Good day, everyone, and welcome to PyroGenesis fourth quarter and fiscal year 2025 financial results and business update conference call. At this time, all participants are in a listen-only mode. Now it's my pleasure to turn the call to the Vice President of Corporate Affairs, Steve McCormick. Please proceed. Thank you, Carmen, and good morning to everyone. I'm Steve McCormick, Vice President of Corporate Affairs for PyroGenesis. Thank you for joining PyroGenesis 2025 fourth quarter and full year financial results and business update conference call. On the call with me today is Mr. Andre Mainella, the company's Chief Financial Officer, and Mr. Peter Pascali, the President and CEO of PyroGenesis. The company issued a press release on Monday, March 30, 2026, containing the financial results and a business update for the fourth quarter and full year ended December 31, 2025, which can be viewed on the company's website at pyrogenesis.com. If you have any questions after the call or would like any additional information about the company, please email the Investor Relations Department and we will try as best as possible to answer any questions that are of a public nature, and which are allowable by financial market regulations. The email address is ir@pyrogenesis.com. We will shortly provide prepared remarks reviewing the operational and financial results for the fourth quarter and full year. First, a reminder that this discussion may include forward-looking information that is based on certain assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially from historical results or from results anticipated by the forward-looking information. The forward-looking information provided in this call speaks only as of the date of this call and is based on the plans, beliefs, estimates, projections, expectations, opinions, or assumptions of management as of today's date. There can be no assurance that this forward-looking information will prove to be accurate, and undue reliance should not be placed on this information. PyroGenesis disclaims any obligation to update any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information except as required by applicable law. In addition, during the course of this call, there may also be references to certain non-IFRS financial measures, including references to EBITDA, modified EBITDA, and backlog, which do not have standardized meaning under IFRS, and therefore may not be comparable to similar measures or information presented by other companies. For more information about both forward-looking information and non-IFRS financial measures, including a reconciliation of EBITDA and modified EBITDA, please refer to the company's management discussion and analysis, which along with the financial statements, will be available on the company's website at pyrogenesis.com and on the SEDAR+ website at sedarplus.ca. Finally, a reminder that PyroGenesis follows generally accepted accounting principles or GAAP, where revenue is accrued and reported not on sales, but on a model that reflects a percentage of the work completed for a given project during the reporting period. This can vary based on both the nature of the projects and on a client's own scheduling and logistical decisions, both of which can impact production milestones and the company's ability to book revenue from one quarter to the next. As stated in previous reports, the company's revenues are likely to be irregular quarter to quarter based on project timing, as stated above, or sometimes due to cash on hand. In this continuously fluctuating economic landscape, clients can face their own cash flow and scheduling challenges, which can have effect on PyroGenesis revenue. I'll start off the business overview with a quick review of some of the company's top-line results for the quarter, followed by a summary of some of the key business activities that occurred during the quarter before turning the call over to our Chief Financial Officer, Andre Mainella. For the fourth quarter of 2025, the company exited the quarter with revenues of CAD 3.3 million, a decrease of 21% year-over-year. For gross margin, for the fourth quarter, gross margin was 17% versus 41% a year previous. Andre will provide details regarding this number later in the call. As always, we like to provide some context for margin using comparison to some of the industries that the company serves. The aluminum industry is reporting at 16% margin for Q4. Industrial machinery and components is at 37%. Aerospace and defense industry is at 19%, and iron and steel is at 18%. In general, across much of heavy industry in Q4, margins have declined due to higher input costs for raw materials, labor, and logistics, as companies have struggled to pass through higher costs to customers and as geopolitical supply shocks impact production and shipping. For the full year 2025, revenue was CAD 12.57 million, a 19.6% decrease year-over-year. Margin for the full year was 30.2%, down from 2024's full year margin of 34%. Now on to backlog. PyroGenesis backlog stands at CAD 47.8 million, showing continuing strength in the company's order book. For those that need clarity on backlog is defined as signed or awarded contracts and provides visibility on future revenues for the company that will be added to the financial results over subsequent quarters as these awarded projects are started or as milestones are reached for projects underway, which is recorded based on a percentage of work completed basis. In management's opinion, a strong backlog helps to show the strength of the long-term outlook while also illustrating the wide variety and different types of contracts that the company can secure, what the company often refers to as its multi-leg stool approach. Now on to some of the key production highlights for the fourth quarter. Please note that projects or potential projects that were previously announced, but which do not appear in this summary update or within the MD&A or outlook, should not be considered at risk. Noteworthy developments can occur at any time based on project stages, and the information presented is a reflection of some of that information on hand for some, but not all projects. Projects not mentioned may have simply not yet begun, not passed milestones worthy of discussion, or not had their project status changed since the last reporting quarter. Starting with a brief reminder of the company's business strategy, PyroGenesis leverages 35 years of expertise in ultra-high temperature processes and plasma technology to create technology solutions for heavy industry and defense. From early-stage lab tests to pilot projects to full commercialization, the company's technology solution set is concentrated under three business verticals, energy transition, materials production, and waste processing. First, for the energy transition vertical, which provides plasma-based fuel switching solutions to help heavy industry electrify their high temperature processes, modify the energy mix, and lower emissions. In December, the company announced the signing of a CAD 1.3 million contract with a European cement industry customer for the supply of a plasma torch system for the electrification of a calcination furnace used as part of a cement production process. A calcination furnace can be used for the high temperature processing of limestone, quick lime, and trona to produce lime, clinker, and soda ash, all of which are key components of cement. The client is a global leader in mining and minerals within the cement industry. For this project, the client is testing the use of a CO₂-powered plasma torch for nine months as part of an existing multi-year initiative that aims to demonstrate that electric heating can substitute fossil fuel combustion in the cement industry. Also in December, the company announced the signing of a contract with a company engaged in large-scale battery recycling for the testing of high temperature plasma during the material recovery and new battery production process. The client is among the world's largest recyclers of batteries. The contract is for a testing program to examine how plasma can be used in the recovery of cathode and anode materials from end-of-life lithium batteries. In the Materials Production business vertical, which encompasses the development of chemical-free material production systems and the production of in-demand materials for manufacturers. In December, the company announced the signing of a 0.5-ton contract with a global aerospace leader for the supply of titanium metal powder produced by PyroGenesis' next-gen plasma atomization process. This contract was achieved as part of a competitive bid process and represented the first order received since official supplier status was granted to PyroGenesis by the client after a multi-year certification process. The contract is for the supply of coarse cut Ti64 powder with a particle size of between 45 and 150 microns. The powder is to be used as part of the customer's aerospace research and development program. Also in December, the company announced the signing of an initial order of fine cut titanium powder produced by PyroGenesis' next-gen plasma atomization process. This customer is a contract manufacturer specializing in titanium-based additive manufacturing for the consumer product and healthcare industry. The contract is for the supply of fine cut Ti64 powder with a particle size between 20 and 53 microns for use in the client's laser powder bed fusion or LPBF printing systems. In December, the company announced the delivery of 3.5 tons of titanium powder under a new powder supply agreement with the U.S. minerals and metal technology company. This contract is for off-cut titanium powder, which are powders produced during PyroGenesis plasma atomization process, but which are not currently being used by the existing range of commercial metal 3D printers used in industrial additive manufacturing. PyroGenesis will supply the client on a recurring basis as needed. The client uses their patented technologies to produce high-performance alloys from titanium and other critical minerals that are essential for advanced U.S. industries, including space, aerospace, defense, consumer electronics, hydrogen, electric vehicles, and additive manufacturing. The client produces alloys from a variety of sources, from original minerals through to certain metal powders. Finally, to the waste processing vertical, which provides for the safe emission-free destruction, remediation, and valorization of industrial, chemical, agricultural, and municipal waste, both on land and at sea. In December, the company announced the signing of an initial design phase contract with a European organization specializing in radioactive waste processing and nuclear decommissioning toward the potential use of plasma in the destruction of low-level radioactive waste, which includes items that are contaminated by contact with radioactive products, systems or processes, but that are not radioactive themselves, such as tools, gloves, paper, and rags, as well as some parts and components used within nuclear facilities. The contract will help define the technical specifications, the sizing, and the design parameters for a potential subsequent engineering and build phase for a plasma-equipped furnace and the related peripheral components required as part of the potential construction of a radioactive waste vitrification and treatment plant in Europe. Post-quarter end, in January, the company announced it had signed an agreement with the National Security and Defense Division of a U.S. multinational engineering infrastructure corporation to jointly pursue contracts for the safe destruction of chemical weapons in Syria. Under this agreement, if these pursuits are successful, PyroGenesis would provide its PACWAD technology, which uses high-temperature electric plasma to eliminate a variety of dangerous biological warfare agents and chemicals, including sarin, mustard gas, soman, VX, and others, as well as associated auxiliary systems and various engineering, training, operational, and after-sales services to various locations where required in conjunction with its defense partner, with the Syrian government, and organizations related to the prohibition and remediation of chemical weapons. The exact number and scale of the PACWAD units required is to be determined during the upcoming tendering process. To read about these and other events and updates, as well as some of the many ongoing projects not discussed on this call, please refer to the corresponding section of yesterday's news release or to the management discussion and analysis document, in particular, the outlook sections of each. I'll be back at the end for some final thoughts, but at this point, I'd like to turn the call over to the company's Chief Financial Officer, Andre Mainella, to provide more details about the fourth quarter and full-year financials. Andre. Thank you, Steve, for the detailed business overview, and thank you to the listeners for being on the call today. I'd like to continue with the review of PyroGenesis' financial performance for the recent quarterly and fiscal 2025 results while providing a little more insight into key items. For Q4 2025, PyroGenesis recorded revenue of CAD 3.3 million, a decrease of CAD 0.9 million when compared with Q4 2024. The main product line responsible for this was DROSRITE, which decreased by CAD 1.9 million as Q4 2025 focused on commissioning and operational ramp-up rather than the larger fabrication milestones recognized in the prior periods. Biogas upgrading and pollution control sales decreased by CAD 0.5 million due to fewer milestone achievements in the quarter compared to significant completion in Q4 2024. This was offset by TORCH-related sales that increased by CAD 1.8 million, reflecting stronger progress in late-stage fabrication, shipment, and preparation of systems at client sites for installation and commissioning. If we look at annual comparison, sales decreased to CAD 12.6 million, down from CAD 15.7 million in 2024. DROSRITE-related sales decreased by CAD 2.7 million. Prior year revenue included significant project completions, milestone achievements, and higher ancillary services did not reoccur in 2025. Ongoing commissioning provide only a partial offset. Support services related to U.S. Navy systems declined by CAD 1.4 million, reflecting a shift from extensive fabrication and inspection in 2024 to final inspection and delivery preparation in 2025 for the remaining assemblies. This was offset by increases in biogas upgrading and pollution control-related sales, which increased by CAD 1.8 million, reflecting advancements and commissioning of large-scale projects and strong execution throughout the year. As mentioned earlier, SPARC-related sales are up CAD 0.5 million, reflecting delivery and commissioning activities currently underway with the team on-site supporting the installation. As of March 30, 2026, our backlog of signed and/or awarded contracts stands at CAD 47.8 million. These contracts are spread across the various revenue streams and expected to be recognized into revenue over the next 24-36 months. It's important to note that the majority of the backlog is in foreign currency, whereby 84% is in US dollars. Gross profit for the quarter is CAD 0.6 million or CAD 3.8 million year to date. This represents a gross margin of 17% and 30% respectively. The Q4 margins appear lower due to higher material costs, especially related to the current phase of the TORCH system, namely late-stage fabrication and preparation. The last quarter of the year often includes project cost adjustments, which translate to lower perceived margins, but finally, these costs were offset by reduced subcontracting and labor expenses and non-cash amortization expenses. In the recent quarters and looking forward, the company continues to control manufacturing costs by optimizing product sourcing and competitive manufacturing expenses. Now let's turn to operating expenses. Selling, general, and admin expenses totaled CAD 5.8 million in Q4 2025 and CAD 15.7 million for 2025 year to date. It's important to note that in the 2024 fiscal year, the company recorded a significant reversal of expected credit losses, which were no longer needed given that the accounts receivables were collected. This gives the impression of lower than expected 2024 SG&A expenses. Once adjusted for this accounting treatment, Q4 2025 expenses are lower by CAD 0.3 million for employee compensation, CAD 0.7 million for share-based expenses, and this was offset by greater expenses in the quarter following a review of the patent portfolio and costs. Leasehold improvements were also amortized quicker following the non-renewal of a lease. Finally, a foreign exchange charge negatively impacted the results. For year-to-date SG&A, we experienced the same anomaly with the comparative figures. Again, if we exclude the impact of the credit loss reversal, which was CAD 6.9 million in 2024. The annual SG&A expenses are actually down by over CAD 1.5 million. Once more, the main drivers for these reductions are employee compensation due to less headcount, share-based compensation, office, general, and depreciation expenses. Unfortunately, foreign exchange for the current year resulted in an expense variation of CAD 0.9 million. The company has realized actual cost savings from its cost optimization approach and continues to execute this plan going into the future years. As noted, almost CAD 2 million across various categories of SG&A were saved year-over-year. Net R&D expenses for Q4 2025 and for full year 2025 remained comparable to prior periods, while the company continues to support and develop its current and new technologies. Throughout the year, the company continues to benefit from client-funded R&D projects which qualify for SR&ED tax credits. Next, let's look at the quarterly net financial costs, which is CAD 256,000. This expense is well within expectations. Interest expense diminished on the convertible loan, which was redeemed in the year, and other loans are approaching maturity, therefore also reducing the interest expense and accretion. However, this was offset by interest on the new secured loan that was issued in May 2025. The annual finance costs for 2025 are unusually low but are explained by one main item, the reversal of a milestone from a prior business combination, which generated a gain of CAD 1 million, thereby offsetting the 2025 financial expense. The fair value adjustment of strategic investments generated no income or expense in the latest quarter. However, annually, there was a CAD 3.1 million change in fair value. This is entirely driven by the decrease of the share price of HPQ common shares, which directly affects the value of the investment and the fair value of the warrant owned by PyroGenesis. Moving on to our comprehensive loss, which, as a result of the items discussed, is a loss of CAD 4.9 million compared to CAD 0.1 million income in Q4 2024. As detailed earlier, this was a result of lower sales and margins in the quarter, the SG&A expenses, and from the impact of the credit loss reversal. Finally, onto the year-to-date basis. The loss is CAD 8.1 million greater than 2024 due to the lower sales and margins, the impact of the credit loss reversal of CAD 6.9 million in 2024, as well as the larger loss from the change in fair value of strategic investment. This wraps up the financial review of Q4 and fiscal 2025. I'll now hand it back to Peter for additional comments. Thank you. Thank you, Andre. Hello, everyone, and thanks for tuning in today. As I stated in the news release yesterday, in 2025, despite exceptionally volatile geopolitical, tariff, supply chain, and energy supply dynamics that caused uncertainty across many heavy industry sectors and regions, we continued to press forward to achieve significant progress on several notable fronts. While our financial performance in 2025 did not meet our expectations, as we move into 2026, we are focused on converting our technological advances into improved financial performance while maintaining the flexibility needed to continue navigating a challenging macroeconomic landscape. Our multi-legged stool approach continues to bear fruit as it helps build sales resilience and guard against continued flux in the operational environment. This type of diversification allows us to continue to invest in the strategic initiatives that position us well for long-term growth. From a technological perspective, this is starting to show important dividends. Over the past year, we announced significant improvements to our plasma torches with respect to both power and process efficiency. First, data from an in-field system confirmed significantly lower operational energy requirements with savings of up to 45% when compared to legacy diesel burners. Tests for casting ladle heating demonstrated energy reduction of 80% when compared to pre-existing natural gas burners. More recently, I'm sure you've noted the results from a major live furnace trial with our clients, Rio Tinto and Alcoa, which demonstrated across-the-board savings when using our torches. 35% energy reduction, 20%-27% cycle time reduction, 24%-50% reduction in dross generation, all while maintaining metal quality and also lowering the hydrogen content of metal by between 40%-50%. These are the type of real-world results that attract interest not only from existing sectors but also from new sectors. In fact, we made our first inroads into several new industries during the year. These include radioactive waste, lithium battery recycling, and plastic waste management, while at the same time growing previous year's initial interest into firm contracts, such as with the two new contracts for clients in the cement industry, and most notably, we also signed major contracts with Norsk Hydro and Constellium. Two global leaders in the aluminum sector who are both embarking on live furnace tests using PyroGenesis plasma torches. Finally, 2025 saw important advances in two other key areas as well. First, the adoption of our titanium metal powders is starting to take hold. We announced a number of orders across both fine and coarse cuts of titanium powder. more importantly, we also created a new market to sell our off-cut powder that is produced during the plasma atomization process. Another significant success was demonstrated during the year with our fumed silica reactor project, which, if you know, in less than five years has gone from a government grant to investigate a theory to an operational plant that in the year, in 2025, produced material that meets or exceeds several levels of commercially available fumed silica product grades. These developments have not only attracted industry interest, but has also helped create our Materials Production business unit, a vertical that I believe holds significant promise for the future. As I said, we did not achieve all of our financial targets for 2025. Having said that, I firmly believe that as we continue to innovate and as more results are demonstrated from client projects, our revenue has to catch up to our technological progress. 2025 has given us the confidence to proclaim that it is now just a matter of time. We are a small company doing exciting, groundbreaking work with extremely credible partners, and we continue to make inroads with some of the largest companies across global heavy industry. I wanna thank our investors for supporting us on this incredible journey, and I'm excited by what's ahead of us over the next year. At this point, I'd like to turn the call back over to Steve. Thanks very much, Peter. On behalf of Peter, Andre, and our board of directors, I wanna thank our investors for their continued support. We look forward to providing additional updates in the very near future. A reminder once again to email any questions you may have about the company and its projects to our investor relations department using the email address ir@pyrogenesis.com. Thank you again and have a good afternoon. Operator, please end the call. Thank you, and this concludes our conference. Thank you for participating, and you may now disconnect.