Good morning, ladies and gentlemen. Welcome to TERAGO's Second 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 that 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 legislation. 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.cdarplus.ca, and also consider other uncertainties and potential events. Except as may be required by Canadian securities law, the company does not undertake any obligation to update forward-looking statements 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. Good morning, everyone, and welcome to our second quarter 2025 earnings call. Today, we are pleased to share how we are further accelerating our value creation strategy. In the second quarter, our team continues to have a disciplined focus on key operational and financial metrics, including gross margin, average revenue per account, ARPA, revenue backlog, and cost discipline. We are seeing better gross margins, reductions in operating expenditures, superior deal-level economics, and a more efficient approach to capital investments. Revenue reflected a strategic decision to allow unprofitable customers to churn as part of our disciplined approach to profitability and long-term value creation. At the same time, TERAGO's focus is on the larger end of the SME clients that have multi-site locations, which is validated by our continued growth in ARPA. Those larger client deals typically have a longer sales cycle, and in today's economic uncertainty environment, those larger deals are taking a little longer to close. However, we are encouraged by our growing sales pipeline. TERAGO is a critical player in the Canadian telecom landscape. We are uniquely positioned by owning 91% of the millimeter wave spectrum. We own our own national backbone network with 400+ wireless hubs, covering 26 million population of Canada and passing 11 million homes. There really is no one else like us. Being the largest millimeter wave spectrum owners, TERAGO continues to work closely with ISED to drive competition, investment, and innovation. Millimeter wave spectrum is becoming increasingly important as demand for high-capacity, low-latency connectivity continues to rise. ISED's recent millimeter wave consultation is proposing to repurpose the lower 26 GHz, previously called 24 GHz, for flexible use. A flexible use decision would mean that millimeter wave spectrum can be used for both mobility business as well as the fixed wireless business. As per ISED, spectrum is a critical input for wireless service providers. Flexible use millimeter wave spectrum will enable providers to increase network capacity, address growing traffic demands, and enable new applications such as ultra-reliable low-latency services and advanced automations across industries. Canada is at a pivotal moment where productivity continues to lag behind other similarly economically developed countries, and the current trade wars certainly add significant pressure to this. Canada's SMB market is a critical economic engine for Canada as it accounts for 88% of the employment in Canada and just over 50% of the GDP. Millimeter wave spectrum in a 5G private wireless network offers 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. We are encouraged by the progress ISED has made in the second quarter, accepting all respondents' remarks to its millimeter wave consultation, and we look forward to their decision on millimeter wave spectrum, including next steps towards a future auction. With that said, I'll turn it over to our CFO, Raj Sapra. Raj. Thanks, Dan. Good morning, everyone. Turning to slide four of our Q2 2025 financial results presentation for a look at our KPIs. Our average revenue per customer account or ARPA for our connectivity business was CAD 1,228 in Q2 2025, a 2.3% increase compared to CAD 1,200 for the same period in 2024. ARPA levels continue to improve as a result of changes in customer base and product mix. Our churn was 0.9% compared to 1% for the same period last year. 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 retentions. Turning to slide five to go through our broader Q2 2025 financial highlights. Total revenues for Q2 2025 were CAD 6.34 million as compared to CAD 6.58 million from the same period in 2024. The decrease, as Dan alluded earlier, was primarily driven by increased churn stemming from our continued initiatives to optimize the customer base by discontinuing service to unprofitable accounts. This was partially offset by an increase in revenue from new customers in the current period. As noted in our MD&A, the company has a strong backlog of approximately CAD 93,000 in monthly recurring revenue or MRR, which equates to an annual recurring revenue of CAD 1.1 million, the majority of which we expect to be provisioned within the current fiscal year, contributing positively to the company's revenue going forward. Adjusted EBITDA was CAD 903,000 in Q2 2025, a decrease of 4% compared to CAD 941,000 from the same period in 2024. The company continues to strive for profitable revenue and driving efficiencies in the business. Net loss for Q2 2025 was CAD 4.2 million compared to a net loss of CAD 3.2 million for the same period in 2024. Turning now to slide six, turning to the balance sheet, we ended the second quarter of 2025 with CAD 1.9 million in cash and cash equivalents and short-term investments. The company received additional $ 2 million in April as a result of the Second Amendment to the Credit Agreement, which was announced on March 31. In the second quarter of 2025, we generated approximately CAD 1.27 million in cash from operations, comprising of approximately CAD 640,000 from business operations and CAD 630,000 from positive working capital movements. As compared to in Q2 2024, all of CAD 800,000 of cash from operations was generated through business operations. Subsequent to the quarter end, as we noted in our MD&A and the press release, in the MD&A and the financial statements, the company finalized the sale and leaseback of its nine telecommunications towers for expected gross proceeds of CAD 1.7 million. Three of the tower sites closed on July 31, with the remaining six sites expected to close by the end of August. As part of the transaction, the company entered into a tower space license agreement with a 10-year term, allowing continued access to the tower sites for the operation of its telecommunications equipment and service our customers. With the upcoming maturity of our debt, we are actively evaluating a range of financing alternatives to ensure we meet our obligations and position the business for long-term growth. We believe our strong fundamentals, disciplined execution, and the strategic value of our spectrum holdings give us the flexibility to pursue the path that delivers the best outcome for our stakeholders. We are engaged in constructive discussions and remain confident in our ability to execute. With that said, I would like to turn the call back over to Dan. Dan. Thanks, Raj. Our comprehensive strategy is enhancing value for our clients, employees, and shareholders. TERAGO is uniquely positioned to drive innovation and increase investments in its next-generation offerings for businesses. That wraps up the prepared remarks for us today, and we can now open up the call for questions. Operator, back to you. Certainly. Ladies and gentlemen, the floor is now open for questions. If you would like to join the queue to ask a question at this time, please press star one on your telephone keypad. We do ask if listening on speakerphone this morning that you pick up your handset while asking your question to provide optimal sound quality. Once again, please press star one at this time if you wish to join the queue to ask a question. Please hold a moment while we pull for questions. The first question this morning is coming from David McFagden from Cormark Securities. David, your line is live. Please go ahead. Okay, thank you. Yes, a couple of questions. You said that the churn was up, but when you look at the presentation, churn was actually down. I was just wondering if you could provide some additional color on that, because you're saying churn was up and that caused revenue to decline, but churn looks like it was actually down. Yeah, we measure churn by customer accounts, as opposed to dollars of churn. This is where you've seen some of that churn in dollars decrease the revenue, but from a number of customers and so forth, is what we report on. This is where you're seeing that little bit of difference between the two. Yeah, and then the other thing is, you know, as we noted in our remarks, any unprofitable customers, you know, when their term is ending, we are obviously looking to apply strategies in terms of price increases and stuff. If they don't want to continue, you know, it's costing us money. We have let that churn happen, versus in the prior year, in the prior period, there were some early termination fees as well as part of the revenue as well. The churn is specifically on your customer churn, not the dollars. Number of accounts. Yeah. Okay. If you're churning away unprofitable customers, wouldn't that be positive for EBITDA? If you look at the revenue from last year in terms of dollars, how much it is down versus there's a minimal impact on the EBITDA compared to last year. There is some impact, but if you compare, I think the revenue is down 3.5% from a total dollars perspective, but the only impact on the EBITDA is like CAD 37,000. We continue to manage our expenses properly, and some customers with churn were very low profitability as well. We consider them as unprofitable to run the business. Okay, and you talked about it being longer to close some new sales. Is that just a reflection of the economy, or are there other factors at play? A combination. We continue to go up customer segment and really work with clients in larger deals, larger opportunities, and those generally have a longer sales cycle in general. The uncertainty in the economy has not made those deals go away, but they are taking a little bit longer to close or some of them are on pause and so forth because I think everyone's trying to understand what impact this economy may or may not have on their industry. Before they make some additional investments, they're just trying to really understand their impact to their business. We continue to work with those clients and feel good about the growing pipeline and that those bigger deals will come. Okay. Just so when you reported Q1, you know, you're pretty confident on refinancing the debt. Now you're reporting Q2. Do you expect to have a resolution here before September? I mean, we don't have a lot of time, right? Yeah, look, I mean, our objective is to address the maturity in a timely manner in a way that optimizes our capital structure. We'll update the market when it's appropriate. What I can say is we remain confident in the outcome that supports both our short-term obligations and long-term growth plans. We are in consultation. We are looking at a variety of financing alternatives, and we feel very good about it. Okay, when is the current debt maturing? Sorry, can you repeat that? It's September 29, 2025. At the end of Q3, yeah. Okay. All right. That's it for me. Thanks, guys. Yeah. Thank you. Thank you. There are no further questions in queue at this time, and this does conclude our question and answer session. I would now like to turn the call back over to Mr. Vucinic for his closing remarks. Thanks again, everyone, for joining our call today. I'd like to thank our customers and shareholders who continue to support the company, and also a huge thank you to TERAGO, who continues to do an outstanding job. We look forward to providing updates on our progress on our next earnings call. Operator? Thank you for joining today's TERAGO Second Quarter 2025 Earnings Call. You may now disconnect.