Good morning. Thanks for the introduction, Glenn, and nice to see everyone.

Nice to be back on the call for our quarterly results release. I'll just give you, as Glenn mentioned, our performance across our different business segments, give you a sense of changes within the business, and also what we're looking at over the next three quarters.

Just to remind everyone, IC Group is a consumer engagement platform that helps enterprise brands and sports organizations really connect with their consumer audiences at scale. We execute campaigns globally.

We're in over 30 jurisdictions now, and we support 90 sports teams along with enterprise brand customers in various jurisdictions around the world. Our platform is designed to help clients drive commerce, capture first-party data, and enable repeat engagement, particularly in regulated and complex operating environments.

At the end of the day, our value proposition to our customers is really centered on simplifying the complexities of consumer engagement across those different channels, across different geographies, regulatory frameworks, all to reach consumers and develop owned audiences and relationships that drive measurable value now and into the future. Operationally, the business is organized into three segments: IC Engage, which formerly was known as Digital Promotions; IC Mobile, formerly known as Mobile Messaging; and IC Insurance, formerly known as Insurance Solutions.

At the end of the day, the core of our business, we're really focused on building durable, repeatable engagement solutions that support recurring revenue, scalability, and building towards positive operating leverage as the business grows. As the business does experience some seasonality in Q1, we were really pleased with the strength and consistency of the results we delivered to start 2026.

For the quarter, revenue increased 29% year-over-year to $7.8 million, driven primarily by continued organic growth across IC Engage and IC Mobile. Gross profit increased 22% to $3.3 million, while adjusted EBITDA improved 300% to $0.67 million, reflecting improving operating leverage across the platform and reduced one-time costs.

Importantly, approximately 86% of our growth during the quarter was organic, demonstrating continued momentum with our existing customer base, strong product-market fit, and the effectiveness of our land-and-expand strategies. Looking at the last 12 months, revenue reached approximately $29 million with gross profit of $13 million and gross margins of 45%.

We believe this reflects the scale and diversification we've been building across the three different business units. Annual recurring remains strong at 68%, really providing greater visibility and stability as the business continues to scale.

John, I'll turn it over to you.

Thanks, Duncan. IC Group's Q1 financial results marked another quarter of significantly higher earnings from a year ago and the fourth quarter in a row of increasing earnings in terms of adjusted EBITDA since going public a year ago.

Versus the prior quarter, overall company revenue grew 8%, vastly organic, and adjusted EBITDA increased 3%. The company also continued to improve its financial strength during the quarter and following its $3.75 million equity raise in the prior quarter by deleveraging the balance sheet by $565,000, including the conversion of $175,000 of shareholder advances into common equity.

This growth trajectory validates the investments the company is making in its systems and technology, from which we believe positive operating leverage will be generated in future quarters. The company saw growth in Q1 across all three of its business segments.

IC Engage saw quarterly revenues grow 7% from continued customer demand for its reward program solutions and consistent profitability after absorbing costs related to investments in our technology for future benefit. IC Mobile saw quarterly revenues increase 8% from higher customer traffic flows.

This was tempered by margin compression from changes in mix between wholesale and enterprise traffic flows, resulting in a similar level of adjusted operating income to the prior quarter. The business continues to invest in its core messaging system, from which margins are expected to benefit in the future.

IC Insurance quarterly revenues grew 20% from Q4, and gross profit was up 8%, resulting in a 9% smaller operating loss from the prior quarter. This was a good result for this segment given the industry backdrop of insurance premium compression and as the business repositions itself for more balance between its contingency and liability portfolios.

Lastly, the company finished the quarter with $3.4 million of cash on hand due to drawing down its deferred revenue balance in the quarter and the deleveraging mentioned previously. Due to seasonality of certain cash flows, management anticipates its cash position to be lower again at the end of Q2 before being replenished in Q3.

With that, I'll turn it back to you, Duncan.

Thank you, John. As we've got three proven revenue streams identified as business segments, which are IC Engage, which we talked about before, IC Mobile, and IC Insurance.

Together, they power consumer engagement and commerce at scale and form a unique platform that few, if any, competitors can match. IC Engage powers audience engagement and commerce across digital and live experiences through our proprietary platforms, often combining gamification, rewards, social, data, and loyalty.

Our solutions are deeply integrated, driving long-term client value and retention. We're an ISO 27001 certified enterprise-ready provider, and we're trusted by global brands.

We generate revenue through our long-term service contracts, our SaaS revenue, activation fees, and scalable commissions on our rewards. IC Engage delivered another strong quarter and continues to be one of the primary growth drivers of the company.

Q1 2026 revenue increased 36% year-over-year to $3.7 million. Gross profit increased 32% to approximately $2.4 million.

Gross margins remained strong at 66%, reflecting the quality of the revenue mix and the platform's scalability. Over the last 12 months, IC Engage generated approximately $13.5 million in revenue and $9.1 million in gross profit, while gross margins remained strong at 68%.

Looking ahead, our focus is on expanding customer reach across enterprise and live event ecosystems, increasing repeat program activity, and commercializing data and brand activations across the IC Engage platform. Mobile communications is a core channel for large-scale customer engagement and commerce.

IC Mobile is one of only three Tier 1 aggregators in Canada with direct carrier connections, and we're the only messaging platform fully hosted and processing data in Canada, positioning the business to service regulated Canadian industries. In 2025, the platform delivered over a billion mission-critical messages across security, operations and logistics, finance and commerce, and marketing use cases, generating recurring revenue on every message that's sent.

As you can see, the messaging gateway is utilized and trusted by a broad base of Canadian and international enterprise customers seeking to reach Canadian consumers. The business model really prioritizes secure, high-volume SMS traffic to establish our scale, while expanding into higher-margin messaging solutions over time.

IC Mobile continued to scale during Q1, driven by increased enterprise and wholesale messaging traffic across the platform. Revenue for the quarter increased 27% year-over-year to approximately $3.5 million.

Gross profit increased to approximately $6.1 million during the quarter. Gross margin for the quarter was approximately 17%, which reflected higher carrier pass-through costs and continued growth in wholesale traffic volumes.

Over the last 12 months, IC Mobile generated approximately $14.6 million in revenue and $2.7 million in gross profit. Trailing 12-month gross margin was approximately 18%.

The business continues to maintain a high recurring revenue profile with more than 95% of revenue generated from recurring customer activity. Our near-term focus is continuing to expand high-volume traffic, improving the margin profile, converting platform scale into operating leverage.

IC Insurance provides specialty insurance solutions that enable consumer and fan engagement at live events, promotions, and sponsored programs. We focus on niche, high-value coverages, including event cancellation, crisis management, event liability, and prize-based promotion solutions, where underwriting complexity and regulatory requirements create barriers to entry.

The business operates as a Lloyd's-backed MGA with binding authority across multiple jurisdictions and no balance sheet risk, allowing us to scale without deploying capital to risk. Revenue is generated through a combination of transactional premiums, service and professional fees, and profit commissions where applicable, creating multiple paths to monetization as the portfolio grows.

IC Insurance delivered stable performance during Q1 while continuing to expand its specialty insurance capabilities across sports, entertainment, and live events. Revenue for the quarter remained consistent year-over-year at approximately $0.5 million.

Gross profit for Q1 was approximately $0.26 million. Gross margins for the quarter were approximately 52%.

Over the last 12 months, IC Insurance generated approximately $2 million in revenue and $1.3 million in gross profit. Trailing 12-month gross margin remains strong at approximately 65%.

During the quarter, the business continued to expand underwriting capabilities and delegated authority relationships to support a broader range of specialty insurance products. The acquisition of Players Health Cover Canada in the fall of last year continues to strengthen IC's insurance position within the sports and live event ecosystem and supports future recurring revenue opportunities.

Our focus continues to scale a recurring, high-quality revenue base through disciplined underwriting, expansion of our product suite, embedding insurance into clients' programs, growing broker distribution, and increasing US and international activity through our delegated authorities. Looking into the next three quarters, the focus is on scaling the business and building towards positive operating leverage as scale increases.

In IC Mobile, this means continuing to scale messaging volume in SMS, expanding more profitable messaging channels, and evolving message distribution across channels to improve margin. In IC Engage, we're focused on expanding our customer reach and improving monetization of data and activations in live events.

We also continue to develop and expand our enterprise-level customer relationships with new innovations and expanding expertise into new consumer markets. Over the past 12 to 18 months, we've transitioned to a public company, completed the acquisitions of IC Engage, and really positioned us for future growth.

Overall, our goal is to improve revenue quality, free cash flow visibility, and overall business durability, while creating value and long-term strategic optionality across the business segments. Why invest in IC Group?

We work with enterprise-grade customers, including large brands and professional sports organizations, which really reflects the trust and expertise required to operate at scale in complex operating environments, like we do in a 40,000-seat stadium. The business has delivered strong and consistent revenue growth, driven primarily by organic expansion across the platform, and supported by diversified end markets and use cases.

Approximately 68% of our revenue is recurring, providing improved visibility into future performance and supporting a more predictable revenue base as the company scales. IC Group operates a diversified and scalable platform, combining digital engagement, mobile messaging, and specialty insurance, which allows us to participate across multiple touchpoints during the customer engagement lifecycle.

Finally, we believe the company is trading at an attractive entry valuation relative to peers, reflecting an early stage in the public company lifecycle. I appreciate the time you've taken to review our results and to learn more about the business.

If you have any follow-up questions, we welcome the opportunity to continue the conversation.

In terms of revenue growth, our mobile division will continue to scale, particularly in the back half of the year, and you'll see consistent growth as we have been across our IC Engage platform as well during the course of the year.

In IC Mobile and IC Engage, we haven't. We've seen continued investment in the space.

Definitely in IC Insurance, definitely it's a soft market. There's a lot of capital in the insurance space right now.

If anyone's renewing policies, you'll typically see decreases in your policy rates. That's, as I say, that is definitely a headwind in the insurance space for us.

John, do you want to take that one?

I can take that one, Glenn. We improve the strength of the balance sheet every quarter.

We're amortizing down our bank debt, and clearly a year ago, the company was overleveraged, and that was a risk. We probably deleverage the balance sheet by about $1.5 million a year just based on bank debt amortization.

We continue at that pace, and we also deleverage the business by increasing our earnings, because that builds debt capacity. I see the two of them merging later in the year, such that our balance sheet would look to be fairly conservatively or more mainstream financed.

I'm pleased with the strength of the balance sheet today. I think the cash position gives us flexibility to continue to amortize down our debt and also to invest in the business.

We did successfully complete an equity raise, you'll recall in Q4, of $3.75 million. We converted some shareholder advances subsequent to year end into equity.

In total, we've raised about $4 million in the last few months. That's a good amount of cash for us to be holding and to kind of weather some seasonality.

As I mentioned, we'll see our cash balance continue to deplete as we invest in the business in Q2, and then we expect that in Q3 it will be somewhat replenished.

Great question. Historically, we'll see different parts of the business segments have some seasonality into it.

Typically in our mobile space, Q1 is typically a softer quarter coming, it's just come off a heavy commerce season. The last half of the year is typically a lot of holidays, a lot of finance happening activities, people are buying, retailers are selling.

You've got a lot of activity in the last quarter of the year. Q1 tends to be a little softer in the mobile space.

We also, in our Live Engage space, our FanX, which is our live event platform, it is, when we first acquired it back in February of 2025, it was heavily weighted in this hockey sports space. You tend to get seasonality in the summer months, just because they don't have a lot of hockey playing in the summer months.

We're working hard to start to balance that out with deeper penetration into, a broader base of sports activities that carry on throughout the year. You'll see a bit of seasonality there.

Then typically in the back half of the year, you'll start to see businesses pick up in promotions, in messaging, and in sports activations. On our insurance side, typically the first quarter and the back, last quarter are a little softer, simply because we're very focused on live sports and entertainment.

You get a lot of, and conferences and exhibitions and festivals are happening during the summer months. Certainly in Canada.

You get a bit of seasonality there, but that's starting to balance out over the course of the year with some of the new product solutions that we're bringing to market as well. So.

Great. Thanks, Glenn.

I think when I reflect on it, we're really pleased with the progress we're making on scaling the business, particularly through strong organic growth and continued expansion of our core platforms. Although, we're still seeing, we're still investing, and we're in that phase still of optimizing our investments and our revenue mix.

Ultimately, we believe we're building a really durable, recurring, scalable business model. As we continue to execute, our focus remains on converting that scale into improved margins, and ultimately delivering long-term value for our customers and for our shareholders.

That's, as I say, we're making really good progress and that'll continue throughout the year.

Thanks for joining, folks.

Thank you.