Good morning, ladies and gentlemen. This is your operator speaking. I apologize, but there will be a slight delay with today's conference, just to ensure that everyone is able to dial in to the call. Please hold onto the line. You will hear that hold music, and we appreciate your patience. Thank you. Good afternoon. Good morning, ladies and gentlemen. This is your operator speaking. I apologize, but we are having some technical difficulties with the dial-in line. If your line does drop from this call, please do dial back into the conference call. In the meantime, you will be on music hold. We appreciate your patience. Please stand by. Thank you. Good morning and welcome to Titanium Transportation Group Q2 2025 Conference Call. On today's call, you have Ted Daniel, President and Chief Executive Officer, Alex Fu, Chief Financial Officer, and Marilyn Daniel, Chief Operating Officer. Before we begin, I would like to remind everyone that certain statements made on this call today may be forward-looking. In that regard, please refer to the risk factors and cautionary provisions outlined in the press release issued by the company yesterday, as well as the filings made by Titanium on SEDAR. Please note that this call is being recorded today, Tuesday, August 12, 2025. A replay of this call will be made available until midnight on August 26, 2025. The details of the replay can be found on Titanium's website under the investors section. I would now like to turn the call over to Titanium's President and CEO, Ted Daniel. Please go ahead. Good morning. Thank you, operator, and thank you all for joining us this morning. It seems that our service had a little bit of some issues, and I know that their techs are working on the situation, so hopefully everyone is back in. Let's get started. Titanium delivered a better second quarter, navigating a persistently soft freight environment with discipline and a clear focus on sustainability, operational efficiency, and balance sheet strengths. We grew consolidated revenue by 3.5% year -over -year to $119.1 million and generated $10 million in EBITDA, supported by continued strength in our logistics segment and improved operating performance in truck transportation. We're pleased with the continued strength of our logistics segment, which grew revenue by nearly 17% year -over -year, supported by a 19% increase in U.S. volumes. Logistics revenue was $65.6 million. EBITDA came in at $3.2 million, with EBITDA margins at 5.4%. This validates the scalability of our asset-light high-ROIC model and reinforces our continued conviction in this particular growth strategy. Our newer logistics offices, including Dallas, Texas, are scaling well, and we remain focused on building density in U.S. key regions. We continue to see high-quality customer wins in these markets. While we're not announcing future offices at this time, we'll continue to evaluate future opportunities where we see clear potential. Truck transportation returned a positive operating income this quarter, driven by disciplined pricing up 7% year -over -year and improved network efficiency. Trucking generated $64.4 million in revenue during the quarter. EBITDA was $7.6 million with an EBITDA margin of 15.7%. That said, volume was down about 15% year -over -year due to our exit from non-productive service lanes last year, an intentional move to strengthen the quality of our revenue. On the capital allocation front, we remain aggressive in strengthening the balance sheet. We reduced debt by $12.4 million in the quarter and subsequently closed and divested the North Bay property, generating $2.6 million in gross cash proceeds. With this decision, combined with operating cash flow of $10.8 million and a quarter-end cash balance of $16.4 million, we're building meaningful financial flexibility in a very unpredictable economic environment. From a macro perspective, the environment remains mixed. Market volatility and tariff uncertainty persist, but we are seeing some signs of stabilization in certain regions. Given that approximately 2/3 of our freight volume is domestic, we are partially insulated from cross-border friction. At the same time, our operating model is agile and allows us to pivot quickly as trade dynamics continue to evolve. Technology remains a focal point as we navigate a new transportation landscape. Our information systems team is in tune with developments in AI and sees this as an area that will impact future competitiveness. Furthermore, let me stress the confidence I have in Titanium 's fundamentals. We are operating with discipline and purpose, and we're making the right strategic investments to persevere through this historically unprecedented downturn in the freight industry. We're focused and disciplined through this cycle to emerge stronger and more competitive in a more normalized freight environment. Titanium is structurally better positioned than it was a year ago, and we remain confident in our ability to navigate this environment as a more efficient, scalable operator. As market conditions normalize, we expect our diversified platform, scalable logistics network, and our ongoing investments in technology to drive long-term growth. With that, I'll turn it over to Alex for a more detailed discussion of our financial results this quarter. Take it away, Alex, CFO. Thanks, Ted, and good morning, everyone. Titanium continues to demonstrate operational resilience in the second quarter. On a consolidated basis, Titanium generated a revenue of $119.1 million, up 3.5% year -over -year. EBITDA was $10 million, down slightly from $10.2 million in Q2 of 2024, with EBITDA margin at 9.3%. Logistics remained our primary growth engine in the quarter. Revenue in the segment increased by 16.8% year -over -year to $65.6 million, supported by a 19% increase in volume. EBITDA came in at $3.2 million with a margin of 5.4%. Margins were compressed by approximately 80 basis points due to ongoing volatility in stock pricing. We're encouraged by the continued momentum in volumes and customer acquisitions. Our asset-light model offers the operational flexibility needed to adapt quickly to market shifts and to continue to scale effectively, particularly in the U.S. freight brokerage sector. As new offices grant and customer engagement deepens, we expect improved profitability and sustained volume growth. Truck transportation delivered a meaningful improvement in Q2. Revenue was $54.4 million, and EBITDA came in at $7.6 million with a strong margin of 15.7%. This segment returned a positive operating income driven by a 7% year-over-year increase in pricing and continued improvement in operating efficiency. These gains more than offset the 15% decline in volumes, which are reflective of our planned exit from unprofitable service lines last year. While the segment still records a modest net loss, we are confident that ongoing margin expansion will follow as market fundamentals decline. Operating cash flow for the quarter was $10.8 million, up from $9.4 million in Q2 2024, reflecting stronger underlying cash conversion. At quarter end, we had $15.4 million in cash, and we repaid $10.1 million in loans and finance leases, further reinforcing our commitment to leveraging. As a result, our net debt-to-equity ratio improved from 1.86 to 1.66 quarter -over -quarter. We also completed the divestiture of our North Bay assets at the close of Q2, generating $2.6 million in gross proceeds. Financial discipline remains a core pillar of our strategy in ensuring we have the flexibility to navigate through continued market uncertainty and act decisively when opportunities arise. We continue to expand minimal CapEx in 2025, given the young age of our fleet. However, we are expecting some replacements for our U.S. growing slot throughout 2026. Our priority remains debt reduction, preserving optionality, and positioning Titanium to reinvest in scalable, high-return opportunities, particularly in the logistics segment. Overall, our capital-light growth strategy, combined with disciplined cost control and operational execution, is allowing us to strengthen our position even as external conditions remain mixed. We remain committed to protecting margins, enhancing liquidity, and driving long-term shareholder value. With that, I'll pass it back over to our CEO, Ted. Thank you. Overall, our asset-light model in both U.S. and Canadian logistics platforms and disciplined approach to capital allocation continue to set us apart in a challenging environment. We are not waiting for the market to recover. We are actively focused on our strong foundations and commitment to long-term success. As conditions will eventually and gradually alleviate, we're seeing early signs of stabilization in select regions. While a rebound is not yet in sight, we take actions to sharpen our operating model, deepen our U.S. presence, and fortify our balance sheet, demonstrating our ability to adapt. Titanium is built for resilience, and more importantly, we're built for what comes next for the remainder of 2025 and continue to operate with discipline, invest where it counts, and stay focused on delivering durable value. With that said, amid ongoing macroeconomic uncertainty, freight market volatility, and an unpredictable tariff backdrop, for next quarter, we are estimating a revenue range of $115 million to $120 million and EBITDA percentages of approximately 8.5% - 9.5%. With that, I'll turn the call over to the operator for questions. Thank you so much. Ladies and gentlemen, we will now begin the question -and -answer session. Should you have a question, please press star followed by one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to remove your hand from the queue, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. Just a moment for your first question. Operator, I think we're still seeing some issues with the call. Some of our people that are trying to ask questions are dropping off the call right now, some of our analysts. Everyone is saying that it says customer not available when they're calling that line. Understood. My understanding is that the local numbers will be working and the toll-free is the one to avoid. We do have a few questions in the queue. Perhaps we can start with those, and then hopefully we can get those callers back in. We can even pause near the end of the Q&A and make sure we can give some more time for folks to queue up. Okay, that's great. Okay. Excellent. Our first question comes from Benoit Poirier with Desjardins Capital Markets. Your line is open. Hello, Benoit. Hello? Benoit, your line is open. You may have a local mute. I'll return you to the queue. We'll move on to the next question. We'll come back to you. Our next question comes from Steve Hansen with Raymond James. Your line is open. Yeah, I think our. Operator, we're having a problem, clearly. Yeah. We are. Just a moment. I'm going to try one more line, and then we'll move on from there. We do have a question from Gianluca Tucci with Hangar Securities. Your line is open. Dropped. Dropped. Dropped as well. Dropped. He just emailed us right now. Yeah, understood. Maybe we'll just answer those questions just for the recording. The first question, I'll read it. The first question from Gianluca, it's nice to see guidance of some sort being reinstated. What are you seeing in the market that's giving you some confidence in near-term visibility? I think that it's not, I wouldn't say it's just market confidence at this point in time. I think that the numbers are rather subdued, to be honest with you. It's more along the lines of we're just seeing more of the same. Q2 was okay, but it had a really weird curve. I kind of want to address that. There was definitely a tariff impact. It had an inverted curve, meaning that it had a stronger April-May than it did in June. It was definitely a downward slope, which is kind of interesting. July was actually pretty soft. I would say that our guess as to what Q3 is going to look like is more a matter of more of the same. That's what we're seeing, which is a fairly flat economic environment without a lot of excitement. It's a little bit of a churn steady, but certainly nothing spectacular. Next question, Mark. All right. Next question from Gianluca. Trying to get the analysts talking. On our fleet, have you had any rightsizing given the conditions out there? If so, what's left to be done from a rightsizing perspective? We have done some rightsizing, especially in our U.S. fleet, adapting to the markets for sure. In terms of what's left, maybe a little bit. I don't think anything significant is really left, but we definitely have had some rightsizing in the course of the quarter and even in the year overall, just adapting to the marketplace. I think it's just, we're adapting to the marketplace that we're in. Okay. Last question. Great growth in logistics. Are you considering accelerating the pace of new office locations given the success here? I'll start with the assets. Anything that wants to. Go ahead. We're actually very pleased with our offices. The recent opening of our Dallas location in Irving and then also our Virginia location is starting to come into play. As we look forward, we have capacity in our brokerage offices at the moment, and we continue to grow with that. Certainly, in the future, should the right opportunities continue to develop, we will continue to follow this trend of success in our U.S. office locations. I think at the moment, status quo, but certainly in the future, this would be an area we continue to pursue. Yeah, I can probe a little bit. I believe you have some growth capability in capacity with our existing locations. The organics that we'd like to achieve, given the current market, we'd like to sort of fill the gaps at this point in time. We've got a few offices that are running almost at capacity, so to speak, but then we've got others that are not at capacity. We first want to bridge those gaps, and then I think once we get that done and see more predictable growth in the overall macroeconomics or geopolitical economics of the market, when things start to stabilize, we'll probably have the confidence to kind of restart the opening of another one or two offices at this point in time. I guess we have some questions from Desjardins. Yes. Would you like me to pull from this view as well? I'm trying to remind everybody. I think it's working, sure. We'll try it. Excellent. Okay, thank you. Our next question comes from Benoit Poirier with Desjardins Capital Markets. Your line is open. Hello, Benoit. Benoit. It does not look like he is there. It's not working. It's not working on our end. I do apologize for this. All right. We'll ask some questions from Benoit and team. First question. In your Q2 press release, you stated that you were encouraged by sequential improvements and early signs of stabilization in certain regions. Can you provide more details? At this point in time, stabilization, I would say, is really a relative term, right? We are basically living with the economy that we have. We've adjusted. We've made cost cuts where we need to. On the logistics front, we are definitely taking to some degree, you know, offenses are better than defense to approach. We continue to go after new customers, new accounts, and we're competitive from a technological perspective as well. We've got efficiencies, and we've got the ability to quickly adapt and leverage our technology. I would say stabilization for us, to some degree, is a little bit of a sure and steady as to where we're at today in terms of what consumers are able to purchase. We are not seeing growth in the markets, but we are adapting and just simply going after new business. Next question. Yes. Sorry. I I got a bunch of analysts asking me. Let me just organize everyone's questions. Okay. Any additional details that explain the logistics segment margins compressing despite volume growth? Started clocking efficiencies of new locations in Virginia and Texas in the U.S. We've scored the spot market. What is the expectation for logistics margins for the rest of the year? I'll take that. The margin compression comes from two parts. Yes, there is a little bit of cost that comes with opening up the new offices, as we know. The majority of the margin compression actually comes from the second half of the quarter. There is a lot of volatility in the markets, and pricing remains sort of steady, slowly on the rise, but there is definitely cost increase from the supplier side. We are expecting that to continue throughout the year. We expect that margins will be compressed for the remainder of the year. Great question. Looks like you have reached an inflection point with truck transportation margins, given the sequential and year-over-year step-up. What are some fair expectations for the second half, given the continued depressed state of the trucking market? I wish there was a very easy answer for that, and there is not. We predict much of the same for the second half of the year. It all depends on what happens, partially south of the border and economics, and on both sides of the country, I suppose. A lot of it depends on things that are out of our control. I predict a lot of the same. We're not seeing any quick hiccups or any quick turnaround or anything like that. On the truck transportation side, if anything, a slow improvement is what I would expect to see for the second half of the year. Okay. That concludes some of the questions from Desjardins. Thank you, Benoit. Moving on to Raymond James from Robert and Steve. Good to see signs of the stabilization in certain regions. Can you provide a bit more color here in the question? What markets and end markets have seen the improvement, which are still challenged? I would say, let's definitely split that up. I mean, I really appreciate the positives on stabilization. I think stabilization is sort of a key term here. It's not, I wouldn't like, I don't want to say it's not positive. It's just not negative, meaning I think that we're in kind of this holding pattern, like many, many companies. We kind of don't know, like a lot of us don't really know what's going to happen a month from now because I think that economically, everybody is in that pattern. I think that we're all just trying to deal with what's going to happen next month, basically, is the environment. I think the consumers as well, to a large degree, are basically being a little bit conservative as well in that no one really knows what's going to happen. People are a little nervous, and so they should be, right? That's kind of the responsible thing to be, I suppose, right, is be a little nervous. I think from that point of view, in terms of the fact that things are kind of sure and steady for what's going on, is not a bad thing. Cross-border obviously is struggling. Certain particular product lines are struggling. You want to add some more color to that, Marilyn? I think the important message within here is that, you know, perseverance is the word that trucking companies must kind of focus on for the time being. As we persevere through these times, transportation will exist and find its point. It's just, it's a slow progress to that. Our cross-border activity certainly has seen an effect with care, and our domestic has shifted a little bit. We're seeing some transition. We're living it at the moment and being responsive to sort of the marketplace is how we remain effective. Elasticity at this time is very important in business. That's kind of where we're watching for and paying attention to, being able to adapt to whichever direction economics takes us. The pricing environment continues to be challenging. I would say that's kind of an ingredient in this situation. The result of the economics? You do have still some overcapacity in that. That's making it challenging. Okay. Second question. How much capacity do you think has exited the broader market? From a market perspective, is that the main issue right now? Too much capacity or too little demand? Right. It's funny. I was kind of getting that, and it's not ironic that's the next question. I think that, you know, given the fact that demand has overall, as I said, I think consumers are a little bit more conservative. There is a little bit less consumerism out there, and I believe that there is kind of a combination of both. What was interesting is, you know, I look at the FTR charts and stuff like that. One of the ones that I do look at, like a lot of people, is the net entrances versus exits. In Q2, there was actually no reduction in overall authorities, which is kind of interesting. It's the same number of authorities in the U.S., which is, of course, the bigger market here. In the U.S., there's the same number of authorities today as there were, in theory, three, four months ago. It really hasn't been a string to check capacity. You've got very small companies that are able to adapt. Naturally, they are within the technological umbrellas of the bigger brokers, such as Titanium, and we provide that, call it that technological service. I think that that's kind of where we're seeing a certain interesting evolution. That's kind of what we're seeing, that there is a little bit of a reduction in demand, and supply hasn't shrank. All All right. Last question from Robert and Steve. Can you provide an update to how your new Virginia and Texas locations are progressing? Will these contribute to the second half of 2025 plans for future expansion? I think we addressed that question just a little bit already. I will reiterate that both our offices are up and functioning and contributing at this point. We're very pleased with the success we've had on both of these openings. They have been very fluid and easy, with a great team in place at both locations. We're very optimistic of the success of these terminals into the second half of the year and expect them to contribute. That concludes the questions from Raymond James. We'll move on to Paradigm. Alex and Paradigm, three questions as well. When can we expect to see more normalized revenue from the trucking segment from the eliminated non-profitable revenue and pricing changes? I'll cover the first part. Obviously, we have terminated some services as of Q3 and Q4 of last year. You will see a continued discrepancy between continuing operations for the remainder of the year. Starting 2026, you start to see that disappear. In terms of the actual market environment, I'll pass it over to Ted and Marilyn. Go ahead. Go ahead. It's just kind of on that same side of Alex in terms of the pricing environment. I don't think I have a lot more to add to that than he's made a comment. Yeah, the pricing hasn't really gone out much. It's still somewhat challenging, you know, and we're experiencing that in the RFQs. Capacity is still there. I will say that our customers are telling us that they are looking again at customer service as they do chase the pricing, as would you expect in these times. Customer service and ability to be technologically in tune with your customers, so having available tech for transparencies and integrations, is still a vital component as our own customers are looking for efficiencies within their own network. We are seeing a little bit more communication and a little bit more focus on customer service and abilities as we go forward. I hope that will prevail as we move into the second half of this year and looking forward to next year. Next question. Can we expect to see revenue mix shift to over pre-COVID logistics levels, logistics revenue above 60%? What does the ideal mix look like? Yeah. Pre-COVID was before we bought ITS and before we bought Crane, and those were rather two large acquisitions. Yes, the goal is to increase. We are already at what I think this quarter we're at 54% of the dollar-wise, brokerage versus assets. We like our trucking company. It's a really good foundation. Yes, it is a low ROIC business, but it does give us a more holistic approach and holistic capability to be able to provide our customers with the overall solutions that they're looking for. The stability of having assets under certain circumstances for particular lanes and then being able to give them the flexibility and the malleability of brokerage services, and be able to do both of those under one technological umbrella so that it's completely transparent to the customer. That's actually really a key component in our unique approach to how we continue to grow the company. Trucking grew, and we will eventually continue to outpace on brokerage our assets because the asset is very levered and it is a much slower growth division. Brokerage will continue to grow and eventually our proportion to face it will just eventually become a much bigger division over time. All right. That's great color for Alex's last question. You make a great analyst. You touched on strategic opportunities. Can you speak to some of those types of opportunities? Sorry, can you repeat both words? What's the question? We touched on some strategic opportunities that may come up in the future. What would be those opportunities? Continued growth in our logistics sector continued on the U.S. side as well. Our growth in offices comes from our readiness with personnel as well. Opportunities sometimes arise in that way, and then other opportunities, of course, through acquisition are still within our appetite, especially as the market hopefully continues to stabilize. That would be a part of our future development and growth. We still have a runway that way. Thank you, Alex, for your questions. We'll jump back to Desjardins to ask a few more. First one, CapEx was non-existent in the second half or second quarter. With average paid around two years, how long do you expect this runway to be sustainable before your normal replacement cycle must recommence? I would start with some of the comments I made on the call earlier. We do expect that we will have some 2026 low-in-stock replacements, particularly from the Crane Transport side and the U.S. trucking side. There are trucks that will come up for renewal. To keep the fleet going, we have to buy some new trucks to the tune of about anywhere from $5 million to $10 million. Right now, we're still assessing how much of the customers will continue on. That's why there will be some 2026. Looking forward to 2027, you're right, we are going to recommence our replacement cycle even on the Canadian side. We do expect that our normalized CapEx will recommence in 2027. Yeah, that makes sense. I mean, no need to panic. It's not going to be, you know, January of 2026. We're talking Q2, a little bit in Q2, a little bit in Q3, a little Q4, so kind of spread out. Have you seen any considerable changes in the Canadian market when it comes to driver incorrigible relations enforcement or dishonest fire exiting the market, or has the situation remained largely unchanged since the beginning of the year? I'm going to say largely unchanged. I wish I had a different answer. It's a diplomatic answer. It has to come now. Realistically, has there been a change? No. There has been some heightened media attention, tabloid attention to the focus on driver ink. We have not seen any significant changes. I think politically, it's a no-touch zone for the moment. Unfortunately, no real progress there. It continues to affect the industry. Thanks, Marilyn. Final questions. If debt repayment remains your capital allocation priority through year-end, will you take another look at the dividend or M&A? Let's put that in terms of, let's rank it one, two, and three. Debt repayment, number one, absolutely 100%. That is a big, whole, gigantic number one, and we're just going to keep pounding away at our debt heavily. I would say that acquisitions will definitely be a number two, if we have to go through this ranking kind of exercise. I believe, though, that is not a close second. I think that acquisitions, in this case, are going to have to be extremely opportunistic, in the sense that it's going to have to really, really, really make sense. That would be a number two. We have to really stay focused on what we do best. That's why it's going to be looked at very critically, and whether or not it absolutely checks off all the boxes. Obviously, number three would be dividends, but that would be a very distant third, only because it would be, you know what? We just absolutely exhausted all the other priorities, and there's just nothing left, so let's just pay out dividends. That's kind of the way I look at the strategic direction of the company at this point in time from a capital allocation perspective. Operator, we have addressed all the questions sent by our analysts. We're ready to move on. Excellent. At this time, since there are no further questions, Ted, do you have any closing remarks? Yes. I'd like to thank everybody today for joining us on the call. I want to thank all our listeners. I'm hoping they can hear me, for their patience and all the analysts for adapting and pivoting, using technology and sending us their questions via emails. Hopefully, our service provider here has addressed their technological issues. Please call us if you have any further questions, feel free to call us after this call directly, and we'll be happy to answer any additional questions that you may have. We appreciate everyone's patience and interest in our company. I look forward to providing an update on our progress and all of our priorities that we're discussing when we report our Q3 2025, and those results will be out in early November. If there's any other questions, please don't hesitate to call us, given the challenge that we've had today. Thank you very much for joining us, and I hope everyone has a great rest of their week. Ladies and gentlemen, this concludes today's conference call. We thank you so much for your participation and patience throughout the technical difficulties. You may now disconnect.