped at this point, a clear inflection post-VSDHOne launch. VSDHOne, again, is just the internal name for the B2B ecosystem on the direct-to-consumer. Those medications are recurring, which is incredibly scalable, multifaceted. When you take categories, it's not one product, it's not two products. It can be the sexual health, as we all know from years gone by. Those were kind of the first ED meds that came out nearly 10 years ago now. It branched into at-home testing, branched into some peptides that were on the Category 1 that we'll talk about a little bit, obviously into the GLP-1s, as we all know, that drove some of the market awareness in the last couple of years. That's the biggest thing that has happened this industry in the last sort of 12 months was the awareness of the public. I read a stat that 50% of the U.S. wanted to try a GLP-1 back in the summer of last year, that's a pretty amazing stat when you consider that two years previous, nobody even knew what a GLP-1 was. The awareness of accessible healthcare has shifted this market completely, as we go into some of the traction that we've had from a business from a license perspective, we'll see that. Won't spend too long on this one. Obviously, we've built this model, multi-vertical, multidisciplinary within the healthcare industry, if you want to think of it like that. We've built it for scale. Obviously heavy investment on tech, heavy investment on legal, because legal is our infrastructure. It's our biggest moat. Once we had that kind of secure, as the revenue grew, the operational expenses did not necessarily go up. Very good 40% drop in OpEx as percentage of revenue in Q1 over the previous quarter. 12,000 licenses. We launched our third vertical, which we call VSDHOne, in Q4, very end of Q4 of 2024. We had an immediate success because, again, we were solving real-world fundamental problems. We're not just another tech, we're not just another pharmacy supplier or something like that. We're an actual medical ecosystem that's solving real legal compliance problems. By the end of 2025, we had approximately 3,000- 4,000 licenses, and by the end of April in 2026, that grew to 12,000. One of the inflection points there was that as these increasing guard lines are coming out, guardrails, businesses are being driven to an ecosystem like ours. Whether it is FDA guidelines around getting their arms around how telehealth companies are operating, whether it's them getting their arms around how pharmacies are operating, the expansion of virtual care products like peptides, all of those are strengthening their guardrails because post-COVID, there was very relaxed laws. Again, these are being driven to an ecosystem like ours, again, for compliance reasons. That's incredibly sticky. If you're just bouncing around techs because it's a better tech or it's a cheaper tech or it's a better offer, that's not very sticky. When you're moving to another medical company to support your business, that's incredibly sticky. Again, a validation of the moat, not an opinion at this point. Getting into some more specifics here on the verticals. Thank you. The VSDHOne that I've been talking about quite a bit. Obviously, continued customer onboarding and scaling, strong pipeline of the customers currently in the onboarding process. 12,000 licenses sold, with the majority of licenses yet to be onboarded. Obviously, quite an inflection between end of year and April. One of the things from that is quite a few of the telemedicine companies got hit from boards and FDA around there. A lot of the businesses moved to our network. Obviously, continuing to expand our suite of products. I think the third vertical is really important to understand that it is a B2B2C ecosystem. We're not a one-product vertical. We're not a one-category vertical. We actually have 45+ treatments. Anything that needs a prescription, that needs a physician to see the patient and needs the product to go to the patient to be self-administered, that falls into this category. As we talk about where the market on that is going, I think anybody who's been watching this industry has been seeing the amount of revenue created from just one product, like a GLP-1. Now, there's 100 peptides coming in clinical trials. 14 of the 19 in February, by RFK and the association that is overseeing the FDA, they released 14 of the 19. In July 23rd, there's another seven being discussed. Again, in February, they've already set a date for another seven. These products are coming out. They're very specific. They're not like a GLP-1, which the weight loss was kind of fell upon. It was for a different reason, happened to have weight loss implications, but has a lot of side effects. These peptides are built, designed specifically for certain things, whether that's tissue regeneration. One of the ones that are coming out is called MOTS-c. It's based around your metabolism. I think you've all probably heard of BPC 157. These are the type of products that are going to be out there. Because of our medical network, we're able to support any business in not only procuring the product, but having a compliance structure in how that makes its way to the patient. Nursing network, of course, is our first. We continue to grow that one. We've been approached, should I say, by some federal contracts to actually increase that dramatically and working through those. That's a very steady year-on-year growth. Regarding M&A, we invested in, obviously, a 50-state 503A pharmacy last year. One of the reasons for that is the 503A rail handles all of the patient specifics. The third vertical is completely 503A. We invested 5% in a company called Perfect Scripts, which has 50-state licenses, and we were able to control our own supply, kind of our own destiny at that point from a production standpoint. Cash on hand, CAD 24 million as of the end of Q1. We had multiple successful financings last year. From a growth perspective, the capital deployment into core infrastructure. Obviously, when compliance is your moat, we've always worked on building out our compliance from a state level, federal level. That's not where those monies went. They went into essentially growing the growth. The company was already very strong. It was from a cash basis profitable, but we were reinvesting heavily on legal and obviously our core moats. Obviously we invested in Perfect Scripts, which is a core to our delivery of the 503A model. We did some NCIB buybacks. One of the reasons for that was, again, from probably reasons outside of our control in Q1, wars. Obviously there's a gap between Q4 and Q1 from a communication perspective. The stock just wasn't quite matching up with the reality of the business. We decided to protect the stock, protect the shareholders, and take advantage of that. For 2026, platform use, scalability, and operation leverage is established. Continue our Q1 momentum. Q1 obviously was our strongest quarter, as you've seen, in the company's existence. It was a validation of the moat. One of the differences about our third vertical is we're not wondering if they're going to be busy. A lot of our licenses that we focused on last year are migrating with existing business. When we give guidance like we did this year of 150 of a floor, we did so because we have visibility into what the ecosystem is. Again, we're not onboarding licenses and expecting them to be busy or making a projection. It's purely what we see within our ecosystem. None of the licenses that was coming to us that did not have business was included in that projection. Again, very realistic, and I think Q1 has shown that. Finally, before we turn it over for some questions, anyone who's followed the stock has seen that we've grown from CAD 0.30 a couple of years ago to CAD 4.18 approximately. Market cap, around CAD 241 million. 50% inside ownership and 53.7% fully outstanding. Very tight stock, very tightly held and operating well. I'll turn it over for any questions, guys. Yep. [audio distortion] Yeah. The third vertical is so powerful because it's B2B and you're bringing primarily businesses that already have business, right, for a large portion, and they're recurring products. Even though it was the third quarter, very end of Q2 into the third quarter was the first time in 2025 that it actually started generating revenue. It was responsible for almost 1/2 of the total revenue for the year for 2025. In 2026, we see that obviously to be even stronger. Of the CAD 150 million floor, we see an organic growth from our first two verticals year-on-year, as we can probably see from a different slide. We expect it to be closer to 2/3, if not even stronger. Yeah. Okay. Yeah. [audio distortion] For sure. Again, we're not just another telehealth company. That's actually only one layer of our overall infrastructure. Those doctors are independent contractors of our medical company. Again, depending on the vertical, whether it's the nursing side, the bricks and mortar side or the direct-to-consumer side, they might need different things. Like testosterone replacement therapy, for example, which would be one product on our third vertical. That's a DEA-controlled substance. That doctor would need a specific license. We have it grouped, and we have it structured per what the need is for that vertical. They're independent contractors, and we can scale that up as much as we want. Yeah. Okay. [audio distortion] For sure. Great question. Again, if it was a super simple answer, if we were a tech company, it's super easy, right? There's a couple of onboarding steps and you're done. Not all licenses are equal. That's the difference. We have them in different categories. Category 1 would be somebody who did very well from a marketing perspective in the previous years, has an issue with how they were founded because a lot of them did, they ignored corporate practice of medicine, so they need certain things. They'd be Category 1 because they're coming with existing customers and it's now just a migration process onto our medical. Number two would be businesses that are coming, and they're actually set up pretty good, but they're only set up for one state or for one or two categories of that. Again, they can't expand. Again, they have customers. Again, we'd consider them Category 2. Category 3 would be businesses who are in the perfect. They have the perfect customer type, customer profile, supplement companies, gym franchises. I'm just giving a couple of examples. They're coming not only with the right type of customer, but the, in most cases, a very large budget. We'd consider them Category 3. We wouldn't even include those in any projections because they have to get their marketing going. When you see the influx from Q4 to Q1 or into April should I say, a lot of that was guardrails from a legality perspective. People were either moving because their telemedicine company wasn't fully compliant or had got a letter from the FDA or something like that. They're moving over to something that is more holistic. Again, other companies have a layer of what we have. We're actually an ecosystem. Short answer to your question, there's different types of customers. Also, the Category 3s and some of the Category 2s, their LegitScript is a certification that you need in the U.S. to do any marketing on social media or on Google Ads, and that takes some time. We're enterprise level. It's actually one of our moats. We're enterprise level, companies love to join. Again, 70% of the questions on that, one minute left, 70% of the questions on that are around pharmacy and medical, they can pass anyway. It's not a case of pay your money and get your subscription or your certification. They literally can pass. Joining our ecosystem is one of the ways forward. Yep. Yep. Yep. Mm-hmm. Potentially, and I know I'm tight on time, in 2022, there was an acquisition. That's one of the reasons that this is such a good marriage between VST. They were a portfolio company. Hydreight at the time, I needed a big brother, a support to move this forward. Time is of the essence. Obviously, I'm a heavy shareholder already in VST from that acquisition. It was a full stock acquisition, no cash involved, as per my request. Yeah, that's one of the reasons it's such a good marriage. Yeah. Thank you. Thank you, guys.