Welcome to the Taiga Motors Corporation second quarter 2022 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. Following the presentation, we will conduct a question- and- answer session, followed by an additional cautionary statement before we conclude the call. To ask a question, please press star and one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Shahroz Hussain, Director of Investor Relations with Taiga Motors. Please go ahead. Thank you, MJ. Good morning, everyone, and thank you for joining us. I'm here today with our Chief Executive Officer, Samuel Bruneau, and our Chief Financial Officer, Eric Bussières. Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report, MD&A, and in our 2021 annual information form regarding the various factors, assumptions, and risks that could cause our actual results to differ. With that, let me turn it over to Sam to begin. Good morning, everyone, and thank you for joining us today for our second quarter 2022 results call. The second quarter carried the momentum we built in the first quarter, marking an important milestone in our trajectory. We delivered 21 Nomad snowmobiles to customers and fleet operators in Canada and the United States during the quarter, and in total, we delivered 28 units from our pioneering production run in the first half of 2022. This very first limited production run served as a proof point of our technology and manufacturing vision. It also serves as a springboard for our ongoing production ramp up. I'll touch on our production in detail, but first, I'd like to take a few moments to reflect on the Nomad success. Given our snowmobile deliveries over the quarter, the feedback we've received continues to be overwhelmingly positive. Simply put, our customers love our product. The adoption of our revolutionary Nomad snowmobiles into fleets of Quebec National Parks and Wildlife Reserve agency, Sépaq, is a prime example of Taiga enabling fleet operators to achieve their sustainability ambitions. We've had other commercial operators express their satisfaction with the Nomad's performance and its role in decarbonizing their operations. Notably, we've seen fleets reach out for more orders post-delivery, which is truly a testament to the Nomad and our fully electric powertrain. Our products are truly revolutionizing the powersports industry. During the quarter, we were named overall North American winner in Fast Company's 2022 World Changing Ideas Awards. Taiga's electric off-road performance powertrain is featured alongside a list of esteemed global companies focused on clean technology, innovative corporate initiatives, brave new designs for cities and buildings, and other creative works that are supporting the growth of positive social innovation. This award further validates our mission and serves as evidence of the progress we have made towards changing how people connect with the natural world through our industry-leading modular electric powertrains, connectivity, and design. We expect to build upon the positive momentum we have gained in Q1 and Q2 for the rest of the year. For 2022, we continue to be focused on our three priorities, ramping up production and deliveries globally, building a culture of high-performance innovation, and increasing our brand awareness. I'll touch on each of these priorities briefly. On production and deliveries, we've completed our short snowmobile production run. During Q1, we were focused on attaining the required certifications and began streamlining our manufacturing processes, allowing us to ramp up production. In Q2, we tested our processes with a small batch snowmobile run. Key learnings on the snowmobile line have transferred over to the Orca, our personal watercraft platform, which again serves as a platform for the following snowmobile production run next year. Orca deliveries began in July, and we are now expected to manufacture the Orca till the fourth quarter due to supply delays on a few critical components. Our teams are working relentlessly and are getting ahead of the challenges based on supply chain. We have strategically invested in our supply chain in order to de-risk certain key components, and as a result, we're now in a position to progressively ramp up our weekly production later in the third quarter of 2022, with the expectation to deliver 2,500-3,500 units for 2023. The team is continuously focused on operationalizing the foundation of the Taiga production system, which includes, but is not limited to, progressing vertically integrated manufacturing, modular powertrain platforms, focused automation, and intelligent connectivity driving continuous improvements. All of which, along with our lean manufacturing approach, will support an accelerated and agile ramp up through the remainder of 2022 and into 2023. To get our products to market, we will continue to employ our four-pillar approach. The first two pillars are the core of our business. They are first the direct sales of snowmobiles and PWCs to recreational customers. Second, sales of our vehicles to fleet operators such as ski resorts, tour operators, and commercial fleets in multiple industries. As I mentioned earlier, we're continuing to see success here as well as with repeat orders following fleet deliveries. The third pillar revolves around supplying our modular powertrain assemblies to OEMs in adjacent industries. Our multi-generation powertrain is a modular hardware and software platform that is designed to simplify production and decrease development time for both Taiga and our OEM partners. Lastly, our fourth pillar involves aftermarket sales of parts, upgrades, apparels, and accessories. I'm proud to announce that during the second quarter, we launched Taiga's apparel store, the Taiga Shop, to the public and can now be accessed through Taiga's website. Our teams are crucial in Taiga's success. Throughout the last 12 months, we've also focused on building a great team and prioritize developing a high-performance culture. We've grown from a team of 54 at the end of 2020 to over 230 full-time employees by the end of Q2, and each one of our team members is vital to our mission. As we've developed bench strength, we've been conscious of the culture we're establishing at Taiga. In short, we're staying true to our roots and fostering a culture that rewards innovation and nurtures creativity. We've also been attracting talent that's vested in electrifying off-road vehicles, and as such, we believe we have built one of the largest and deepest teams of engineers working on EVs in the off-road segment. This is a key advantage for Taiga going forward. Being a pure electrics company has its benefits for Taiga's brand awareness. Our electric-only brand matters when our customers select our products, and it shows in the pre-orders achieved. During the second quarter, we crossed the 3,000 marks for our pre-orders. Pre-orders now stand at 3,054 vehicles as of June 30, 2022. This represents a strong 3% growth in our pre-orders in the past six months. Our initial snowmobile and PWC deliveries have largely been direct deliveries to customers. With the Orca deliveries expected to pick up pace soon, we have now started signing on Taiga service partners for our hybrid direct-to-consumer model. These existing dealers are important in scaling our business, and we expect to bring more partners online to support our forthcoming deliveries. We continue to maintain strong interest in applications from dealers, and by the end of the second quarter, our total number of applicants stands at 1,882. We continue to work diligently to ensure we select the optimal locations to service our customers and provide them with an experience that's tailored to their needs. Our pre-orders performance was achieved with limited marketing and is proof of the demand we're seeing for our products. For the second half of 2022, as we ramp up production, we'll also be doubling down on increasing brand awareness by offering more demos to current and prospective customers and media, and as well as investors. Setting out to electrify one of the most challenging vehicles in a segment is no small feat, but crucial in developing off-road vehicles of the future. The delivery of our Nomad snowmobile and Orca PWC is a realization of a vision to provide riders an electric experience without compromising off-road performance while preserving the environment. I would like to take a moment to highlight the magnitude of this achievement. Launching not one, but two historic revolutionary off-road electric vehicles in the span of 6 months is no small task. We've put over 6 years of work to get where we are today. We've had to develop novel solutions to electrify two of the toughest vehicles in the segment. We have been successful, and we're just getting started in pushing the boundaries of what our technology can do and laser-focused on ramping up the snowmobile on personal watercraft deliveries for the masses. All this would certainly not be possible without our esteemed team who embody our mission. Both of our launch vehicles were the result of multiple Taigans pushing limits on what was previously unimaginable. I'm extremely proud and thankful of our team for their dedication in getting our products to market. Again, we look forward to revolutionizing the powersports industry, and thank you for joining us on this journey. With that, I'd like to turn the call over to our CFO, Eric Bussières, to go over our financials for the quarter. Thank you, Samuel, and thank you for joining us today, everyone. During the second quarter, Taiga continued deliveries of a snowmobile from our short initial production run. We completed the sale of 21 Nomad snowmobiles during the quarter, and as a result, reported revenue of CAD 400,000. Let me take you through our expense line items for the second quarter of 2022. R&D expenses were CAD 1.6 million in the second quarter of 2022, compared to CAD 1.4 million in the prior fiscal year first quarter. The 13% increase is attributable primarily to the parts and molds used to produce the first unit and that had been expensed in the quarter. The majority of the development spend was included in the development costs eligible for capitalization as intangible assets. During the second quarter, CAD 3.3 million was capitalized of development costs relating to the snowmobile and the watercraft, compared to CAD 1.2 million for the same period. G&A increases to CAD 4.6 million during the second quarter of 2022, compared to CAD 2.3 million in the prior year's second quarter. The 98% increase is due to the significant increase in the number of employees for administrative purposes required to be able to run a public company and support key initiatives. G&A also included increases in insurance costs as well as listing and professional fees, also mainly due to a company becoming a listed entity. During the second quarter, our workforce grew 7% sequentially to 231 full-time employees. We're now through the majority of the planned hiring for Taiga. At this stage, we're focused on selective hiring for key functions. Sales and marketing expense were CAD 1.1 million for the second quarter of 2022, compared to about CAD 754,000 in the prior year quarter. The 41% increase is due to the increase in the number of employees required for the direct sales strategy. Taiga is continuing to aggressively increase digital marketing initiatives, and we have upgraded our corporate website to facilitate more streamlined and robust e-commerce capability. Our loss before other expenses was CAD 11.1 million in the second quarter of 2022, compared to CAD 4.5 million in the prior year quarter. The increase in the loss before other expense was primarily related to the increase in expenses I just mentioned. As of June 30, 2022, the company had approximately CAD 52.4 million in cash and cash equivalents. During the second quarter, the team focused on setting up process to ramp up production for the year on both snowmobile and personal watercraft platforms. The team secured an additional CAD 600,000 in inventory due to the work in progress leading to the first snowmobile units, while building inventory for the Orca production run. Inventory totaled CAD 23 million as of June 30, 2022. In the second quarter, we invested CAD 1.6 million in capital expenditure, which includes the purchase of manufacturing equipment, tooling, and R&D equipment. For 2022, production continues to remain limited by various factors such as supply chain pressure, availability of raw material and other components, manufacturing process optimization, and volume related cost efficiencies. For the remainder of 2022, production ramp up is expected to increase as critical components become available. For the Orca specifically, due to a delay in critical components, we now expect the Orca run to extend till the fourth quarter. While production this year was held back by multiple factors, we have invested in key components and processes to ramp up our weekly production with the expectation to deliver 2,500-3,500 units for 2023. I'd like to mirror Sam's earlier comments and reflect on the achievement of the launching two revolutionary off-road vehicles this year, the Nomad snowmobile and the Orca personal watercraft. Both products have been an absolute hit with first time riders as well as seasoned professionals. This is no small feat and is a testament to the progress Taiga has made over the last six years. We're now at the verge of ramping up our production volume, and for us to pursue our growth opportunity and various initiatives, we will require funding. As you may have seen in the outlook and its accompanying section in our MD&A this morning, we have been, we've begun a process to seek and secure additional source of funds. At this point, that's all we can say, but I will conclude in stating that we remain prudent with our capital and will continue to invest diligently and strategically for the next generation of off-road vehicles. True, it's a Taiga mission. Thank you. Now I ask the operator to open the call to any questions. Thank you. We will now begin the question- and- answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Our first question today comes from Cameron Doerksen of National Bank Financial. Please go ahead. Thanks very much. Good morning, everyone. Good morning. I guess my first question was just on, I guess, on the production kinda cadence here. I mean, you've indicated that, you know, the Orca is gonna continue to be produced into Q4. I mean, should we, I guess how do we think about snowmobiles, you know, production restarting? I just wonder if you can sort of talk a little bit about, you know, sort of how things are gonna ramp as we move through the next couple of quarters. Yeah, Mike, I can take that one. We're seeing right now, as mentioned, you know, production being impacted by three main factors, supply chain constraints, you know, manufacturing process optimization, and some volume related cost efficiencies. At the moment, with some delays in key components on the watercraft side, we're looking at a production ramp up later in the third quarter and continuing on throughout 2022 to ramp up to those numbers we were talking about in 2023, so 2,500-3,500 units. It's gonna be kind of a steady weekly throughput ramp up starting in the third quarter, to achieve that going all the way through to 2023, with the watercraft ending in the fourth quarter and, you know, transitioning throughout into snowmobile. We're not giving an exact time on the transition at the moment, but we have the capacity to run both in parallel and one after the other sequentially. Okay, it is possible that you'll be able to also deliver some snowmobiles in Q4. I mean, presumably a lot of customers would wanna have their machine before the winter sets in. Yeah, our plan is to start production towards the latter part of the Q4 on the snowmobiles and have deliveries that follow shortly thereafter. Okay. Maybe my second question, you know, just on the, I guess the sort of financing, I mean, you've indicated you're not able to say too much more on that, but maybe I can ask about, I guess, what sort of the cash trends are gonna be here the next couple of quarters. I mean, where does investment and working capital going to trend? Just any thoughts around, you know, what we should expect as far as sort of cash outflows for the next couple of quarters? Sure. Look, the burn rate of Q1 and Q2, right, has been hovering between CAD 15 million and CAD 18 million. In Q1 about CAD 15 million, about CAD 18 million in Q2. I expect similar burn rate in Q3 and Q4. The burn rate is not gonna be as much on further investment in working capital. I think I should say increase in the working capital because our expectation is we'll start to, as we deliver the Orca, the working, the inventory level should go down a little bit and make enough room for the snowmobile production run that we intend to start towards the later part of 2022, early 2023. There will be investment dollars required around machinery, equipment, tooling and the likes. Part of the financing strategy is to ensure that we have funding to, you know, support those investments, in the coming quarters. Okay. You know, as far as spending on the Shawinigan plant, I guess presumably that won't really ramp up until maybe the second half of 2023? Yeah, that's a fair assumption. As we've stated that we will kickstart the spending on projects toward the second quarter of 2023. Actual spend should start thereafter, right? There's a real cash spend. Okay. That project will be substantially financed as I think as you are aware of with the various governmental support that we have and some of the financing that we're putting in place also. Right. Okay, no, that's great. I'll pass the line. Thanks very much. Thank you, Cameron. Thanks, Cameron. The next question comes from Derek Dley of Canaccord Genuity. Please go ahead. Yeah. Hi, guys. I just wanted to touch on that, just the commentary you had on the revolver and the financing. Can you give us any indication of what size or range of size that you'd be comfortable with? Well, our objective is to have a credit revolver that would cover about 50% of our total working capital. I think that's what's in the radar for us. In terms of equipment, well, you know, the idea is to get funding of 50%-75% of the equipment investments that we're gonna make here in the coming quarters. Okay. Can you just remind us the government funding that you've received? Is it CAD 30 million with the potential for another CAD 20 million, and how much of that have you accessed so far? A great question. Yeah, we have secured CAD 30 million through the ESSOR program of the Investissement Québec initiative. We have, at this point, we have used no funds of that CAD 30 million, and that's funding that will be earmarked predominantly for Shawinigan. You're correct, we are in the process of securing an additional 20 million, about CAD 10 million with the bank program and about CAD 10 million or CAD 7-8 million to the SODES, which is essentially a development society. Okay, terrific. When we think about the outlook you gave or I guess the guidance for units delivered in 2023, can you give us any indication, you know, and again, it can be rough just based on some of the supply chain disruptions that are a little bit unpredictable, but, you know, what would be the split between snowmobile and PWC? Yeah. It will probably be skewed more towards the PWC in 2023 than the snowmobile. We're still a bit early for us at this stage to provide further clarity around the mix, but I think it's fair to assume that there will be a slightly higher production on the personal watercraft. Okay. Last one for me. Sam, you mentioned you've launched an apparel store, the Taiga Shop. Typically, what is the sort of associated accessories that are purchased when somebody makes a snowmobile or PWC purchase, and which of those product lines tends to have a higher level of apparel associated with it? A bit because of its nature, the snowmobile typically has higher apparel associated to it, given that you're operating in cold weather temperatures, so you're wearing a lot more gear than on the PWC. You know, we're seeing a nice uptake at the moment on the gear shop with the watercraft. We'd expect an increase for the upcoming season with the snowmobile, and we're gonna continue to build out that gear shop with not only apparel, but some additional accessories that would typically be purchased with snowmobiles and watercraft in the coming season. Okay, great. Thank you very much. Thank you very much. Thanks, Eric. This concludes our question-and-answer session. I would now like to turn the call back over to Samuel Bruneau for any closing remarks. Thank you all once again for joining us for our Q2 results call this morning. We're excited for what's ahead for Taiga and look forward to seeing you out on the water and the winter trails. Thank you. Before we conclude today's call, I would like to provide Taiga's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. This call may contain forward-looking information within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which this forward-looking information is based are reasonable under the current circumstances, listeners are cautioned not to rely unduly on this forward-looking information, as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made at the date of this call, and the corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. Please refer to the forward-looking statements section of our latest MD&A for more information in the risk factors section on our 2021 annual information form. Thank you for joining us for Taiga's second quarter 2022 results conference call. You may now disconnect.