Operator

Thank you for standing by. This is the conference operator. Welcome to the Conifex Timber Inc. First Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Ken Shields, CEO. Please go ahead.

Kenneth Shields
Chairman & CEO

Well, thank you, and good morning, everyone, and welcome to this call covering the Conifex results for Q1 of 2026. As mentioned, I'm the Chairman and CEO of Conifex, and I'm pleased to be joined today by our CFO, Trevor Pruden; and our President, Andrew McLellan. Let's deal quickly with the housekeeping items. We will be making forward-looking statements and references to non-IFRS measures, and therefore, call your attention to the warning statements set out on the first 2 pages of the MD&A materials that we released this morning. On our most recent call with you in late March, we made the point that we viewed 2026 as a transition year for Conifex. We expected curtailments in single shift operations would produce EBITDA losses for us in the first half of 2026. We also disclosed our intention to do everything in our power to achieve steady-state 2-shift operations and to generate positive EBITDA prior to the end of 2026.

As a result of curtailments in our lumber and power business, we incurred a net loss of $9.4 million or $0.23 per share in Q1, and that compares to a higher net loss of $11.4 million in the preceding quarter. However, it trails the year earlier net income of $0.02 a share that we managed to report. Our EBITDA loss in Q1 was $7.7 million an improvement