Good morning, and welcome, everyone. Thank you for joining us.

We closed out Vecima's fiscal 2026 year with a breakthrough fourth quarter that included our best-ever quarterly financial results and another increase to our outlook. I'll start today with an overview of our Q4 highlights and, of course, some of the high-level achievements all through the past year.

Judd will provide our fourth-quarter financial review, and then I'll return to discuss the significant growth we see out ahead before opening the call to your questions. As a result of the divestiture of the Telematics business in July, our remarks today are going to focus on the remaining continuing operations of our VBS and CDS segments only.

Fourth quarter was the strongest in Vecima's history. As wide-scale DAA rollouts gained momentum, our Q4 consolidated revenues climbed 36% year-over-year to a record $91 million and 45% sequentially quarter-over-quarter.

Q4 adjusted EBITDA more than tripled year-on-year to an all-time high of $18.9 million, achieving adjusted EBITDA margins of 20.8% in the quarter. These were deeply satisfying results, but I want to emphasize that they reflect just the early returns on Vecima's long-term strategy.

As broadband operators worldwide have been preparing for a once-in-a-generation technology transition to Distributed Access Architecture and DOCSIS 4.0 for many years now. Vecima has played a key role in this evolution, leveraging our deep experience and technical strengths and partnering closely with customers to provide them the innovative, interoperable technologies that underpin these network transformations.

It's taken sharp focus, significant investment, and an unwavering strategy to build the industry's most comprehensive portfolio of DAA, cable broadband, and Fiber-to-the-Home broadband access platforms. Today, we've emerged as a leading global force in the next-generation broadband access as wide-scale rollouts of these network upgrades translates into ramp in demand for our solutions.

That's part of a wave that is really just starting to build. In our Video and Broadband Solutions segment, fourth-quarter revenue climbed to a record $80.1 million, up 38% year-over-year, as demand and sales for our next-gen Entra DAA products accelerated.

This was driven in part by a significant ramp-up of deliveries to Charter Communications as we supported the expansion of their DAA rollout under our multi-year cable and fiber agreement with this leading Tier 1 operator customer. It also reflects our growing relationships with a large and ever-expanding base of operators worldwide.

By year-end, we had broadband engagements with 150 customers, an increase of more than 100 customers over just a few short years. The expansion and deepening of our customer base also contributed to very strong sales for our Entra optical products, led by our SF-4X optical line terminals for Fiber-to-the-Home.

Vecima was already the number one global market leader for remote OLT terminals, this further builds on our position. It underscores Vecima's increasingly important role as a critical supplier in the Fiber-to-the-Home space, supported by our 10 Gig Plus fiber broadband capabilities.

Shipments of our new ERM3 Remote PHY Modules also rose sharply in the quarter as we supported our customers' ongoing network upgrades, and demand continued to grow for our highly successful EN9000 Generic Access Platform nodes. As we've discussed previously, the EN9000 provides operators with a flexible foundation that supports evolving DOCSIS and Fiber-to-the-Home technologies while reducing the need for future hardware replacements.

This underscores the significant network incumbency advantage that our very broad footprint of deployed access platforms has now established. Combined, Entra platforms are now providing multi-gigabit broadband connections to tens of millions of homes.

We expect this increasingly deep footprint to evolve through multiple generations of further broadband investment, allowing Vecima to monetize our widely deployed base of Entra platforms for years to come. Keep in mind that while achieving all-time record results from our existing Entra portfolio in Q4, we were also advancing new technologies that we expect will become a major series of growth engines for Vecima.

We made significant progress with our vCMTS solution in Q4, progressing trials with our lead Tier 1 customer while also signing new agreements with additional major customers, including Vidéotron, a large Tier 1 operator in Canada. We now count seven vCMTS wins, including two Tier 1s so far, with many new customers engaged, including several more Tier 1s, 2s, and 3s.

In our commercial video portfolio, our next-gen Terrace IQ solution has also been gaining broad traction. Subsequent to year-end, a major North American Tier 1 operator selected Terrace IQ for a broad commercial video network modernization spanning thousands of locations and properties.

In just the last year, we secured multiple new design wins for Terrace IQ with other customers as well, including three Tier 1s and an additional Tier 2. Taken together, these achievements are setting the stage for sustained growth in the VBS segment, both in the near and the long term, and we fully expect to build further on the all-time highs we just produced.

I'll talk more about that a little later in the call. Turning to Content Delivery and Storage, the segment generated double-digit Q4 revenue growth, both year-over-year and quarter-over-quarter, as uptake of managed IPTV installations expanded.

We also made excellent progress with our targeted dynamic ad insertion solution as we continued to deploy phase two for our lead customer, Hotwire Communications. DAI enables operators to deliver targeted, personalized advertising experiences, increasing video ARPUs without having to increase the rates to customers.

Overall, it was an outstanding quarter for Vecima and one that marked a major milestone as we now embark on a significant new phase of growth. To ensure that we're positioned to take advantage of the exciting opportunities ahead, we've also undertaken some important strategic initiatives in recent months.

In July, we divested our Telematics business, enabling us to sharpen our focus on the fast-growing broadband access and streaming video businesses, while also boosting our balance sheet. In August, we announced two executive leadership appointments that'll help support us on our path forward.

While I'll remain, of course, the CEO of Vecima, we've elevated Clay McCreery to President and Chief Operating Officer, focused on Vecima's strategic performance and long-term growth. Ryan Nicometo, who previously led our VBS segment as GM, has been promoted to the newly created Chief Product Officer role, where he's focused on executing the unified product strategy all across our platforms.

These appointments not only strengthen our leadership structure, they also recognize the important contributions Clay and Ryan have made to Vecima for many years now. Now I'll turn the call over to Judd to discuss our fourth-quarter financials in more detail.

Judd?

Thanks, Sumit. Good morning, everyone.

I'll walk through our fourth-quarter financial performance in more detail. For the purposes of this call, I'll assume that everyone has seen our Q4 fiscal 2026 news release, MD&A, and financial statements posted on Vecima's website.

Please refer to today's news release and our MD&A for definitions and reconciliations of the non-IFRS financial measures I'll be referencing. As we've said over the past few months, we expected the fourth quarter fiscal 2026 to mark the start of an accelerated growth period for Vecima, and that's exactly what played out.

This quarter's results came in as we anticipated. As Sumit noted, the results I'll be discussing today reflect the continuing operations of our VBS and CDS segments.

Results from our Telematics segment, which we sold in July 2026, are reported as discontinued operations and are not part of my commentary today. Starting with consolidated sales, fourth-quarter revenue grew sharply to a record $91 million, an increase of 36% year-over-year and 45% quarter-over-quarter.

Our Video and Broadband Solutions segment contributed a record $80.1 million of this revenue, up 38% year-over-year and 53% higher than in Q3. Our next-generation Entra DAA products remained the key revenue driver in our VBS segment, with record Entra sales of $77.3 million, growing 42% year-over-year and 57% on a sequential quarterly basis.

Commercial video sales added another $2.8 million to our VBS results in the quarter, reflecting the continued transition to next-generation platforms as well as some of our newer DAA-driven commercial video products now included in our Entra family revenues. In our Content Delivery and Storage segment, fourth-quarter revenues came in at $10.8 million, up 26% from the same period last year and 1% higher than in Q3.

Fourth-quarter CDS revenue included $4.9 million in product sales and $5.9 million in service revenues. As we typically note, quarterly fluctuations are typical for the CDS segment.

Gross margin improved significantly in the fourth quarter to 45.4%, up from 26.3% in the fourth quarter last year. Adjusted gross margin rose to 45% in Q4, up from 36.7% in the fourth quarter of fiscal 2025.

That strong year-over-year improvement largely reflects the absence of last year's significant inventory writedown and unfavorable product mix, along with a greater proportion of higher-margin Entra optical and software sales in this year's mix. Sequentially, both gross margin and adjusted gross margin were somewhat lower than in Q3, reflecting a modestly less favorable product mix.

Turning now to fourth-quarter operating expenses, on a year-over-year basis, OpEx of $29 million was down $5.7 million year-over-year, and on a sequential basis increased slightly by $600,000 from Q3. R&D expenses for the fourth quarter increased to $12.6 million, or 14% of sales, from $11.7 million, or 18% of sales, last year.

This was primarily a result of higher amortization of deferred development costs as more of our development investments moved into commercial production. This is offset by a higher capitalized development costs related to our future product offerings.

As we mention each quarter, we defer some of our R&D expenditures to future periods until our products begin commercialization, and so reported R&D expense in a period is typically different than the actual cash outlay. Adjusting for this, our actual cash R&D investment was $16.9 million, or 19% of revenues in the fourth quarter, up from $15.3 million, or 23% of revenues, a year ago as we continued to prioritize our investment in future product development and our innovation pipeline.

Sales and marketing expenses decreased slightly to $9.2 million, or 10% of sales, from $9.4 million, or 14% of sales, last year, reflecting operating leverage in our sales and marketing cost base and continued discipline in variable selling costs. G&A expenses of $6.7 million, or 7% of sales, were up from $6.2 million, or 9% of sales, in the same period last year.

We remain focused on closely monitoring our operating expenses, and we don't anticipate significant OpEx increases in the near term. Continued discipline on our OpEx is a key part of how we get to our bottom-line financial goals.

We continue to incur interest expense related to our revolving line of credit, other debt, and accounts receivable factoring programs. With debt levels expected to come down and cash flow continuing to improve, we anticipate lower interest expense in 2027.

A quick note on taxes, our effective tax rate of 41% is higher than usual primarily due to the write-offs of the BC-generated investment tax credits in Canada related to our Telematics business and provision to return adjustments in both Canada and the US. That being said, we paid virtually no cash taxes in fiscal 2026 thanks to our substantial bank of tax attributes in Canada and also changes to the US tax laws regarding the deductibility of R&D expenses.

We may see some cash taxes in the US in fiscal 2027 depending upon how results come in, but we expect our effective tax rate to be much lower than this past quarter. Turning to the bottom line, we significantly strengthened fourth-quarter operating income to $12.3 million compared with a loss of $17.1 million in the same period last year.

The $29.4 million improvement primarily reflects higher VBS segment sales combined with lower impairment expense and inventory allowances as compared with a year ago. Net income also improved this quarter, coming in at $5.4 million, or 22 cents a share, from a net loss of $13.3 million, or 55 cents loss per share, in the fourth quarter of fiscal 2025, a huge improvement.

Adjusted earnings per share for the fourth quarter grew to 21 cents per share from a loss of 6 cents per share last year. Turning to the balance sheet, working capital continues to improve, with working capital being $62.9 million at June 30th, 2026, which increased from $51.2 million at June 30th, 2025, reflecting our efforts to pay down our debt.

Cash flow provided by operations for the fourth quarter increased to $24.8 million from $18.9 million during the same period last year, driven mainly by current period results rather than changes in working capital. Finally, our net debt position, defined as total debt less cash and lease liabilities, continues to improve.

At year-end, our total net debt stood at $40.7 million, which is down from $54.4 million at the end of Q3. Going forward, we'll keep focusing on strengthening our balance sheet through further debt reductions.

On a final note, the Board of Directors approved a quarterly dividend of 5.5 cents per common share payable on November 9th to shareholders of record as of October 16th, 2026. It's important to note that this dividend will be designated as an eligible dividend for Canadian income tax purposes.

Back to Sumit.

Thank you, Judd. Our long-term strategy of positioning Vecima at the forefront of a transforming industry is translating into the strong and profitable growth we saw in the fourth quarter.

We're confident this is just the beginning of the growth ahead. You'll recall that in our last outlook, we raised our projection for calendar 2026 revenue growth to 22.5% to 30%.

Today, we increase that further, with calendar 2026 revenue expectations now rising to 27% to 32% growth versus calendar 2025. Looking further ahead, we expect our momentum to keep building through fiscal 2027, with a revenue growth outlook of 30% to 35% versus fiscal 2026.

Based on our projected demand profile, we're also anticipating a very strong adjusted EBITDA margin of approximately 20% in both calendar 2026 and fiscal 2027. We expect, of course, our growth to be led by our Video and Broadband Solutions segment as we continue to support both our lead Tier 1 and 76 other customers in their wide-scale DAA network deployments.

These are major multi-year upgrade programs encompassing our Entra Remote PHY products, including our EN9000 and ERM RPD platforms, and our Entra optical fiber access product platform centered around Fiber-to-the-Home remote OLT nodes. We're building on our revenue base as we increase deployment of newer Entra products across multiple customers.

Those include, for example, the EN3400, a new smaller version of the EN9000 GAP node, the EM210 standalone 10G EPON module, and our Power-Over-Coax modules. As we move forward, our fiber access products are playing an increasingly important role as operators expand Fiber-to-the-Home deployments and invest in next-gen architectures.

As a recognized leader in remote OLT technology and with support for standards like XGS-PON and the emerging 50G-PON and all-PON architectures, we're ideally positioned to be a major player in the global expansion of Fiber-to-the-Home networks. In our Content Delivery and Storage segment, we're anticipating steady overall operating performance as we continue to focus on driving revenue growth through both managed IPTV expansions and our rollout of DAI.

Beginning next quarter, results in this segment will encompass our commercial video portfolio, including Terrace IQ, which is expected to start providing meaningful contribution as the 2027 fiscal year progresses. That change in the segments aligns our reporting segments going forward with the sales execution and the market characteristics that are common between our media-scale IP video platforms and the Terrace portfolio, while also providing some more direct visibility into results for our cable and fiber broadband platforms.

As of next quarter, the two operating segments we report under will be Content Delivery Solutions and Broadband Access Solutions. As we enter fiscal 2027, fresh off all-time highs in revenue and adjusted EBITDA, we see a broad and compelling growth runway ahead.

Vecima's continued expansion across new platforms, design wins, and customer relationships, together with the network footprint that's underpinning broadband access for millions of homes and businesses worldwide, positions us for continued momentum for years to come. Notably, our 30% to 35% growth outlook for fiscal year 2027 contemplates only the early stages of contribution from Entra vCMTS and DOCSIS 4.0 RPDs, XGS-PON, and several other platforms now entering the market, which we expect will be increasingly meaningful drivers of performance in fiscal 2028 and beyond.

Our broad and innovative portfolio of interoperable cable and fiber broadband access products and IPTV solutions gives us multiple engines for growth, with Vecima at the forefront of the technology shaping future network architectures. Against that backdrop of accelerating wide-scale, multi-gig broadband adoption, Vecima is really ideally positioned to remain a leader in a multi-year infrastructure investment pipeline as it grows to greater scale.

We've never been more confident in Vecima's future. The opportunities before us are substantial, with multiple catalysts across our product portfolio and customer base still in the early stages of realization.

We look forward to executing on them and reporting on our progress in the periods ahead. That concludes our formal comments for today.

We'd now be happy to take questions. Operator?

Good morning, guys. Just thinking about kind of production capacity and your exposure to US tariffs.

I know you moved some manufacturing down there in the past couple years, kind of pushing here at $400 million in sales annualized. Just thoughts on further requirements to move manufacturing down there or maybe just commentary on kind of production capacity today and how that positions you for the tariff situation.

Thanks, Jim. I think I've said for some time that we've envisioned that the growth upcoming here and the production capacity is well situated for that both in our Canadian operations as well as our international partners in contract manufacturing.

We believe we've set up to the scale that's required. Very well there, and there's room to add further shifts into that manufacturing operation that team's been built up to do so.

From the perspective of the revenue envelope, we've got a lot of growth that we can work towards ahead. I think on the tariffs side, like many other companies, not just those with large Canadian presence, but all around the world, global companies have faced a bit of this heightened uncertainty since early '25 with how the US is shifting their approach to trade.

While the nature of our industry does mean at the moment that a high amount of our sales, of course, are to US customers, I think what I tried to outline since the beginning of that changing environment is that Vecima's always been very strategically well positioned by design. For almost 40 years now, we've been this broadband technology leader.

We've always maintained full control and ownership and in-house designed IP in our manufacturing process. In addition, of course, to the IP in our product designs in software and hardware.

That's a bit of a contrast to other organizations that might completely outsource their manufacturing, but Vecima's always owned that process and all the designs thereof. The reasons for that have been many, not just on the trade side, but we have this complete agility in volumes and product mix, quick turns on design changes, and the ability that we have to manage through and pivot around some of the supply chain challenges that we've seen in recent years between the pandemic and the memory stuff that's going on, the integration of acquisitions we've done, where we've already exercised that capability to move manufacturing several times and as we've digested and integrated those acquisitions.

I think all that is to say as this heightened trade uncertainty came up in the US, we had this very strong inherent capability to manage it in the way that we've always built our products. Again, where we own that complete design manufacturing process.

The most recent situation, the tariffs that came into effect in the summer, we've already made any needed adjustments. Those were actually quite minor in practice.

As unpredictable as that environment may be going forward, region by region and how the US is doing trade, given where we're at today, what we've said with our outlook, it encompasses anything that's applicable. It's quite narrow in scope in terms of exposure there.

Our overall sales profile is got that well managed. In isolated cases that there are some tariffs that are in effect, our ASPs have handled that well and with a small exposure while still being totally competitive and gaining the market share anyway.

Overall, we're quite satisfied with how we're positioned, and this core competency again has allowed us to be agile there.

That's really helpful. Then maybe for you, Judd, just thinking about with this ramp-up in growth and sales, maybe just talk about the working capital here for fiscal '27.

I would assume that you'd probably need some investment maybe just in inventories and change in AR. Maybe just help me understand kind of that working capital situation.

Yeah. Jim, we see a steady growth over the quarters of the year with really not a lot of growth in inventory other than to just make sure we have the goods on hand to get them back out the door.

It's not going to be anything like it was a couple years ago where things got a little large on that side. AR will naturally grow depending upon timing of when those sales take place.

Overall, we should be generating cash, paying down our debts, and using those funds to reinvest in the company. We do see some working capital improvements throughout the year.

Okay. Then maybe just lastly, Sumit, I guess, obviously, visibility must be good with your revised outlook.

Maybe what could go wrong? We've had some hiccups in the past with some major customers kind of shifting their plans.

Would that potentially happen again or you just feel like you've got enough kind of a broad base exposure now that no single customer can really sideline this outlook?

No, I think it's more on the latter side that we've got this broad base. I think I mentioned that we have 77 customers into the Entra platforms today.

I think you're right. It's taken a lot of time for the industry to get to this phase where we're accelerating the rollout of cable access and fiber access all across the industry.

Of course, I think, complex programs, a lot of planning, a lot of qualification that the industry has gone through, our customers have gone through over the last several years. That's behind us, and you've seen that show up in our results.

We think that the industry is on the move on this transformation. It's mandatory to go to multi-gig.

It's mandatory for operators to be competitive with their offerings. AI traffic is doubling the capacity need of the broadband access network going forward.

The industry has to move. We're on that now, 77 customers, and we expect that things to be more broad-based.

Some of those challenges have been overcome that we encountered in the past as an industry.

Okay. Thanks, guys.

Thanks, Jim.

Hey. Thanks.

Can I ask you about BEAD? Is there any activity at this point?

I think

BEAD has gone through its its scenarios in terms of, the the the the differing US administrations and their handling of that. Some awards have have been made, in the last year, year and a half or so.

Our customers are also participating, we do expect some contribution to enter the picture for fiscal '27. I think, still, predominantly the RDOF program is ongoing.

That's the primary subsidy program that our customers are are, leveraging, and doing really well with. Also I want to point out that, some of the greenfield, fiber build has has become a very meaningful component of our Entra optical sales and uptake from customers today.

We're also seeing, new subdivisions, we're seeing, areas where it makes commercial sense for them to, have a close drop of fiber all the way to the premise. That's happening at at a broader, pace today.

Subsidy activity is ongoing. BEAD is, yet to come, but probably, not not too consequential for us within the boundary of fiscal '27.

I think, it's reaching the culmination of of all this churn in terms of, getting to the point of of the US rolling out.

Can it, Sumit, become consequential beyond '27, or just relative to RDOF, for your customers, it's not going to be the same kind of magnitude?

I think our customers are viewing it as an incremental piece that helps for some subsidies. I don't think it's going to be as material for them as RDOF.

As a whole, lots of new passings are going to roll out on BEAD. We've got a very broadly applicable platform with our 10G EPON and our XGS-PON, moving to 50G-PON solutions.

The current customer set, maybe a little more focused on greenfield than RDOF. As the BEAD rollout starts to happen, we're excited about how that plays into the overall TAM for ITU-PON, XGS-PON, and how we can participate there in that much larger TAM.

Got it. Thanks.

I missed what you said on vCMTS. How many customers in trials?

I guess you have two Tier 1s generating revenues. Is that right?

Yeah. We talked about seven overall customers, design wins, you could call them.

The Tier 1s are moving forward and deepening trials through calendar '26, leading to likelihood of some, in fact, customer-facing market trials in some major markets this year. Then when I said seven, there's two Tier 1s we've talked about the lead.

We announced Vidéotron recently that has selected us as well with an agreement there for vCMTS. That's all in the future, and actually, I think when we talk about the 30% to 35% growth envelope for fiscal '27, actually there's not too much contribution from vCMTS or even XGS within those results yet.

That we see as being a more meaningful growth driver in fiscal '28 and beyond. Then the five other customers are some smaller customers.

We're racking those up pretty quickly today. Some of those are already into deployment.

Okay. Thank you.

Thanks, Steven.