Great. Thank you, Martin, and good afternoon, everyone.

Welcome to MustGrow's Q4 2025 earnings call. Before I begin, I'd like to draw your attention to our disclaimer.

It's your typical forward-looking statement disclaimer. Forward-looking statements are going to be made in this presentation and at the Q&A session at the end.

Some of these statements may or may not come to fruition. This disclaimer can be read in detail on our website at mustgrow.ca.

The 2025 sales results, again, they did not meet our performance expectations in terms of sales. It fell well short of what we were expecting.

2025 sales, which included Nexus, was $8.3 million. If we take a look at the gross profit exclusive of the impairment loss, you're looking at about $1.5 million and a margin of around 18%, again, exclusive of the impairment loss with the shutting down of Nexus BioAg effective April 15th of 2026.

This resulted in a net loss of $7.3 million. It wasn't a great year, obviously, for MustGrow, but on a positive side, TerraSante sales, again, were significant compared to what we did in 2024.

2025, there's about $600,000 of sales, which was up about 377% from the previous year. Gross profit was about $116,000 and a margin of almost 20%.

Commenting on 2025 results, Nexus BioAg, which we purchased at the beginning of the year, did not meet performance expectations in the sales that we expected it to generate. Given the fact that it was burning cash, we decided to shut it down at the effective April 15th of 2026.

We're now in the process of divesting of the assets, which include inventory and equipment. We're focusing in on TerraSante, which seen significant growth.

In 2025, the purchase orders were up almost 600% year-on-year, and the majority of these are from repeat customers. The product continues to work.

In 2025, as we've mentioned in the past, we've ran out of inventory. We estimate that we left about a million dollars of potential sales unfulfilled.

That was a problem, but also a good problem because the demand has been increasing. The other thing with TerraSante is it was a lower margin than we were expecting given the tariff situation, and also we were producing with batch production with our contract manufacturers now moving to continuous production.

We expect these margins to increase. In addition, the tariffs have decreased since what we seen in 2025.

For 2026 going forward, our focus is driving TerraSante sales in the US and potentially other markets, other states such as Georgia, which we've just added, and potentially other countries. There's an opportunity here for us to take TerraSante and expand it beyond the United States.

Our focus is on building up inventories and really starting to market this product not only through MustGrow, but through our retail customers who are seeing very positive results of the product working. Production has been ramping up, and margins, again, should be much improved given continuous production that our manufacturers are currently doing and the lower tariff regime that we're in here this year versus what we witnessed last year.

The pipeline for MustGrow: again, TerraSante in the US, that's the key driver here right now. We started off in 2024 and early part of 2025 trialing this product, and then we started to see an uptick in the demand where we could not produce enough or have enough product in the market on time to meet that increased demand.

We're going to continue to push this product into the market and continue to market our products so that we can really start driving sales. TerraSante, now we're also looking at the rest of the world: countries such as Australia, such as the Netherlands.

We're testing product in these countries here right now. With positive results from these trials, there's an opportunity potentially for us to get fast-track registration so that we can start selling this product, TerraSante, into these countries sooner rather than later.

What you're going to see is very similar sales ramp-up to what we're seeing in the US. Farmers are not going to put this on all of their land right away.

It's going to take 3 to 5 years really to start seeing growth in these sales. Again, we think there's a huge opportunity for TerraSante in certain countries around the world: a need for this product for one, a fit with the crops that are growing in these countries, and the fact that fast-track registrations could happen.

On the biocontrol side, TerraMG, we continue to wait for our biopesticide registrations here in Canada and the US. Not much has changed here.

We continue to wait for that. Same with Bayer.

The work that they're doing, they're doing excellent work for us. We've indicated before that we're expecting to receive our first milestone payment this year.

We're hopeful that that will be coming in in the very near future. Our main focus now is really driving TerraSante in the US and potentially in other countries around the world and really driving the sales of this product that's working tremendously.

In terms of our capital structure, it continues to remain tight: 63 million shares outstanding, about 77 million shares fully diluted. We were fortunate enough to do a capital raise at the beginning of January, much-needed working capital for the production of TerraSante.

Some shareholders might see that as dilutive. I don't see that as dilutive.

I think that's a required capital so that we continue to push our product into the market and build up inventories and production. What would be dilutive is that if we have to go and build a $20 or $30 million plant, and I don't see us having to do that given the partnerships that we have in Asia with contract manufacturers.

That is critical for us to really start driving revenues and pushing ourselves towards that positive cash flows, which hopefully will happen in the next few years. With that, Martin, I'd like to open it up to question and answers.

Yeah. We purchased Nexus at the beginning of 2024.

The whole investment thesis around acquiring Nexus was you've got an existing sales team, an existing product line with historic sales. It was we felt a very accretive investment for us.

It slid in nicely for what we were doing. It allowed MustGrow to access to third-party biologicals and regenerative agriculture products without having to go and acquire those products or the technologies so that we could potentially receive the margins on the sales of those products.

It also allowed us an opportunity to go and sell TerraMG once it becomes registered here in Canada, to be able to sell that through a existing sales and distribution team whereby we would be keeping the distribution margin on the sales of those products. Sales from Nexus, again, did not meet performance expectations.

We were expecting a lot higher sales. We were expecting this sales division to be self-sufficient and be cash flow break-even at the very least.

Given that we were burning cash on this sales division, and in the fact that we're a small company with limited capital resources, we were forced to shut Nexus down. I will say, it's an excellent team, an excellent product line.

There was headwinds that we were facing in the second half of the year. Farmers' margins were being squeezed.

There was 100% tariff on Canadian canola. Farmers were not able to move canola, the number one cash crop here in Western Canada.

What we were witnessing is a lot of the inputs, a lot of the products that we were moving into the market, again, they were not moving. It hurt the division.

We had to make an investment decision. In addition, we see TerraSante.

That ramp-up started in the second half of the year. It wasn't at the beginning of 2024.

That ramp-up, we really want to commit our resources and our focus in on TerraSante and really start pushing that into the market here now.

Oh, sorry. Yes, I meant 2025, yes.

I expect them to be a lot stronger than what we've seen here in 2025. Again, we were facing tariffs for product going into the US.

In addition, we've been producing through batch production from our contract manufacturers. They've started to increase their production sizes and move towards continuous production, which should help improve our margins.

Again, the tariff regime going for biofertility products going into the US is a lot lower than what we were facing in 2025.

I'm expecting a significant growth. We had great growth in 2025, 370%, we left some sales on the table because we weren't able to produce on time.

I'm expecting that growth to be even stronger here in 2025 or sorry, 2026. It's all about execution.

It's all about production for us: making sure we can produce product on time, making sure that we can ship internationally and get product into the market in a timely manner.

The inventory lead time is between 3 and 6 months. Our suppliers, and I've given them a forecast going 3 years out.

Our suppliers, they need to come up with feedstock and make sure they have the feedstock in place to be able to meet our inventory requirements. It would take about a month for them to produce product and then another month or two of shipping to get product into the market.

I can't give any indication of inventories or the amount of volume that we're looking at this year, but it's a magnitude greater than what we did in 2025. We're also assessing to see if there's other places that we can start producing product just because if the Netherlands comes on or if we're seeing an increase in demand, we want to make sure that we can be able to service those markets as well.

No, not to my knowledge. We're currently working on selling the inventories and the equipment.

In fact, there could be a gain on some of those given the impairment that we recognized at the end of 2025.

I think the main thing is what they're seeing is yield improvements. We've mentioned in the past, potatoes in the Pacific Northwest, a 2-ton increase in yield, better quality potatoes, less culls.

We're seeing the same thing in California, say on strawberries. TerraSante has got an excellent return on investment for a farmer in terms of yields.

The other thing that we're seeing, and it's being reported to us, is that farmers are starting to see an improvement in their land, the soil microbiome, which we've mentioned in the past. It's not just an investment on this crop, but it's a good investment for future crops as you continue to build up your soil.

In terms of fertilizers, in California, for instance, a lot of the crops that we go in don't use a lot of fertilizers, it's not a, I guess, a good comparison. With food inflation happening, it means farmers need to grow more crops.

With farmers' margins being squeezed because of higher fertilizer, they need to find other ways to maximize their return on investment. One way to do that is increase your yields.

What we're seeing with TerraSante is an increasing yield. That's the main factor at the end of the day is, by putting TerraSante down, is a farmer going to increase their yields, and that's what they see.

An increase in demand, we're seeing that right now. That means that we got to produce more.

That's a good problem to have. We were fortunate enough to do that $2 million raise at the beginning of the year, much-needed working capital for our company to be able to produce more TerraSante.

If that demand continues to grow, we do have the CIBC credit line. We're also assessing opportunities to potentially raise some more capital if required for increasing TerraSante production and really starting to meet that increase in demand.

Yeah. We're assessing the need for that and the potential opportunity to do that.

Again, we don't need to raise significant money here to go and build a plant, $20 million, $30 million to build a brand new plant, as I mentioned in the presentation. Capital raise to go and build up inventories, even more inventories to meet increase in demand to me would be a good use of proceeds.

That's something that we're assessing.

I'm hoping for 2027. The way I see demand growing, if we're able to produce and meet this expected demand, 2027 should be, potentially, cash flow break-even for MustGrow.

To me, the greatest interest right now is California strawberries.

Yeah. It is on increased yield.

Again, a farmer is not going to put it down if it's going to cost them money and he's not going to get a return. In terms of quality, I'm not really sure on that.

I know we've seen that in potatoes, but I can't answer that question on quality for strawberries.

Bayer has been a great partner for us. The project continues to move forward as expected.

TerraMG is effective. It continues to work.

I think Bayer is excited about that. There's always unforeseen circumstances or issues.

This past year, we've seen some plugging in the field on some drip lines, but we're working our way through that, and we have worked our way through that with Bayer. Being a natural biological product, it's not a small-molecule synthetic chemical, you are going to see issues in the field, and we just have to work our way through that, and we have.

Again, it's slow. We've submitted our dossier, and we're waiting for feedback from them.

I wish I could give a better update for PMRA in Canada or EPA, but, again, it is slow dealing with these government bureaucracies. Hopefully, things speed up.

Our focus is on TerraSante, really, and in driving these sales into the US market, and then potentially outside of the US.

Yes, there is, yes.

Yeah. We took a chance on Nexus at the beginning of 2025.

If TerraSante, what we've seen in the middle of 2025 or even where we're at here right now, if TerraSante would have been 6 months to a year earlier and seen that sales ramp-up, we most likely would have never done Nexus BioAg. Our focus is on these higher-margin products, our proprietary products.

What we're seeing with demand, we need to commit our resources to really producing and meeting that increase in demand.

Yeah. Again, it's TerraSante.

We had great growth in 2025 for sales of TerraSante. I want to see that even higher this coming year in terms of the percent growth year-on-year.

I think it's more than doable within the United States. Then let's start adding on other countries and start doing the same process that we did in the United States and start growing in some of these other countries as well.

I think the opportunity to sell significant amount of product is going to happen in 2026 and 2027. Then, hopefully, while we're sitting and waiting for the registrations for the biocontrol, they start coming in, and then we can start selling those products.

Bayer in Europe, Middle East, Africa, that's going to take a little longer for registrations, but hopefully, we start collecting on the first milestone payment this year and with potential more milestone payments to come.

If that is possible, I think that's something that we should look at. That's new to me, so that's something I will look at.

with the demand, if we take a look at the California market, you're looking at spring plantings and fall plantings. We were able to meet the demand at the time for spring plantings of 2025, and then we started to see more purchase orders coming in.

In fact, we weren't able to fill all of those purchase orders for the second half of the year. Again, it takes some time to produce product, to have product into the market, and we weren't able to get the product into the market on time.

That's why you didn't see fourth-quarter sales results. Although sales results in the fourth quarter, I think they were about $260,000, about 40 to 40 45% increase versus the rest of the year.

No, they're not involved with us at all.

Given the fact that this is in litigation here right now, I'm not able to make any comments on the lawsuit.

No, we didn't receive that milestone from Bayer in 2025. We're still waiting to receive that milestone payment.

When we do receive it, obviously, we will be making that announcement to the market.

I don't know that, no.

Yeah. In 2024, there was about 150 acres.

In 2025, it was approximately 1,000 acres.

The reason why I don't know about the farms, we're dealing in California, we're selling to retailers who sell to the farmers.

No update on that. It's not something that we've been focused on.

Our partner Bayer has the first right of refusal for bananas and TR4. I don't believe there's been any work that they've been doing.

Again, they're focusing in on getting the registration in Europe, Middle East, or Africa. We just haven't had the time or resources to go and focus really in on doing more work on TR4 and bananas.

The opportunity in front of us really is strawberries in California or potatoes in Washington State and making sure that we have enough product to meet the demand.

No, no final comments. Just thanks, everyone, for joining, and look forward to doing this again for the Q1 2026 earnings call.