Virtual Investor Conferences. On behalf of OTC Markets Group, we are very pleased you have joined us for our Global Technology Conference. The next presentation of the day is from TelyRx. Please note, you may submit questions for the presenter at any time. You can also view a company's availability for a one-on-one meeting by clicking Book a Meeting. At this point, I'm very pleased to welcome Vanessa Slowey, Chief Executive Officer, and John Cascio, Chief Financial Officer of TelyRx, which trades on the OTCQX Best Market under the symbol TELYF, and on the TSX under the symbol TELY. Welcome back, Vanessa and John. Thanks so much. Well, hello everyone, and thanks for attending today and coming to listen to our presentation. I'm going to talk you through a few slides on our company, so TelyRx. When did getting your medication become so hard? I'm not talking about the rare or the complex. I'm talking about the everyday. Think about an inhaler or an antibiotic, the refill that you already know you need. For most Americans, that's not hours, it's days, and sometimes it's weeks. We built TelyRx the opposite way around. It's around the patient. A patient picks from more than 450 everyday medications, and a licensed provider in their state approves it, and it can be at their door in as little as a few hours with no appointment, no insurance, and no line. It works. 43 million Americans, and we have $43 million in revenue last year, with over 50% compounded quarterly growth. 70% of our revenue is coming from repeat customers two years in. Most healthcare companies would kill for any one of those numbers, but that's TelyRx. We're live in 48 states, and we're built to scale. Let me show you how. The wait is over. I think that sentence on the screen isn't our entire company. We didn't improve an old system. We replaced it. Over the next 20 minutes or so, I'm going to show you three things, a market that has shifted permanently, the only model structurally built to serve it, and two years of numbers proving it works. Let's start with who it's for. Who is this for? Most healthcare companies chase the rare and the complicated. We went the other way, straight at the everyday. More than 450 medications, the antibiotic, the inhaler, the routine things people deal with all the time. These are the cases where the patient already knows what they need. They're not looking for a diagnosis. They're looking for access. Here's what we've learned. People will pay cash for that because the real cost was never just the price of the drug. It was the appointment they couldn't get, the afternoon they lost, and the days they waited. We give them that time back. For everyday medication, convenience wins. I told you the wait is measured in days, but here's where those days actually go because the pharmacy line is actually just the last step. It starts before you fill anything. The average American now waits over three weeks just to see a family doctor, the longest it's ever been. In Boston, a city full of doctors, that's 69 days. The visit itself. You drive over, sit in the waiting room, temperature, weight, blood pressure. Go in, doctor takes one look and prescribes the inhaler you already knew you needed. You're back in the waiting room, the insurance debate, copay or not, and finally, the prescription in your hand. You're still not done because now you drive to the pharmacy and stand in line. Every one of these is a place the old system makes you stop and wait. Watch what we replaced it with. Three steps. You choose your medication. An independent licensed provider in your state reviews and prescribes it. We then dispense and ship it to your door, and that's the entire journey. One order instead of all of that. Now you've seen the steps, here's what makes it different. It's what's not in it. No appointment, no membership, no insurance, none of the friction we just walked through. The pricing is just as simple because you pay the cost of medication plus a flat $22 physician review fee. That's it. No copay roulette, no surprise bill three weeks later. You know the price before you order. That's the whole model. Simple enough to explain in one slide. The obvious question is what you can actually get on it. Let me show you. Here's the portfolio, eight clinical categories, more than 60 conditions, and over 450 generic and branded drugs. The important thing here isn't the breadth, it's how deliberately we've chosen it. We built this portfolio for broad reach with minimal complexity. No controlled substances. Think high-use, low-risk, everyday medications. The medications millions of people take routinely, we're evenly split across men's and women's health. There's nothing exotic, nothing that needs a specialist. Here's what that buys us. We've no concentration. We're diversified right across these categories, no single product carries the business. That matters because a lot of digital health companies live and die on one drug or a trend, when that trend cools, so do they. We don't have that exposure because no single drug, no single category, no single fad drives TelyRx. That's durability, it's a real differentiator from the lifestyle players. We'll come to those when we look at the competitive landscape in a few slides. We're 100% cash pay. No insurance, no Medicaid, no Medicare, not one government reimbursed dollar. That's not a limitation. That's the design. Because being cash pay is exactly what's let us own the entire chain. Physician access, dispensing, fulfillment, end to end. Big players can't do that. Amazon, CVS, Walgreens are built around insurance. It's the core of their business, they're not walking away from that to chase our lane. It's not just that they won't, it's that they can't easily build what we built because the moment you serve Medicare and Medicaid patients, federal Self-Referral Law and Anti-Kickback Law turns combining physician prescribing with your own pharmacy into a compliance minefield. That's the world of CVS, Walgreens, and Amazon. That's the world they live in. Every one of them runs on government reimbursed dollars. We don't touch a single one of them. Those federal restrictions never reach us. For them, that's a regulation. That regulation is a wall. For us, it's an open road, and we're on the right side of it. Everyone in healthcare is fighting over the same $ 585 billion insured prescription market. Elbows in, margins thin. Everyone's crammed into that same room. Meanwhile, right next door, there's a $ 98 billion cash pay market that's grown 40% a year for the last five years, and almost nobody's serving it end to end. The discount players will sell you a drug if you bring your own prescription. The big pharmacies can't integrate because their whole model runs on insurance. It's just us sitting there wide open, and that's the market we're in. Here's the kicker. Patients pay us cash even when they have insurance. Think about that. They'd rather pay out of pocket than use a coverage they're already paying for, because convenience is worth more to them. That's not a discount story. That's real demand. Everything I've shown you depends on one belief, that the market has shifted and shifted for good. Let me tell you why we're actually confident. Because it rests on three forces, and not one of them is moving back. First, behavior. Patients have changed how they want healthcare. They want digital. They want control and clarity. They want easy access to provider and their medication without the friction. Once people experience that, they don't go back. Secondly, the economics. The economics of the old model are breaking. Traditional pharmacies are seeing margins decline, and they're pulling back. We saw about 2,300 close in 2024 alone, but that left over 50 million Americans living in what's known as a pharmacy desert. That gap isn't closing, it's widening. The third, the law you've just seen. The rules that block Amazon, CVS, and Walgreens from competing the way we do have been a federal law for more than 30 years through administrations of every stripe. That's not a trend. That's a bedrock. Behavior, economics, regulation, all moving in the same direction. That's not a moment. That's a permanent shift. That's the first thing I promised to show you, the market. Let me show you the machine that we've built to serve it. That was the market dynamics. How do we serve that market? This is where it gets interesting because we do it with remarkably little capital. We've two licensed pharmacies, one in Clearwater in Florida and the other in Dallas. In just these two facilities, we reach about 97% of the U.S. population across 48 states. We've placed them deliberately right next to major air hubs so we can cut delivery times and shipping costs at the same time. The machine is proven. We've now dispensed more than 1 million prescriptions since launch. Two facilities, two years, 1 million deliveries to doors across America. That's the model. We're 1 million prescriptions behind us, a national reach, minimal capital, and real room to run. John's now going to show you what happens when you put a model this simple in front of a market this big. Thank you, Vanessa. I'm going to use this slide to really provide an understanding of how we drive revenue and ultimately what we have accomplished to date. To start, I'd like to just emphasize that we are truly a data-driven, technology-enabled platform, and we have created a predictable cadence of growth, as you can see here in the chart. There's two primary ways in which we've driven revenue to date. One is attracting and acquiring the new unique customer, and you can see the reve nue ascribed to that new customer in the dark color within the stack bar chart. Two, it's simply retaining that customer through simply the quality of the product and the service offering that we have for our customers. This chart looks like something you would see for a subscription business. I want to emphasize that we are not a subscription business. We are purely attracting the new unique customer and retaining them. As Vanessa said, end month, roughly 70% of our customers are coming from the recurring bucket. Simply, the mechanics in which we drive this business is ultimately, again, attract that new customer through our digital marketing and advertising and simply retaining that customer. You can see every month the goal is to obtain that new customer. Then it builds the breadth of a recurring customer. You can see in the chart of actuals from inception through Q1 2026 of how that breadth of the recurring customer is growing over time. When I speak that we are truly a data-driven company, let me give you an example of what I mean by that. January of 2024 was our first month of commercialization. We did about $57,000 of revenue. Month two, February, we did about $150,000 of revenue. With that, we built our first financial model. We looked at the funnel metrics that drove those two months of revenue. What I mean by funnel metrics, it's what kind of traffic is coming to the website? Of that traffic, how much is paid search? What is their average cost per click? How many clicks does it take to get a one customer, which is essentially the conversion rate. With that, we built a financial model that forecasted in year one, we would do $9.6 million of top-line revenue. We essentially nailed that, coming in at $9.5 million. Using the same financial model and the funnel metrics of which drove the business for year one, we applied that for year two, forecasted $40 million of top-line revenue. We came in at $43 million of revenue. Again, really emphasizing the predictable nature of the model that we've created here. With that, let's take a deeper dive into the customer unit economics. What we've seen on average, the first transaction with a customer, the average order value is $104. Now, what makes up that $104? Largely, the medicine that we sell, the $22 doctor visit fee that we charge, roughly $8 to $10 for the shipping gets you to the $104. We've got about a 55% gross profit margin, which yields $ 58. We had a customer acquisition cost of $ 113. Then back out $5 for the variable cost, which is our labor, to fulfill that order. We lose about $60 on that first transaction, the customer is coming back. You're going to say, "John, what's the speed in which that customer goes from their first transaction to their second transaction?" Direct your eyes to the waterfall chart on the right-hand side. What we've seen with our customer base who complete that first transaction, nearly 50% of them are recurring customers. As you can see, 20% of that customer group has already made their second purchase by day seven, and roughly 60% of them have already made their second purchase by day 30. What we've seen is once that customer makes their first purchase, they realize that the product was as described, service is as promised. They're coming back to the website and going, "What else can I buy through TelyRx?" after we've built that trust. Direct your eyes to the bottom left side of this chart. The follow-on transaction, we've seen a 15% increase in their average order value, taking it to $115. Maintaining the same 55% gross profit margin now yields $65. We no longer have a customer acquisition cost because they're already in our system, and they're recurring, and so we make $60 on that transaction. Net-net, we've got about a three-month payback period with an average order value of $110. Continuing on to the next slide with the customer. Let's talk about the lifetime revenue of the customer. Well, to start, we truly don't know what the lifetime revenue is because we're only two and a half years in. What you see here is the actual lifetime revenue over the nine quarters that we've been in business. This is as of March of 2026. Looking at the dark line, first anchored value, average $104 on that first transaction. The dark line going to the $524, that is our Q1 2024 cohort of customers, and that continues to grow. $ 524 as of March of 2026. It was just over $500 as of December. We've seen about roughly a 5% growth and increase in lifetime revenue with that customer base, and that's still growing every period that persists. The other green lines you see there is the actual lifetime revenue by quarter of all of our other cohorts of our customers. What's fascinating to see is how close every lifetime revenue cohort is to that $ 524, representing that same trajectory and arc of continued lifetime revenue. The main principle we have is attracting that new unique customer. In Q1 2026 alone, we drove 69,000 new unique customers. As we move on to the next slide, what we've seen is the return on marketing. Really, since inception, we've recognized a 3x return on our marketing spend, meaning for every dollar that we spend in marketing, we're seeing a return of $3. We do believe that that number has room for expansion as we continue to build our customer base and layer on more repeat customers. As we look to our marketing plan, look, the primary objective of our marketing plan is driving eyeballs to our website. To achieve that, we believe that the message and the materials we have must focus on who we are, our service offering, and ultimately, our brand promise. So far, our message is resonating. The ease of interacting with the website, the cost transparency of every drug and service fee that we charge, and ultimately, the convenience of our service offering has really allowed us to achieve the growth that we've seen today. Marketing efficiency. This really emphasizes how revenue tracks the website traffic or sessions to the site. The relationship is clear. We drive increased high-intent traffic, and revenue grows. The dark line is the increase in traffic period over period, and then you can see layered on the impact of the revenue that we've seen to date. Keep it back on the last slide. One thing I want to really emphasize is, again, we're in year three of operations. The first year and the majority of year two, we solely used third-party agencies to handle a lot of our marketing campaigns for Google, Meta, and other social media channels. At the end of Q4 2025, we have 100% of our marketing team in-house. We have dedicated analysts focusing on our Google algorithm and our keyword strategy, dedicated analysts focusing on our Meta and other social media measures, and then also in-house specialists focus on our website, conversion improvements, and really focusing and investing in that organic traffic blend. Really excited to have those assets in-house to further our growth and our margin expansion. Here's a high-level view of our financial performance that we've seen to date. As I said before, year one, I'm going to focus your eyes starting on the right-hand side of that chart. Year one, $9.5 million of top-line revenue, 37% gross profit margin, and ultimately really flat on both adjusted EBITDA and free cash flows for year one. For year two, $43 million of top-line revenue, expanded the gross profit margin from 37% to 54%, and minus $2 million on adjusted EBITDA and roughly minus $2 million on operating free cash flow. As we look at Q1, we saw $19.4 million for the quarter, up nearly 37% over Q4 2025 revenue. Expanded the gross profit margin by a point to 55%, and minus $2 million on adjusted EBITDA, and essentially flat on operating free cash flow. The message is clear. The model is working. It's about maintaining the relationship with what our customer acquisition costs and understanding what our lifetime revenue is and maintaining that relationship over 4x period over period. With that, I'll turn it back over to Vanessa for the competitive landscape. Let's look at the competition. Let's talk about honesty, because the interesting question here is, it isn't who does it today, it's who could do it. Let's start with the landscape. We see it in four groups. Watch the pattern here. First with the lifestyle players, your Hims, Ro, Thirty Madison. They're cas h pay, integrated, definitely smart businesses, but narrow. They deal with four or five lifestyle conditions and a handful of products. They went an inch wide and a mile deep. You have the digital pharmacies. The couriers will deliver, but you have to bring your own prescription, so there's no integration. You've got mail order, Amazon, CVS, and that's the same gap. They're built around insurance. You have the pure telehealth, Teladoc and the like. They'll connect you to a doctor and then hand you a script and send you right back to the pharmacy line. Here's the pattern. Lifestyle is too narrow. Pharmacies don't dispense. Telehealth doesn't dispense. Sorry, pharmacies don't prescribe, telehealth doesn't dispense, other way around. Every one of them is missing a piece, but it's never the same piece. We hold all of them, 60-plus conditions, our own pharmacies, our own provider network, cash pay end to end. The question you're all asking, well, couldn't someone just assemble these pieces and come after you? Come after us? Honestly, yeah, they could. Let me tell you why they haven't and why it's harder than it actually looks. The players best positioned to build this won't. That's CVS, Walgreens, and Amazon, because they'd have to walk away from insurance, their entire business, and step into the self-referral and kickback exposure we just talked about. They're structurally blocked. The lifestyle players would have to abandon the narrow, high-margin niches they're built around and go broad. That's not an adjustment. It's becoming a different company. Which leaves us with a brand new entrant. Well, they'd have to build it all at once. Licensed pharmacies in the right states, a provider network across 48 states, and a cash pay acquisition engine that actually returns more than it costs from zero. While we're already $43 million in revenue compounding, with an infrastructure built and running at a third of our capacity. Can someone follow us? In theory, yes. They'd be starting the race we're already two years and 1 million prescriptions into, against the grain of everyone who already has the parts. That's the gap. We're the only ones standing in it. You've seen the size of the opportunity, and the only question now is whether this is the team to take it. I'll let the slide speak to the CVs, but I'll tell you the pattern. I grew up in my parents' pharmacy in the west coast of Ireland, and I've spent 25 years since scaling complex regulated businesses rapidly but prudently through to more than $3.3 billion in exits across this team. Finance, commercial, digital acquisition, pharmacy operations. Every discipline this business needs, built in deliberately. We've scaled hard things in hard markets before, this is the team to do it again. Let me bring this all the way back. Everyone needs medication. Universal, constant demand. What people want is exactly what we built. Fast, simple, transparent access without the wait and without the insurance maze. I don't want to leave you with that concept or even with last year's numbers. I want to leave you with what we have just delivered. Our first full quarter as a public company. In Q1, we did $ 19.4 million in revenue, which was up 180% on the same quarter last year, up to 35% on the quarter before it, and it accelerated inside the quarter. March was our strongest month yet, 55% gross margins, and the customer still costs us $113 and returns $ 524. That's the whole thesis, proven in a single quarter. The economics work, the market is $ 98 billion and wide open, and the integration no competitor can easily copy. A proven model, an open market, and a real moat, and we're executing on all three. Here's what I leave you with. Most companies at our stage are asking you to believe a story. We're not. The story's already on the page, public, audited, and accelerating. We've built the hard part and now you get to watch us scale it. Thank you, everyone. Hi, everyone. My name's Neil Weber, and I manage IR for TelyRx. We have a couple of questions that I'll read out. With the stock price where it is and a $6 target from the street, what do you see as the main catalysts to help close that valuation gap? Okay. We're going to continue to deliver results to the market. We've shown that this model works, and we'll continue growing revenue with prudent marketing spend. A high percentage of our new customers convert to repeat customers, and as that revenue wedge keeps growing, it will translate to the bottom line. It will continue to grow rapidly, but in a disciplined fashion. That will provide ongoing proof to the market that we're capturing a significant opportunity. Given that nearly half of new customers convert to repeat, and the cohort lifetime revenue has already reached about $524, what steps are you taking to push that lifetime revenue even higher as you scale beyond 1 million prescriptions? Yeah. I'll take that question. Massive opportunity. The roughly 50% of the recurring customer, that's a function of simply the product and services that we've done without really intervening and investing more in tackling that group to date. Now, over the last couple of months, we've really invested in a customer experience team to really be more engaged with both new and the recurring customers, and really developing the internal software platforms so that we can reengage certain customers with their specific requests and needs. Other investments we plan on doing with other technology features that we'll be launching or discussing more in Q3. A lot of room for continued investment and more upside on addressing and gaining more of those customers as recurring customers. In terms of reporting and letting the market know how you're progressing, what are the most important metrics and KPIs beyond prescription count that you track internally, and which of those do you expect to show the most improvement over the next 12 months? Good question. As I think about the KPIs, we look at a KPI through every step of our funnel metrics. Okay, they're all important. Obviously, from a high level, I want to always understand what my lifetime revenue is and what my customer acquisition cost, to always fully understand that balance and relationship. We've been very disciplined in our spend in maintaining our KPIs within our bands. Those are two very important metrics that we look at. I want to always understand, on a daily, weekly, monthly basis, of the sales being consummated, what% are coming from the new customer versus recurring, the relationship between acute and chronic prescriptions, and the related customer base associated with those. Those are really, on a high level basis, the key KPIs that I look at as we continue to scale. Which ones do I think to carry us over the next 12 months? It's a dance between all of those KPIs to ensure a healthy and optimized funnel for the business and to focus on our margin expansion. We've got time for one very quick question. Can you talk about any near-term product or formulary expansion opportunities, or product enhancements, or platform or technology enhancements that the market should be watching for over the next couple of quarters? We'll make the announcements, I know, in time as we continue to update the market on what we're doing. A lot of things I'm not going to talk about today. Just on products, we aren't really focused on the number of products that we're carrying. We don't need to add any formulary in order to meet or exceed our targets. We may add products. We can carry as much as 600 drugs given our structure. Again, we're doing this in a very disciplined growth fashion, a disciplined approach on our spend and on our expansion. We're coming up on our time, we'll wrap up here. We're available for one-on-ones, you can also connect with me on the TelyRx website if you have any follow-up questions. Thanks, everyone, and enjoy the conference.