Thank you, and good morning, everyone, and welcome to our second quarter 2026 earnings call. The second quarter marked another period of meaningful progress for TeraGo.

We delivered year-over-year growth in adjusted EBITDA, increased ARPA, average revenue per account and generated stronger booking activity, which contributed to sequential growth in backlog monthly recurring revenue from the first quarter. These results reflect the continued execution of our strategy and provide encouraging evidence of the momentum we are building across the business.

Over the past year, we have remained focused on further elevating our customer quality, increasing operating efficiency and positioning the business for sustainable profitable growth. We continue to target and win large mid-market and enterprise customers, particularly multi-location organizations where our managed connectivity solutions and our white glove service provide meaningful differentiation.

At the same time, we have continued to optimize our customer base by moving away from lower margin and unprofitable accounts that do not align with our long-term objectives. We are encouraged by the level of customer engagement we continue to see in the market.

Organizations are increasingly seeking connectivity partners that can deliver reliable network performance, responsive support and the flexibility required to support increasingly data-intensive operations. We believe TeraGo's high-touch service model and wireless network capabilities position us well to capitalize on these opportunities.

While the impact of lower booking levels experienced during 2025 continues to flow through our revenue results, booking activity in 2026 is trending well above 2025 levels and the resulting increase in backlog MRR from the first quarter provides an encouraging indicator as we move through the balance of the year. Beyond our operating performance, the most significant development during the quarter was ISED's decision regarding the future licensing framework for the 26 gigahertz and 38 gigahertz spectrum bands.

We see this as transformative milestone for TeraGo and an important development for the Canadian millimeter wave ecosystem. For many years, there have been regulatory uncertainty with TeraGo's spectrum licenses until ISED's decision in May 2026.

This decision provides long-term certainty regarding TeraGo's licensing and future use of the company's spectrum holdings. The framework for flexible use, which means licenses can be used for both fixed and mobile services, has been established, confirming the transition process for incumbent licensees and setting the timetable for the October 2027 spectrum auction.

ISED has provided a clear path forward for the future of millimeter wave spectrum in Canada. As Canada's largest holder of millimeter wave spectrum licenses, we believe this decision significantly enhances the strategic importance of our spectrum portfolio and expands the opportunities available to TeraGo under a flexible use framework.

Flexible use licensing expands the range of opportunities available to spectrum holders, including 5G private wireless networks, enterprise mobility applications, advanced fixed wireless access, 5G public hotspot capacity expansion and other next-gen connectivity solutions. We believe TeraGo is uniquely positioned to capitalize on these opportunities and participate in the next phase of wireless innovation in Canada.

Across the broader telecommunications sector, we continue to see increasing investment in AI infrastructure, private wireless networks, digital twin environments and advanced 5G applications. In fact, bot and AI agentic traffic has surpassed human traffic and is expected to continue to grow by many factors over the next few years.

These trends are driving growing demand for high-capacity, low-latency connectivity, reinforcing the long-term strategic importance of millimeter wave spectrum and TeraGo's network assets. As we move through the balance of 2026, our priorities remain clear: continue improving sales bookings, grow the quality of our revenue base, expand profitability and position TeraGo to capitalize on opportunities emerging within the Canadian millimeter wave ecosystem.

With that said, I'll turn it over to our CFO, Raj Sapra. Raj?

Thanks, Dan. Good morning, everyone.

Let's move to Slide 4 of our Q2 2026 financial results presentation, which was uploaded on our website for an overview of our KPIs. Our average revenue per customer or ARPA in our connectivity business increased by 4.2% to $1,279 in Q2 of 2026 compared to $1,228 for the same period last year.

The continued improvement in ARPA reflects our ongoing focus on attracting mid-market and larger enterprise customers, particularly multi-location organizations while also increasing wallet share with existing customers through our high-touch service model. Our churn rate for the quarter was 1% compared to 0.9% for the same period last year.

We continue to review and enhance our customer experience programs, retention initiatives and service delivery processes with the objective of reducing churn over time. Backlog MRR at June 30, 2026, was $78,788 compared to $93,279 a year ago.

The year-over-year decrease reflects higher installation volumes, offset by lower booking levels, which were experienced in fiscal 2025. Importantly, the backlog MRR increased sequentially from March 31, 2026, reflecting stronger booking activity year-to-date.

Turning to Slide 5 to review our broader Q2 2026 financial highlights. Total revenue for Q2 2026 was $6.21 million as compared to $6.34 million for the same period last year.

The decrease in revenue reflects lower bookings in 2025, as mentioned previously, delays in some installation associated with larger multisite deployments and the company's continued focus on optimizing its customer base, including the discontinuation of unprofitable accounts. These impacts were partially offset by revenue contributions from new customers added during the year.

Adjusted EBITDA for Q2 2026 increased 16.8% to $1.06 million compared to $903,000 in the same period last year. The improvement was primarily driven by lower operating expenses and continued discipline around cost management, capital allocation and operational efficiency.

Net loss for Q2 2026 was $3.82 million compared to a net loss of $4.26 million for the same period last year. The year-over-year improvement reflects continued progress in managing costs and improving overall operating performance.

Moving now to Slide 6. With respect to the balance sheet, the company ended the second quarter of 2026 with $6.6 million in cash and cash equivalents.

As we move through the remainder of 2026, our priorities remain centered on driving profitable growth, improving customer quality, increasing operational efficiency and executing on the opportunities ahead of us. With that said, I would like to turn the call back over to Dan.

Dan?

Thanks, Raj. Before we open the line for questions, I'd like to leave investors with one final thought.

While we are encouraged by the operational progress we're making through sales bookings, continued ARPA growth, strong profitability and the most significant development this quarter was ISED's decision around the future of 26 gigahertz and 38 gigahertz bands. For many years, investors have recognized the unique nature of TeraGo Spectrum Holdings, but the regulatory framework governing their future remained uncertain.

We now have certainty and a defined framework for flexible use licensing and a clear timetable for the 2027 spectrum auction. Again, as Canada's largest holder of millimeter wave spectrum, we believe this decision substantially enhances the strategic value of our spectrum portfolio and expands the range of opportunities available to the company.

We believe millimeter wave spectrum will play an increasing important role as network capacity requirements continue to grow, driven by AI-enabled applications, higher data consumptions and continued digital transformation of businesses and industries. With a leading millimeter wave spectrum position and established wireless network platform, and a growing enterprise customer base, we believe TeraGo is uniquely positioned to participate in the next phase of development of Canadian millimeter wave ecosystem and create long-term value for shareholders.

That wraps up the prepared remarks for us today, and we can now open up the call for questions. Operator, back to you.

Thanks again, everyone, for joining us on our call today. I'd like to thank our customers, shareholders who continue to support the company and a huge thank you to the employees at TeraGo that are doing an outstanding job.

We look forward to providing an update on our progress on our next quarterly earnings call. Operator?