Operator

Good morning, and welcome to EMERGE Commerce Fourth Quarter 2025 Results Conference Call. [Operator Instructions] This call is being recorded on April 29, 2026. Your host for today are Ghassan Halazon, Founder and Chief Executive Officer; and Dasha Enenko, Chief Financial Officer.

Before we begin, I am required to provide the following statement respecting forward-looking information, which is made on behalf of EMERGE and all of its representatives on this call. Certain statements made on this call will contain forward-looking information. These forward-looking statements generally can be identified by the use of words such as intend, believe, could, expect, estimate, forecast, may, and other words of similar meaning.

This forward-looking information is based on our opinions, estimates, and assumptions in light of our experience and perception of historical trends, current conditions, and expected future developments as well as other factors that are currently believe are appropriate and reasonable in the circumstances. Actual results could differ materially from any conclusion, forecast, expectation, belief, or projection in the forward-looking information. Certain material factors and assumptions were applied in drawing a conclusion or making forecast or projection as reflected in the forward-looking information.

We caution investors not to rely on the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast, or projection in the forward-looking information and material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are contained in the EMERGE filings with Canadian provincial securities regulators.

During today's call, all figures are in Canadian dollars unless otherwise stated. And with that, I'd