Good morning everyone. You have Austin Singhera here, and thank you for joining us.

Before we get into the quarter, I want to start with a thank you to Jordan. He's been an outstanding partner to all of us over the years here at Tiny.

He led Tiny's uplisting to the TSX, oversaw the Dribbble acquisition, and helped steer the e-commerce segment from the beginning. On behalf of the board and the team, thank you to Jordan, and we wish him the very best.

I'm excited to take on the CEO role and lead Tiny into its next chapter alongside Andrew, Chris, and Mike. As a brief introduction, I joined Tiny in 2020 and have held a number of roles across the organization, including leading corporate development.

I've led the acquisitions of Letterboxd, Dribbble, and MediaNet, and have spent the past 5 years working closely with the management teams across the portfolio. Mike and I know these businesses well, and we're both energized about the opportunity ahead.

Alongside, Andrew and Chris are stepping back in to support and steer Tiny through this next chapter. They both bring a tremendous amount of value to the business, and I'm excited to have them more involved in a closer way.

Looking ahead, we've got a great number of businesses, and the job is to continue backing them. Across other areas of the portfolio, our focus is on improving margins and cash flow, and we're moving quickly to do so.

From a capital allocation perspective, we're also widening the lens on acquisitions. The core of what we're looking for doesn't change: predictable, free-cash-flow-generating businesses with strong barriers to entry and asset-light at fair values.

What's evolving is the range of sectors we're willing to look at and review opportunities, with the goal of which to broaden Tiny's portfolio to become more resilient over the long term. We'll have more to share on this as we get going on the key priorities and initiatives in the coming quarters.

With that said, I'll turn it over to Mike to walk through the slides and the financials.

Great. Thank you, Austin.

Let me start with the highlights for Q1 2026. It was a productive quarter and demonstrated continued stability across our portfolio.

Adjusted EBITDA came in at $9.2 million with a margin of 18%, reflecting our ongoing cost discipline. Recurring revenue reached $17.6 million, up 80% year-over-year, representing 34% of total revenue.

The Dribbble acquisition has been a meaningful driver here. Our annualized recurring revenue now stands at $70.5 million.

Our LTM free cash flow was $17.6 million, or 60 cents per share. That's a 36% improvement over the prior LTM period.

Net debt to adjusted EBITDA at the end of the quarter was 2.7 times, and we remain committed to bringing back the leverage to within our 2 to 2.5 times target range. I'll touch further on the portfolio highlights throughout the balance of the call.

Now, let's turn our attention to the financial results in more detail. Q1 2026 total revenue was $51.5 million, a 7% increase over Q1 of 2025, and that's a 12% increase on a constant-currency basis.

Looking at the composition of the revenue, Software and Apps stands out, largely driven by the Dribbble acquisition. Revenue in this segment grew from $14.3 million to $23.5 million.

Digital Services revenue came in at $16.7 million. This was down from $21.5 million in Q1 of 2025.

It does reflect a tough comparable. The Q1 2025 was an exceptional quarter for that segment, but our current utilization and project pipeline remain strong and in line with our internal expectations.

Creative Platform came in at $9.6 million versus $11 million a year ago. This reflects enterprise contract timing.

A large enterprise contract engagement closed in the recent quarter, and we're looking forward to talking more about it on our next call. Moving on to recurring revenue.

Recurring revenue is a metric we track closely as a proxy for the durability and quality of our revenue base. In Q1 2026, it reached $17.6 million, which is up 80% from $9.8 million in Q1 of 2025.

Dribbble was the primary driver here. Approximately 66% of Dribbble's revenue comes from subscriptions, and we are actively investing in its product roadmap and partnerships to sustain that growth level.

On an LTM basis, recurring revenue was $65.6 million versus $39.2 million a year ago, which is a 67% increase. Our annualized recurring revenue, as I noted, stands at $70.5 million, growing 80% year-over-year.

The trajectory reinforces our strategic focus. We want a larger portion of Tiny's consolidated revenue to be predictable and subscription-based.

On to adjusted EBITDA. Adjusted EBITDA for Q1 2026 was $9.2 million, with a margin of 18%.

On an LTM basis, adjusted EBITDA was $37.4 million. This is up 11% from $33.8 million in the Q1 2025 LTM period.

Performance was driven by growth in various parts of the portfolio and continued cost discipline across the entirety of the portfolio. Our LTM EBITDA margin has expanded from 17% to 18%, a modest, but still meaningful improvement reflecting the work underway on cost efficiencies.

Looking at the quarterly trend in the chart, you'll see that margins peaked at 21% in Q4 of 2024, dipped in Q2 of 2025 as we absorbed the Dribbble acquisition and costs associated with it, but have stabilized in the 19% range since. We will look forward to increasing the margin profile as we move through 2026, as cost management remains a priority as we continue to focus on scale.

On to free cash flow and adjusted free cash flow post-debt servicing. Beginning this quarter, we've enhanced our financial disclosure framework to report free cash flow and adjusted free cash flow post-debt servicing and per-share figures on an attributable basis only.

We believe this gives investors a clearer and more meaningful picture of the actual capital generated by our underlying portfolio, net of debt service obligations. LTM free cash flow, based on this metric, was $17.6 million, or 60 cents per share.

This compares to $10.4 million, or 44 cents per share, when using the same metric calculation in Q1 of 2025. This is a 36% improvement year-over-year on a per-share basis.

LTM adjusted free cash flow post-debt servicing was $16.2 million, or 55 cents per share. While Q1 standalone free cash flow was negative, it reflects timing of working capital and debt servicing.

This is consistent with seasonal patterns and does not change our LTM trajectory. Turning to Tiny Fund I.

As investors know, this is a separate vehicle from our consolidated results, and we report it on a non-audited basis to give investors visibility into the portfolio. Q1 fund revenue was $12.9 million, a 12% increase over Q1 of 2025.

LTM fund revenue was $52.7 million versus $49 million when comparing to the same period a year ago. Tiny's NAV in the fund was $45.4 million Canadian dollars at March 31st, 2026, which was a 2% from our recently reported year-end results.

Distributions from the Tiny Fund were $1.1 million in Q1, and stand at $2.8 million on an LTM basis. Key portfolio highlights include Letterboxd being named one of TIME100's most influential companies of 2026 for its work in promoting film culture.

The Letterboxd platform has reached 29 million registered users, up 175% since we acquired that business in September of 2023. This is a testament to the team's product focus and the strength of the community that has been built.

AeroPress launched the AeroPress Steel, an all-metal version of its iconic coffee press. This expands the product lineup and opens up an entirely new segment of the market.

Early results from this product have been very strong. Matina also continues to deliver growth through new distribution opportunities at key US retailers and an overall market expansion.

Lastly, we divested of the Girlboss business in January of 2026 as part of our ongoing portfolio optimization. Turning to debt and cash.

On the balance sheet at March 31st, 2026, senior debt outstanding was $106.9 million. This was up modestly from our year-end 2025 figure.

At the same time, cash was also up at $34.2 million at quarter end. Our net debt to adjusted EBITDA stands at 2.7 times, which remains just slightly above our 2 to 2.5 times target range.

We remain committed to deleveraging as one of our primary capital allocation priorities. The chart shows steady improvement from a high of 3.8 times in Q4 of 2023, with the slight uptick from last quarter just being due to timing of cash movement from subsidiaries and FX impact.

We continue to remain in active discussions on refinancing the overall portfolio on an opportunistic basis, and we will update as needed on that front. We have no current or pending maturities, we can work with a balance of time to get to the right solution.

On to our roadmap. Let me close with our strategic roadmap and where we stand on each priority heading into Q2.

First off, I want to express my excitement for the chance to work with Austin. We are going to be a great team.

We will miss Jordan immensely, as Austin noted, but I'm excited for where we're going in the future. We want to maintain profitable growth as a business.

We're focused on continued improvements to both adjusted EBITDA and free cash flow. The Dribbble integration has gone very well, and we look forward to opportunities to deploy more capital in the coming months.

The Digital Services businesses and Creative Platform businesses are executing against their plans and will be an important part of our forward-looking strategy. Capital structure optimization: reducing leverage remains our top financial priority.

As I've noted, we're actively working through those discussions, and we expect to return our target leverage to the right range in the coming quarters. That said, we are also open to deploying more capital and are looking closely at opportunities to do so that may move leverage ratios in order to deploy appropriate amounts of capital, but we are prepared to work on both sides of the balance sheet.

Tiny Fund I: NAV and revenue growth are being driven by Letterboxd's exceptional performance, as well as some unique opportunities within the AeroPress business and Matina as it continues to expand through new products and new markets, especially US distribution. I've mentioned capital allocation: we're actively evaluating high-quality acquisition opportunities that fit our criteria, as well as the expanded criteria that Austin touched upon today in the introduction.

We would like to find durable businesses with strong recurring revenue characteristics. In summary, Q1 was a solid quarter.

It demonstrates the resilient nature of our portfolio and our strategy. We will continue to seek improvements, we're well positioned heading into Q2, and we look forward to updating you on our progress next quarter.

With that, it's time for questions.

Thanks. As I'm newest to this and wasn't expecting it, can you talk about what led to the CEO transition?

Hey Richard, good morning. Thanks for your question.

Thanks for joining the call. I'll start, and then Austin can be additive here.

There's a tremendous amount of respect for all of us for Jordan. He decided that he'd like to move on.

It's hard. We really care for him, and we had a great working relationship, but it was his decision, and so we're going to work with that and respect it.

We certainly wish him all the best. This happens in the world we live in, in business, and it was his decision to start the process, and so obviously we work with him to support that.

That's where we're at. More importantly, Austin knows these businesses, he knows them very well.

He's excited to be here and be part of this, and I know that we're going to have great success with him leading us as well.

I don't have too much more to add, but I think it's also a unique moment in time to have Andrew and Chris specifically back and closely involved in the business going forward. We're really excited.

Right. Can you talk about thoughts now or updated thoughts on debt refinancing?

The debt market's pretty hard out there right now, is it better to just put that on the side, re-engage maybe if that frees up a little bit, or where are you thinking there?

Look, we're having opportunistic discussions, as I mentioned in the prepared remarks for the call today, Richard. Again, we don't have any pending maturities right now, right?

Look, we've got also very good, strong banking relationships with the groups that we already have financing our businesses. Obviously we explored some other opportunities to maybe potentially look at different strategies based on where the market had been, right?

The market's not there now today, as you know. At the same time, right, we've got strong relationships with all of our lenders.

We actually also, I think, which is important, for example, in the Digital Services business, did just extend the maturity in that business by a year, we can do things like that to ensure that we don't have any time pressures. Look, I think it's really important for us to maintain good, active, ongoing dialogue with our bank lenders, and make sure that if there are opportunities, that we're ready to seize them, right?

That's part of the process. As a company with bank financing already in place, we, like any other company, should be very active in discussions with our banking partners to ensure that when opportunities potentially come up, that we're ready to take them and or at least ready to consider them, right?

That's really the strategy that we're employing.

Right. Last for me would be across my research universe, I'm looking at generative AI as a generational opportunity to lower operating costs and sort of permanently improve profitability for most of the companies.

Can you talk about how far into adding automation and greater efficiencies using AI tools you feel like you are, and how much further you think you have ahead of you? Thanks.

Great question, Richard, and thank you, and I'll start, and I think Austin can be additive here as well. In some cases, it's early days, but at the same time, some of it's moving so fast that we feel like we've been doing it for some time based on some of the productivity improvements that we're already seeing, whether that be in things around our finance area with more timely reporting and more timely management information, in our design and engineering segment and area with more efficiencies in the strategy.

There's various ways that we can be looking at AI as a tool, various ways they can be improving our business overall, and various ways they can be creating efficiencies for us. We are very open to this, we want to be a leader in adoption, and we're working very hard to do so, and it's a key part of the mandate for Austin, really.

Just to add on that, I think I noted it in the earlier remarks that we do think there is a meaningful opportunity to improve margins and ultimately cash flow through implementing these tools. The usage is already at a strong level across the whole portfolio, but we'll have a lot more to share on this in the coming quarters.

We think it is a big opportunity.

Great. Thanks.

Thank you very much for joining the call today. More importantly, I'm sitting here right beside Austin, and smiling as I say thank you to him for taking on this role in this opportunity with us.

It's going to be an exciting year for us. At the same time, we'd be remiss if we didn't thank Jordan one more time, and so thank you, Jordan, for everything you've done with us, for the impact you've had in our team.

We look forward to an exciting 2026. Myself, Austin, Chris, Andrew, and so I think from all of us, want to say thank you for the support, and there's some exciting times ahead.

Echoing the same, and we'll see everyone on the next call. Thank you.

Thanks.