Good morning, ladies and gentlemen. Welcome to Terago's First Quarter 2025 Financial Results Conference Call. Currently, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session with pre-qualified analysts on the call, and instructions will be provided at the time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded. Terago would like to remind listeners that the company's remarks and answers to your questions today may contain forward-looking statements that are based upon management's current expectations. All such statements are made pursuant to the safe harbor provisions of and are intended to be forward-looking statements under applicable Canadian Securities Litigation. When relying on forward-looking statements to make decisions with respect to the company, you should carefully consider the risks set forth in the risk factors section in the 2024 Annual Information Form, which is available on www.sedarplus.ca, and also consider other uncertainties and potential events. Except as may be required by Canadian Securities Laws, the company does not undertake any obligation to update any forward-looking statement as a result of new information. We would also like to remind listeners that Terago uses certain non-GAAP financial measures to arrive at adjusted results, to assess its business, and to measure overall performance. Terago believes that these financial measures provide readers with a better understanding of how management views the company's overall performance. I will now turn the conference over to Terago's Chief Executive Officer, Daniel Vucinic. Sir, please proceed. Thank you and good morning, everyone. Welcome to our first quarter 2025 earnings call. Today, we are pleased to share how we are further accelerating our value creation strategy. In the first quarter, our team continues to have a disciplined focus on profitability and efficiency. Significant growth continued in our Adjusted EBITDA, ARPA, average revenue per account, and revenue backlog. This, combined with our improved cost control, affirms that Terago is delivering on our smart growth strategy and operational enhancements. We are seeing better gross margins, reductions in operating expenditures, superior deal-level economics, and a more efficient approach to capital investments. Being the largest millimeter wave spectrum owners, Terago continues to work closely with ISED to drive competition, investment, and innovation. We are in the middle of ISED's latest consultation that is proposing to repurpose the lower 26 GHz band, previously called 24 GHz, for flexible use and also proposing the framework for a millimeter wave auction. A flex use decision would mean that millimeter wave spectrum can be used for both mobile and fixed wireless services. As per ISED, spectrum is a critical input for wireless service providers. The release of additional spectrum for flex use will enable providers to increase network capacity, addressing growing traffic demands and supporting the provision of 5G wireless technologies. Furthermore, preparations are underway for 6G wireless technology. 6G is expected to build upon the capabilities of 5G, enabling new applications such as ultra-reliable low-latency and advanced automation across industries. The development and deployment of millimeter wave 5G and 6G technologies will position Canada to become a global center for innovation and will bring the country to the forefront of digital adoption. Millimeter wave spectrum in a 5G private wireless network offers a significant opportunity for industry verticals like manufacturing to automate operations and leverage robotics. This requires high levels of bandwidth, high network performance, ultra-low latency, and a robust and secure network. I am encouraged by all the progress ISED is making in positioning millimeter wave spectrum in the Canadian connectivity ecosystem and for providing greater clarity and longer-term certainty. Canada is at a pivotal moment where productivity continues to lag behind other similar economically developed countries, and the current trade war certainly adds significant pressure to this. Canada's SMB market is a critical economic engine for Canada as it accounts for 88% of the employment and just over 50% of the GDP. This is a focus segment for Terago, and it is a neglected segment by the large service operators. Terago is a critical player in the Canadian communications landscape. We are uniquely positioned by owning 91% of the millimeter wave spectrum. We have our own national backbone network with 400+ wireless hubs covering 26 million population and passing 11 million homes. There is no one like us. With that said, I'll turn it over to our CFO, Raj Sapra. Raj? Thanks, Dan. Welcome, everyone. Turning to slide four of our Q1 financial results for a look at our KPIs. As Dan already mentioned, our average revenue for customer account, or ARPA, for our connectivity business continues to increase and improve. It was CAD 1,229 in Q1 of 2025, a 6.1% increase compared to CAD 1,158 for Q1 in 2024. ARPA levels continue to increase as a result of smart profitable growth coupled with changes in customer base and product mix. Our churn was 1.2% compared to 0.8% for the same period last year, a little bit higher. The increase was primarily driven by management's continued initiatives to optimize the customer base by discontinuing service to unprofitable accounts, partially offset by increase in revenue from new customers which were deployed in the current year period. The company continues to review, modify, and improve its customer experience practices to increase customer engagement, focus on mid-market and large-scale customers, as well as implementing new strategies for customer renewals and retention. Turning to slide five to go through our broader Q1 financials, total revenue for Q1 was CAD 6.41 million as compared to CAD 6.47 million from the same period in 2024. The marginal decrease, as I've already indicated, was primarily driven by churn, where we look at unprofitable accounts, and if it doesn't make sense for the business, we discontinue services on those accounts. This was obviously partially offset by provisioning numbers, which resulted in some increase in the revenue for the current period. As noted in the MD&A, the company has a strong backlog of approximately CAD 96,000 in monthly recurring revenue, which is equal to almost CAD 1.2 million of annual revenue, the majority of which we expect to be provisioned within the current fiscal year, contributing positively to the company's revenue for 2025. Adjusted EBITDA was an increase of almost 11% compared to Q1 of 2024 at CAD 1,032,000 versus CAD 930,000 for the same period in Q1 2024. The company continues to strive for profitable growth and driving efficiencies in the business, looking and managing costs on a daily basis. Net loss for Q1 was similar to the net loss in Q1 of 2024. Turning to the balance sheet, we ended the fourth quarter of 2025 with CAD 2.1 million in cash and cash equivalents and short-term investments. The company received additional $2 million in US dollars in April as a result of the Second Amendment to the Credit Agreement, which was announced on March 31st. The amendment also allowed the company to look at some of its non-core assets and to be able to monetize those assets, and the company is continuing to work towards that, expecting some capital inflow through those non-current assets in Q2, Q3. In the first quarter of 2025, we generated approximately CAD 1 million in cash from operations, where almost all of it was attributable to cash generated from business operations. As compared to in Q1 2024, CAD 1.5 million of cash from operations was generated, but only CAD 500,000 was from business operations and CAD 1 million was from working capital movement. Regarding our current debt facility, we are confident in securing a refinancing solution, positioning the company for sustained growth and success, and driving the shareholder value. With that said, I would like to turn the call back over to Dan. Thanks, Raj. Our comprehensive strategy is enhancing value for our clients, employees, and shareholders. Terago is uniquely positioned to drive innovation, increase investments in its next-generation offerings for businesses. That does wrap up the prepared remarks for us today, and we will turn it back to you, Operator, for questions, please. Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Your first question for today is from David McFadden with Cormark Securities. Hi. Yeah, a couple of questions. So when I'm just looking at the results in Q1 2025 and I just compare it with Q4 2024, there was a very small but slight decline on the revenue and EBITDA line. I noticed the churn's up a little bit. So I was just wondering what's happened since the fourth quarter has just caused that slight decline? Just looking at the EBITDA, typically, as you would see, there is some seasonality in terms of the expenses. Q4, Q3 EBITDA would usually be higher than Q1 and Q2 because, as we noted in our MD&A, I mean, there are a lot of front-loaded costs in terms of CPP, EI, employee taxes, which impact the cost base in the first two quarters. It is pretty consistent, I think, on a yearly basis going back that the Q4 EBITDA is always higher. Last year, Q1 was CAD 930,000 with higher revenues. This year, it is more than CAD 1 million with slightly lower revenues. You can see the delta in the COGS, where, yes, we lost some of the revenue, but it was actually negative cash flow for us. That is the reason. You'll obviously see, as the year progresses, the EBITDA will continue to increase. Okay. When you look at the churn, the churn's up a little bit in the quarter. Is that solely just you guys not renewing low-margin or unprofitable accounts, or are there some other factors at play there? I mean, I'll give some financial angle, and Dan can talk about the business here, but it's not that we don't want to renew them. Obviously, we assess if it's unprofitable. We obviously want to—they've come for expiry of the term. We want to give them new pricing. If it doesn't work and these are smaller clients, we basically just said, "Look, we can't service you because our cost is very high," so we let them go. Some of that impact was partially offset by deployments, and we'll see continued deployment of the backlog through the rest of the year. Our delivery team, our customer experience team, is laser-focused, zoned in, hands-on deck in terms of customer experience, and we continue to win larger clients then. Dan. Yeah. Just a reminder to everyone that the churn percentage is based on customers and not dollars. Most of that was our smaller customers, as Raj has said, as we're really going upscale in terms of customer segment, and that's why you see the ARPAs going up. A combination of where customers are unprofitable, and unprofitable means they could be in a part of our hub location, real estate, carrier COGS, the whole bit. We're constantly looking at how do we drive more margin out of this business. A number of smaller customers had exited that were unprofitable. Yeah. Okay. Lastly, can you give us an update on your negotiations on renewing, refinancing your debt? Yeah. We continue to have conversations in terms of negotiations. We should expect to announce something to the market by before the Q2 announcement of the results. I mean, that would be the target. They are fairly advanced. We are not that concerned in terms of not being able to have some sort of a renewal or an extension. We are quite confident with that. In terms of additional capital in the business, as we noted in the amendment, and the amendment did have a schedule which did have a list of 12 towers. We are in advanced negotiations in terms of trying to monetize them, and we expect to announce something in the next 60 days as well. That is where we are. Okay. Okay. That's it. That's from me. Thanks so much. Yeah. Thank you. At this time, this concludes our question-and-answer session. I'd now like to turn the call back to Mr. Vucinic for closing remarks. Thanks again, everyone, for joining us on our call today. I'd like to thank our customers, shareholders who continue to support the company. I'd also like to thank everyone at Terago who continues to do an outstanding job. We look forward to providing an update on our progress on our next quarterly earnings call. Operator. Thank you for joining us today for Terago's First Quarter 2025 earnings call. You may now disconnect.