Operator

The content of today's call are protected by copyright and may not be reproduced without the prior written consent of Pason Systems Inc. Please note, the advisory is located at the end of the press release issued by Pason Systems yesterday, which would describe forward-looking information. Certain information about the company that is discussed on today's call may constitute forward-looking information. Additional information about Pason Systems, including the risk factors relevant to the company can be found on its annual information form. Thank you, and good morning, everyone. My name is Kelsey, and I will be your conference operator for today's call. At this time, I would like to welcome everyone to the Pason Systems Inc. First Quarter 2026 Earnings Call. [Operator Instructions] Thank you. Ms. Celine Boston, CFO, you may begin your conference.

Celine Boston
Chief Financial Officer

Thank you, Kelsey. Good morning, everyone, and thank you for attending Pason's 2026 First Quarter Conference Call. I'm joined on today's call by Jon Faber, our President and CEO. I'll start today's call with an overview of our financial performance in the first quarter. Jon will then provide a brief perspective on the outlook for the industry and for Pason and we'll then take questions. Pason generated consolidated revenue of $102.4 million in the first quarter of 2026, a 9% decrease from $113.2 million in the first quarter of 2025. The year-over-year decline reflects lower drilling and completions industry activity in North America, along with negative impact of a weaker U.S. dollar relative to the Canadian dollar on our U.S. dollar-sourced revenue. On this revenue, we generated $38.2 million in adjusted EBITDA or 37.3% of revenue.