Management's prepared remarks. We will open the line for Q&A sessions with covering analysts. A replay will be made available on the company's investor relations website following the call, so no worries if you do have to drop for any reason. Before we begin, please note that today's remarks contain forward-looking statements within the meaning of applicable Canadian securities law. Actual results may differ materially from those expressed or implied today. For a discussion of the assumptions and risk factors involved, please refer to the company's MD&A and other continuous disclosure documents filed on SEDAR+. Today's discussion also references certain non-GAAP financial measures, including adjusted revenue, adjusted gross margin, and adjusted EBITDA. Reconciliations to the most comparable GAAP measures are provided in the company's MD&A. And we're just going to give it a few moments here while I see some more people just joining in before I do turn it over. And just one moment. And we will just pass it off to CEO Shane Madden. Thank you, Abby. Good morning, and thank you for joining us, for everybody. Three months ago, we stood in front of you and told you that our record first quarter wasn't a one-off. That is the platform doing what it was built to do, and that the momentum would carry forward. This morning, I get to show you that it did. The second quarter was another record quarter for Hydreight, our highest revenue and gross profit quarter to date. We generated CAD 28 million of revenue, up more than 400% from the same quarter last year, and up 12.5% sequentially over what was already a record first quarter. And we did it while remaining solidly profitable. Adjusted EBITDA of CAD 3.2 million, an 11.5% margin, and net income of CAD 2.5 million, consistent with the first quarter. Look at the first half of the year as a whole, and the picture is even clearer. CAD 53 million of revenue in six months against CAD 9.9 million in the same period last year, and CAD 5.1 million of net income. Half a year into 2026, we have already generated roughly 50% more revenue than we did in all of fiscal 2025. This morning, I want to walk through what drove the quarter, spend a moment on how we are deliberately putting our balance sheet to work, and then take you through the results and our outlook. And then we will be taking some analyst questions at the end of the call. Last quarter, when we were asked what drove the record results, my answer was that there was no single driver, no single customer, no single product, and that this was exactly what made the results durable. One quarter later, I can tell you the same thing, and I can tell you it with more evidence behind it. Growth in the second quarter, again, came from every part of the engine at once. Existing partners continuing to ramp, new partners onboarding, and the pharmacy network and product catalog deepening underneath it all. Our direct-to-consumer platform, known as VSDHOne, generated CAD 22.8 million of revenue in the quarter, a business line that produced roughly CAD 700,000 in the same quarter a year ago. At the same time, our mobile medical services vertical grew nearly 30% year-over-year. This is broad-based structural growth, and that breadth is precisely why we believe it is repeatable and scalable. Next, I want to talk about our balance sheet, cash flow, and how we are leveraging it to drive growth. In the first half of the year, we deployed approximately CAD 8.7 million of cash into operations, and I want to be very clear about what this is and what it is not. This is not cash being consumed by losses. We were profitable in the quarter and profitable in the half on both an adjusted EBITDA and net income basis. What you're seeing is a deliberate investment of working capital into the launch and securing of customized compound product lines with our pharmacy partners. Funding we extend to the pharmacy partners to bring new products onto the platform and support existing ones. These products carry a conversion cycle of roughly 30 days- 180 days, and as the funding is repaid with associated profits, we intend to recycle that capital into the next product line. Think of it as the platform equivalent of stocking the shelves, so to speak, except we don't hold the inventory. We secure the supply to service our ecosystem. It is precisely this funding that helped drive the pharmacy sales growth you saw in first quarter and quarter's results. We expect the working capital to convert and recycle through the back half of the year with CAD 20 million of cash and a working capital position of CAD 35.1 million, up from CAD 15.7 million at year-end. We have ample capacity to keep making these investments where the returns justify them. On regulations, our message is unchanged from last quarter, and the evidence behind it keeps accumulating. The regulatory environment around digital health as a whole, telemedicine and compounding medications continues to tighten. That tightening remains a tailwind for Hydreight, not a threat. As we've always talked about Hydreight, we're a medical ecosystem very unique to the industry. This quarter, we didn't just get more evidence, we got the clearest illustration yet of how this dynamic works, and it came directly from Washington. Over the past few months, the FDA has fundamentally shifted its posture on compounded peptides. In April, the agency moved a dozen peptides out of its most restrictive category. That was the designation that had effectively kept them off the market and creating a black market of sorts. In July of this year, the FDA's Pharmacy Compounding Advisory Committee went a step further, voting to recommend that six peptides, including such peptides as BPC-157, one of the most sought-after substances in the recovery and wellness space. They recommended that those be formally added to the National Compounding List. A further group of peptides is scheduled for review early next year. These are recommendations, not final rules. The formal rulemaking process still has to run its course through the FDA, and it will take some time, but the direction of travel is unmistakable. The regulatory framework is moving towards structured compliant access of these new peptides and wellness medications, and structured compliant access is exactly what we have built over these last eight, nine years. Think about what this means in practice. Every one of these peptides represents enormous pent-up consumer demand. Demand can see building in real time, but accessing that demand at scale requires precisely the infrastructure that is hard to build. Licensed prescribers in every state, compliant telehealth workflows, pharmacy relationships, and the regulatory discipline to keep pace with a framework that is still being written. An operator trying to do this alone has to solve all of that before they can sell their first order. An operator on our platform does not. Hence the traction and number of licenses I think that we've all seen here over this last 12 months. This is where the leverage of our model does its work. As these categories formally open, we onboard them once to the platform, and then they become available for our entire partner base in a single motion. Our one regulatory green light becomes thousands of new revenue opportunities across our network on infrastructure that already exists. We're preparing exactly that. We believe the operators who move first compliantly will take the market. With that, let me turn to the financial results in more detail. Revenue for the second quarter was CAD 28 million, compared with CAD 5.4 million in the second quarter of 2025. Growth of approximately 420% year-over-year. Sequentially, revenue grew 12.5% over the CAD 24.9 million we reported in the first quarter. On adjusted revenue basis, which reflects gross cash receipts before the deferral of certain business partner contract revenue, we generated CAD 30.2 million versus CAD 7.3 million a year ago. For the six months, revenue was CAD 53 million against CAD 9.9 million in the comparative period. More than fivefold increase. Last quarter, we showed you our trailing 12-month revenue chart to illustrate the step change underway in the business. I want to update it. Our trailing 12-month revenue now stands at approximately CAD 78.4 million, up from CAD 55.8 million just one quarter ago and CAD 18.5 million four quarters ago. Before VSDHOne launched, that is more than a fourfold increase in 12 months. The consistency underneath that inflection also continues. This now marks 16 consecutive quarters of year-over-year growth, a four-year climb with the slope steepening. Moving below the revenue, gross profit was CAD 5.4 million, a gross margin of approximately 19.4%, compared with CAD 1.9 million or roughly 36% a year ago. As we discussed last quarter, the change in gross margin percentage is a function of the revenue mix. Pharmacy sales, which carry a lower margin, have grown much faster than our other revenue streams. The pharmacy margin itself was approximately 14% in the quarter, compared with roughly 17% in the first quarter, reflecting pricing concessions and initial transactions under several new supporting pharmacy partnerships. Our target economics on that business remain approximately 20% before discounts and incentives. One thing to consider on that side of it is the lowering of the cost of medications over the previous six months and over the last year, specifically in the GLP-1 sector. Operating expenses for the quarter were CAD 2.7 million, under 10% of revenue, compared with 36% a year ago. As we added pharmacy consulting capacity and sales and marketing to support new partnerships, that leverage flows through to the profitability. Adjusted EBITDA was CAD 3.2 million, compared with CAD 3.3 million in the first quarter and roughly CAD 200,000 a year ago. Our adjusted EBITDA margin was approximately 11.5%, compared with 13.1% in Q1, reflecting the pharmacy pricing concessions, lowering of some medication category costs such as GLP-1, and the growth spend I just described. Net income was CAD 2.5 million, consistent with the first quarter and compared with essentially a break even a year ago. For the first half, net income was CAD 5.1 million. On cash flow, as I discussed earlier, we used approximately CAD 8.7 million of cash in operating activities in the first half, driven by working capital deployed into receivables and pharmacy prepayments tied to the launch and securing of customized compound product lines. We closed the quarter with CAD 20 million in cash and working capital of CAD 35.1 million. Turning to our outlook. For the full year, we are reaffirming our guidance of CAD 150 million in revenue with adjusted EBITDA margin of approximately 15%-17%. With CAD 53 million delivered in the first half, we recognize this implies material acceleration in the second half, and we want to be direct about why we remain confident. Our guidance was always constructed as a baseline built from existing partner relationships and revenue attributable to the ecosystem as a whole. Currently active customer programs, observable transaction volumes and contracted demand, and the shape of the year reflects the timing of product line launches now funded and coming online. Partner cohorts that ramp with a lag after onboarding. The working capital we deployed in the first half is, in a very real sense, the second half being built. The drivers behind the full year number are visible to us today, and the ecosystem as a whole is far larger from a revenue perspective than the guidance. To close the second quarter extended every trend we showed you three months ago. Record revenue, sustained profitability, and a balance sheet being put to work deliberately to fund the next leg of growth. The regulatory landscape continues to move in our favor. Consumer demand across our categories continues to build, and the majority of the value in our existing partner base is still in front of us. Thank you for your time this morning and for your continued support of Hydreight. Very exciting times. With that, I will hand the call back to the operator to open the line for some questions. Thank you, Shane. I am just going to put up here. We will just take one moment before we open the line to questions. Perfect. I will be unmuting the moderators as well for these questions here as well. Just one moment here. We will begin with Gabe Long. Morning. Thanks for taking my questions and congrats on the progress. Shane, two questions I want to ask. First, I am curious if you can provide more granularity around what has been driving the growth around VSDHOne for the first half, specifically around number of live licensees and the product lines which have been the most popular, and how does that evolve as you get into the second half where you are expecting that big ramp up in revenues? Yeah. Thanks, Gabe. I think it has been more of an evolution of the model, as I said earlier in my comments. It was more the structural rollout and execution from a company perspective of the partners within the ecosystem getting more live. Of course, the opportunity arose last year where from a compliance perspective, the pharmacies themselves wanted to partner with a structural setup like ourselves, a 50-state medical ecosystem where there was one set of rules. Everything is compliant and all partners working through that protects both entities, the pharmacy themselves, all of the partners working on our ecosystem. So from a client acquisition perspective, from an interest perspective, that is where a lot of the ramp-up has been as you saw from Q4 to Q1 with the number of licenses, for example. From that point forward, it is more of an execution from a company perspective. In terms of the product lines, there has been a lot of diversity cleanups. So there was a black market of sorts from the B to the A to the compliance perspective. That has been normalizing as the FDA have brought out legislation. So again, it is more of a compliant structural drive towards a platform like ours. Obviously, the category one peptides that are already approved like your GLP-1s, GLP-2s in the correct manner, obviously produced with a prescription by a 503A, not a 503B. The other products, Sermorelin, NAD+, your glutathione, the category that are approved, and these are all compounded medications. So again, driving a compliant platform in a partnership with a pharmacy who also wants to only work through one sets of rules has been basically all part of the acceleration. And obviously working with the already approved peptides in preparation for the ones that we see it towards Q4 potentially coming out. That's kind of been just more execution, Gabe, than anything dramatic, more of an evolution of the model. Got you. No, thanks for that. Just as my follow-up, it would be helpful if you were able to walk through maybe some of the working capital accounts and sort of the cash conversion you are going to expect to materialize over the next several quarters as the growth of VSDHOne continues. If you can provide some expectations around days payables or DSOs, that would be really helpful. Yeah, absolutely. I think it's important to understand what's sitting behind that increase. A significant portion of the working capital build relates to the scaling of our pharmacy programs like I just identified. Partnerships, should I say. The establishment of new product lines, treatment lines, rather than simply traditional unpaid customer invoices. Hydreight and obviously its underlying medical practice, Healthcare Prosoft, we work and support compound pharmacies both directly and indirectly through funding or medical or infrastructure via our ecosystem. Sometimes that could be formulation, it could be just purely structural. That helps us establish new product and treatment lines, of course, and gives us greater control over pricing while helping to ensure the appropriate inventory is there. With the expansion of licensees, of course, capacity becomes one of your number one things that you have to watch. Operational regulatory and compliance structures are already in place. That investment in working capital is one of the reasons you have seen the balance grow as rapidly as it has. Importantly, we ended the quarter with approximately CAD 20 million of cash and CAD 35 million of working capital, and the business still remained profitable. I hope that kind of makes sense. Yeah, I appreciate the update and congrats on the progress. Thank you. Thank you. I will turn to Tania Armstrong at Canaccord. Please go ahead. Thanks so much. First one from me, guys. The pharmacy gross margin, I think it declined to 14% in Q2. You attributed some of the pressure to pricing concessions on new pharmacy partnerships. How should we be thinking about the timeline for those concessions rolling off and pharmacy margin normalizing back toward that 20% target? Yeah. Hi, Tania. A large part of that was actually the GLP-1 sector as a whole, so not the peptide sector. Of course, we as an infrastructure do far more than just that. But that price drop, so to speak, in that one category of product has been significant. Obviously, pretty heavy this last six months, but was dropping for the last 12 months as a whole. Now, the interesting thing is part of that drop was due to the kind of black market and gray area. So a lot of the pharmacies that were doing it compliantly were actually price comparing themselves to pharmacies that were not doing it compliantly. Hence like a B product shipping out. That is starting to normalize as the FDA have actually started going after the pharmacies themselves from Q4 of last year. We're starting to see those regulatory changes happen. As recently as last week, there was 200 pharmacies that got reprimanded. We've been seeing this throughout this year actually, but the price challenge remained, but it's starting to normalize now. What you're seeing is a move towards compliant supply through the proper state and federal laws, i.e., 503A compounding with a prescription, and that price war, so to speak, against the pharmacies and customers that were doing it non-compliantly is starting to normalize. Obviously, then you have the other products. Being able to partner with a pharmacy at a production level gives our ecosystem the ability to not have to engage in these price wars. We're now essentially creating lines directly with the pharmacy to support our ecosystem and be able to manage price that way. Okay. I guess switching gears a little bit, since the July recommendation and looking toward potential FDA action in January, have your 503A pharmacy partners that you work with begun preparing capacity or capabilities for those six new peptides? Have you expanded or been looking to expand your pharmacy network to get into a good position for a potential launch? Absolutely. That was the whole premise behind the move towards these greater pharmacy partnerships is, one, being able to control currently what you're doing compliantly on the platform. Two, be ready for the explosion, of course, and demand explosion, should I say, of these peptides once they become available. There is a lot of process to that from the pharmacy side. So being ready for when those are available compliantly was one of our main reasons for these partnerships, and we have expanded it into multiple pharmacy partnerships now. Because again, one of the challenges you run into on an ecosystem like ours, which is B2B, and obviously we have the visibility into the revenue of those partners, is capacity. It's something that we're actually not recently looking at. We've been looking at that since the middle of last year, which culminated in our first partnership that we described in Q4. Since then we've done a number of others. Okay, excellent. If I may sneak one more in. You've already touched on it, I think Gabe kind of alluded to it, but we did see that significant working capital build in H1. You explained very well what that is attributable to. How should we expect that investment to trend over the coming quarters? Should it normalize? I know you mentioned recycling some of the capital back into new investments as it comes through. Will we see another material investment like we did in Q2, or should it come down over the following quarters? Yeah, absolutely. A lot of this is structural, and again, it's not just one thing. It's a structural partnership with the pharmacy. Sometimes that involves funding of products, sometimes it involves just purely structural things from a tech perspective. But it's not an ongoing, continuing, revolving cycle. A lot of it was structural in nature. A lot of the costs on creating product lines are at the start, and there's a whole process to that. It's even expanding product lines. It's not necessarily about creating just brand-new ones. It's more expanding sometimes current ones. Again, those costs are typically structural at the beginning and not just ongoing. As we scale, we don't have to continue recycling. Just on that point, these prepayments, they're not your traditional prepayments for products. It's based on the market demand, anticipated requirements for current or new products, and then obviously establishing that. Yeah, it normalizes. It's structural in nature. As everyone can see with great growth, obviously there has to be investment in it to support that. Obviously normalizing Q2, Q4, and Q1 of next year is what we see. Thank you so much. I will get back in the queue. Thank you. Thank you. I believe that concludes the analyst questions as well. Perfect. Thank you, everyone. This does conclude today's conference call, and a replay will be made available on the company investor relations website at hydreight.com. We will also send out a recording to all those that have also attended as well. Thank you. Thank you very much. Thank you all for your questions and for joining me this morning. We look forward to updating you on the third quarter in a few months' time. Have a great day. Thank you all. Thank you all. Bye now.