Operator

Good morning, ladies and gentlemen, and welcome to the Velan Inc. Q4 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Friday, May 15, 2026.

I would now like to turn the conference over to Rishi Sharma, CFO. Please go ahead.

Rishi Sharma
Chief Financial & Administrative Officer

Thank you, operator. Good morning. Thank you for joining us for our conference call.

Let's start by discussing the disclaimer from our related IR presentation, which is available on our website in the Investor Relations section. As usual, the first paragraph mentions that the presentation provides an analysis of our consolidated results for the fourth quarter and fiscal year ended February 28, 2026. The Board of Directors approved these results yesterday, May 14, 2026.

The second paragraph refers to non-IFRS and supplementary financial measures, which are defined and reconciled at the end of the presentation.

The last paragraph addresses forward-looking information, which is subject to risks and uncertainties that are not guaranteed to occur. Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. Finally, unless indicated otherwise, all amounts are expressed in U.S. dollars and all financial metrics discussed are from continuing operations.

I now turn the call over to Jim Mannebach, Chairman of the Board and CEO of Velan.

James Mannebach
CEO & Chairman

Thank you, Rishi. Good morning, afternoon or evening, everyone.

Please turn to Slide 4. Velan delivered sound financial results in fiscal 2026 despite a very challenging environment marked by continued volatility in tariffs and more recently, the ongoing conflict in the Middle East, negatively affecting our order intake, delivery, supply chain and resulting profitability.