Welcome back, everyone. Next, we have Route1 Inc., trades on the TSXV under the symbol ROI, and on the OTCQB under the symbol ROIUF. It's an operational technology company focused on parking operations, ALPR ecosystems, operational intelligence, secure mobility, and lifecycle operational engagement. Happy to welcome President and CEO, Tony Busseri. Nice to see you, Tony. Welcome to the conference today. Go through your presentation, and we'll take questions at the end. All right? Awesome. Good morning, folks, or good afternoon, wherever you are. Again, thank you to Anna and the Emerging Growth team for hosting today's event. Appreciate it. My name is Tony Busseri. I'm the Chief Executive Officer of Route1. We're joining today because we want to explain what Route1 is becoming and why that matters. We believe we are entering into a very important phase in the company's evolution. This is not a presentation about a single quarter or a single half year. It's a presentation about a business model that has been developing over several quarters and is now beginning to show visible signs of traction. Next slide is our legal notices. Please review them. I'll give you a second to do that. I'm not going to read all the forward-looking statement language. If it's okay with you, I'll get into today's presentation. We believe, again, Route1 is at an important stage in our evolution. Financially, Q1 was a better quarter than the same time last year, with 15% year-over-year revenue improvement. We generated positive operating cash flow and operating performance improved materially versus the prior year. Excuse me. Operationally, we continue expanding our support plan business, and we're going to talk a lot about recurring revenue today, so bear with me as we build upon this theme. Route1 ABI continues gaining traction, and that's our data analytics tool that's used towards outcomes for our clients. We launched Mr. Parking, an AI tool that we're going to talk more about. Mr. Parking, and it's important for me to state this, was developed using Route1's internal software and operational expertise built over many quarters servicing customers in the secure remote access arena, parking management, and operational intelligence. At the same time, we have improving financial results, a shifting operating model that I think is quite attractive. We have the market that's moving in our direction, and we're going to talk about this, too, today. Operators increasingly need, and operators I'm speaking to are principally in the parking management and public safety verticals. They need accountability, visibility, compliance, and measurable outcomes. We believe multiple independent signals are beginning to confirm the same underlying shift. Route1 is moving towards a recurring revenue-based business model, operational engagement, and operational intelligence. I'm not going to spend time again hammering on what we saw in the first quarter of this year, but it's important to state Q1 is a transition quarter. Q2 is going to be a transition quarter. We are not yet finished with our transition, but we do believe the operating model is beginning to take shape. Let's talk again about things that are important to us. Again, I could talk about revenue and operating cash flow, but what really excites me and what I want to focus on is our recurring revenue. The run rate recurring revenue generated by our software applications and our long-term services model contracts crossed over US$1.3 million as at March 31st of this year. Our AI parking management team now has a tool called Mr. Parking that happens to become a force multiplier for our parking management client base. Mr. Parking is currently in its learning phase, leveraging, excuse me, AI-assisted workflows and operational data as we continue refining the platform. There was support plan expansion. Route1 ABI activity continued to expand. Putting this together, it's about recurring revenue. We generate recurring revenue from supporting our clients, dealing with their data, and creating actionable business intelligence, and now have a force multiplier like Mr. Parking that assist in the execution as that data comes forward and gives a direction of the things they should be doing. Ultimately, we believe the business is evolving towards, again, recurring operational engagement, workflow intelligence, and operational accountability. Let's talk about expanding beyond infrastructure deployment. If you knew us in the past life, you may have known us as the MobiKEY guys with the secure remote access technology, and more recently as the deployment and support partner for many public safety and college parking management clients. Those businesses remain important to us, but they are no longer the entire story for Route1. We believe our internal software, operational, and industry expertise give us the ability to build practical AI-assisted applications that support that objective. Infrastructure deployment evolves into lifecycle support. Lifecycle support evolves into operational intelligence, which then evolves into workflow orchestration. That orchestration creates recurring operational engagement. This overall creates deeper customer relationships, which in turn create greater visibility into customer operations. It creates opportunities for recurring revenue expansion. We believe this evolution positions Route1 to participate more directly in operational performance, accountability, and long-term customer outcomes. Bottom line, we believe that it creates greater value for both customers and our shareholders. The Route1 growth engine. Now I could sit here and talk in detail, but I want to give some high-level information and then follow up with some recent specifics. This is the single most important slide in today's presentation. Everything we are doing ties back to this model. It begins with a support plan relationship for our parking management, our public safety client. That support plan creates engagement and operational trust. That relationship creates opportunities for Route1 ABI, our data analytics package. Route1 ABI provides operational visibility and intelligence. Mr. Parking sits on top of that foundation. Mr. Parking turns data and operational experience into workflow recommendations. Together, these components create recurring operational engagement. This model also creates multiple monetization opportunities. We can expand inside of existing accounts over time. We often describe this internally as a land and expand strategy. Now let's talk about some recent data points, and I'm not going to, again, read off every point on the slide, but Mr. Parking is our AI-assisted operational support initiative. We are positioning it not as a novelty tool. We are positioning it as a practical operational tool. The goal is simple: help operators make better decisions, improve enforcement efficiency, identify operational gaps, recommend workflow improvements, support measurable operational outcomes. We believe Route1 has an advantage because of our operational data. We work inside of real parking environments every day. We have ABI integration, we have customer relationships, and the more operational data the system processes, the more valuable the recommendation can become over time. Route1 stands by business intel or, excuse me, Route1 ABI stands for Route1 Actionable Business Intelligence. ABI helps operators understand what is happening in their environment. It measures activity, it identifies gaps, it supports performance analysis, and enables data-driven decision-making. The progression is straightforward. Data becomes visibility, which in turn becomes intelligence, which intelligence supports decisions, better decisions, improve outcomes. We believe operational intelligence will become increasingly important across parking, mobility, and enforcement operations. This industry has historically been transactional related, and we are now looking at outcomes as the driver for our end users' success, and in turn, our success. Recurring revenue growth. One of the most important aspects of our strategy is that. Recurring revenue is also one of the primary drivers of our long-term growth strategy. Again, as of March 31st of this year, our run rate recurring revenue exceeded $1.3 million. Recurring revenue creates stability, it creates engagement, it creates opportunities to expand customer relationships. Existing customers are increasingly becoming opportunities for Route1 ABI, workflow support, and broader operational engagement. Punchline: We believe recurring revenue is one of the key indicators you as an investor should monitor over time. This slide is filled with recent examples. I guess to me, what I would want you to take away from this is our business is not centric on one geography, one environment, one type of end user. It's those in the public safety and parking management space that principally have decided to engage with license plate recognition technology or related tools. We deliver those tools initially, we train the operator, we then provide a data analytics package. Those data analytics provide an understanding to areas for improvement, and we work with the operator on improving. Every week, every month, every quarter, we continue to do this. Ultimately, we become the expert for them or the subject matter expert. We become an invaluable resource and part of their team in executing. We don't own the outcomes, but we certainly assist and show areas for improvement for the operator, and that ultimately is what they should be focused on, running better parking operations or creating or enhancing public safety. Couple ones I do want to point out on this slide. The first one is Washington State. It's a state that recently has adopted legislation called SB 6002, and it regulates how operators can use video capture-based technology using license plate recognition within sensitive areas. Think of hospitals, think of doctor clinics, and the regulation of that has posed a challenge to those that are deploying LPR. We now sit beside them, evolving the LPR technology, evolving how they map out their tool and get the outcomes they want while still staying compliant. We become a valuable partner, whether it's the University of Washington, or it's the City of Seattle, City of Mercer Island, et cetera. We become not an installer, we become the operational partner to deal with governance, to deal with compliance, and to deal with better outcomes. That could be revenue enforcement or parking behavioral changes. Historically, most of Route1's revenue has come from technology, services, and support. When we think about the various streams that we can have in recurring revenue, again, for sure, it's software. Again, for sure, it's services revenue. What I'm excited about is the numerous new opportunities that are coming forward for us to gain a greater role in working with our clients to plan their future and hit on their particular outcomes. One of those recent projects I'd like to highlight is working with a long-time client you may have heard of. It's called LinkedIn. They have their own parking management operations for their own clients and guests, and we are working with them now on delivering an autonomous robot for parking enforcement. No one else in the world has done this. We're pleased to be working with them on this type of initiative. Parking enforcement will continue to evolve, whether it's a safety reason, it's a simplicity reason. These are the type of projects we are working on that will drive greater recurring revenue, that moves us up the, what you might call the food chain of how valuable we are with our partners towards the execution of their strategies. We believe there's a number of signals in our industry that would suggest what we're offering is in high demand. We are just in the first couple innings of this nine-inning baseball game. We think we have the right strategy, we have the right people, and the right technologies that together will give us very sticky relationships with end users and it'll allow us to drive and evolve technologies. We're going to talk about Mr. Parking again in a couple slides. We think we're extremely well positioned for a market that's starting to mature and is far more interested in looking beyond revenue and violations and buying permits. We're talking about safety and parking operations. Again, why our model matters, excuse me. It really goes to two things, right? What the market needs and what's our response to it. Let me hammer on this fairly quickly. Customers increasingly need accountability, visibility, they need workflow support, and they need operational efficiency. We believe our platform addresses these needs with Comprehensive+ support accountability, Route1 ABI supports visibility, Mr. Parking supports workflow assistance, Lifecycle Engagement supports operational efficiency. Holistically, we believe the industry, again, is moving towards integrated operational ecosystems rather than standalone deployments. I need to touch again on our financial performance. It's a Q1. We're at the start of where we want to be. We are encouraged by the direction. At the same time, we remain focused on improving operating leverage and growing recurring revenue. Let's talk about our IP real quickly. We continue investing in workflow orchestration. We continue investing in actionable business intelligence expansion. We continue investing in operational automation. We have filed two AI-related patent applications here in the U.S. The objective is not to chase technology trends. The objective is to protect and strengthen our operating platform. We believe operational workflow ownership and AI-assisted orchestration may become increasingly valuable over time. Here's what we believe as management. We want to be realistic, though, about where we're at. Q1 did not deliver scaled ABI monetization. It did not deliver major enterprise conversions. It did not deliver full operating leverage. We are not claiming victory. What Q1 did demonstrate was alignment. Alignment between our strategy and the direction of the market, alignment between customer needs and our solutions, alignment between recurring engagement and financial performance. We believe that alignment matters. Hey, let's be clear about it. You can't win a baseball game having only played two or three innings. You can't win a football game in the first quarter. You can certainly lose it by being wrong with your strategy. We look at this as that we've made the entry into the game, we have some strong interest in what we're doing. The broader market seems to fit and, or want what we're bringing to the table. We're excited about the future. If I can be so bold, what I think you, as an investor, a stakeholder, should be watching during 2026 and the first half of 2027. Are we seeing expansion in our Comprehensive+ programs? Are we seeing additional clients adopt Route1 ABI? Are we seeing recurring revenue growth? Is Mr. Parking commercialized? Are we showing strong operating leverage? Are the strategic initiatives we've laid out evolving and being executed on? Our focus is execution. We believe Support Plans, Route1 ABI, and Mr. Parking create a framework for long-term recurring operational management. Our objective is to continue converting these opportunities into growth, recurring revenue, and strong financial performance. I hope I haven't rushed too much through today's presentation. These slides will be put on our website. We will also have a link to today's presentation on the slides. At this time, I'm done my formal part of the presentation. I'm glad to turn the meeting back over to Emerging Growth and take any questions. Fantastic, Tony. Thank you so much. Lots of questions for you. Let's jump in. Let's talk about what segment contributes the highest profitability today. What would that be? We don't really run our business by segments. We look at delivering a series of software services and buy sell of hardware to our clients. The highest profit margin for us would be in our software segment, followed closely by our services, we're not looking to make a ton of money off of the buy sell of hardware or third-party technology. When one looks at our financial statements, they'll see things such as a recurring revenue line, a professional services line, and hardware resale line. What people should be looking for in our quarterly results is my update on where we are with the recurring revenue and the revenue we booked in that quarter that comes from longer term contracts. Talk about any procurement trends that are helping or hindering growth. For sure, the fact that video capture-based technologies are now being considered by government in oversight, basically. How is that personally identifiable information, or PII, being secured? How is it being used? Depending upon the politics of a state, those rules or governance can be much tighter or a little looser. We're moving into an area of time, or a window of time, excuse me, where the use of technology can drive much better outcomes, there's much more oversight. I point again to the state of Washington. I think California is going to be fairly close behind them in adopting legislation that governs the use of LPR-based technology. Can you talk a little bit more about the governance? What government spending trends are creating opportunities for this right now? Right. LPR has many different uses, the type of clients we would see using it are cities, quite often downtown parking authorities. We would see hospitals, we would see colleges and universities, right? Then we have commercial operators that play in this space. Parking is, depending upon which report you read on, for the last 12 months here in America, it's a $30 billion a year industry with many segments within it. Parking for us, we could talk about a college in Florida, they're driven not necessarily by increasing revenue and ticketing more. They want to see their end users, those that come to park, change their behaviors. What do I mean by that? They want them buying their parking right prior to entering campus. What we're seeing quite heavily from government agencies, I'm not speaking about the legislation in this case, I'm seeing government as a client profile for us that's looking to maximize on the revenue opportunity, where certain states like Florida are moving away from property tax. Visitors to the state, they want those visitors to pay for the right to park as a smaller revenue engine for them. We are seeing government being engaged in wanting to change behaviors, again, as I'm saying with the parker, we see them quite active. Again, they may own hospitals, they may have the downtown parking, they maybe own or be a funder of colleges. We look at government as two perspectives, ones that legislate and ones that consume and buy what we're offering. What is the average sales cycle for a new public safety customer? I think that's a great question. Where government gets involved, whether that's a municipality, a city, a state, or federal authority, quite often you're working with budget cycles. Most of our listeners may not know that a number of the states here in the U.S. have a June 30th year-end. Right? There's an opportunity for sweep-up funds, at the same time, there's a number of parties that may say, "Hey, Tony, I want to upgrade my support plan from Elemental to Comprehensive+ but I need to wait till the first week of July." We're often playing with time of year as drivers when people will jump in and do something with us. A sales cycle, therefore what I'm trying to do is give you some color, could be as quick as 90 days, often goes from 180 days to three quarters. Talk a little bit about the opportunity in digital evidence management. Could digital evidence management become your largest business line? Yeah. We're not involved in the evidence management area. When we deal with public safety, what we're talking about is using license plate recognition technology to capture plate information that'll help with our safety authorities understand if a vehicle is inappropriately parked in an area or tracking where a vehicle is heading towards. We don't play in the evidence management arena. We play in the arena that's related to parking as well as public safety in the sense of, if there's a vehicle with a plate, obviously, understanding who that is. How should investors think about your long-term EBITDA margin potential? Look, our focus today is to, as we talked about this, when we talk about operating leverage in our system, we've made a big investment in people and technology to deliver on this business model. Each time we add in a new support plan, a new contract that includes Route1 ABI, that's basically 100% margin for us. Our EBITDA margin, here's the short answer to your question, should grow in the quarters to come as a result of layering in additional contracts onto a fixed cost base. Can you talk about how do software margins compare with hardware and services margins? Yeah. At the end of the day, a software margin really doesn't have any direct cost to it, so it's going to be extremely high. Our services margins, which is going out and doing training, installations, et cetera, the help desk support would be well north of 50%. On the transactional piece, the buy-sell of Genetec, AutoVu, their LPR technology, the buy-sell of a Panasonic Toughbook, that's going to go anywhere from a 3% margin to a 25%-30% margin, depending upon the nature of the opportunity. We're very much focused in competing in the marketplace with our recurring revenue. We don't want to discount services. We don't want to discount software or our support plans. We will get aggressive from time to time related to the hardware margins. We're not a transactional player. The history in this space has been the focus on taking an order, buying it, doing the installation, walking away. We think that's nuts. Our view is we want to have a fair and equitable return on the buy-sell and the installation, but we really want to work with that operator on their outcomes. Look, here's the simple answer to this, Anna. People don't buy LPR cameras for them to be placeholders or a paperweight on a desk. They're there for a certain objective. We want to work with them on a continuing basis to meet their immediate objectives, educate them on what they also can be, and then to deliver to them. There's no way we would have got to where we are with LinkedIn today, I mentioned this earlier today, talking about autonomous robots, and potentially that robot being fed by AI, and so it knows the route to follow that could be dealing and be impacted by, excuse me, the weather patterns, who's on campus during that day. So many things that the human being can't do on a minute-to-minute or hour-to-hour basis. I look at this in saying that if someone wanted to walk away from this, yeah, we're going to get aggressive with hardware pricing because where we're interested is that recurring revenue and that long-term relationship with the client, which should last well north of five years. Talk a little bit about your competitive advantage and what allows Route1 to win business against larger public safety technology companies out there. Yeah. Okay, now you're talking on an area that's really good, I think. We are a contrarian in this space. If you went to the space right now and researched some of the other players in it, whether it's a T2 Systems owned by Verra Mobility, whether it's a Passport, many of these players focus on the violation or ticketing. They focus on that aspect of parking management, which is a small piece of the whole overall parking model. We're contrarian in the sense that we want to work with the operator on all their outcomes. We're very much involved in the governance application. How do we stay compliant with new laws and legislation? How do we train people to adopt technology in the way that creates the best outcomes for them? Our model is new. We are different in the parking management and public safety space when it comes to using LPR. No two ways about it. There's risk with that. There's also huge reward. Our Mr. Parking, our AI technology, no one else is doing it. There's different AI-based technologies for writing tickets, for buying parking licenses or rights. I look at the space we're in as operationally focused, grindy, in the gutter with the operator, if you want to put it that way, and helping them as a force multiplier. Many people throw that term around. We're not looking to use AI to replace humans. We're looking to use AI to expand the capability of a parking team. That to me is the key difference with us. We're a leader right now in innovation in the parking management space. I'm real happy with that. We think that we have some phenomenal people on our team, whether that's a Han Xiao, whether that's an Elton Crawford, whether that's a Chad Carter, whether it's a Dan Fuccello. We have so many quality people with deep parking management experience, and their experiences wind up showing up in the intelligence of Mr. Parking. We think, again, we have the right technology, right business model at the right time. We're a leader in this area, and I suspect we're going to disrupt other people's business models. Fantastic. Well, there you have it. Thank you so much for that really great and thorough presentation, Tony. We appreciate your time, and we love learning more about Route1 Inc. Thank you. Cheers. Have a great day. All right, everyone, we'll be right back.