1
3
REVENUE
GROSS MARGIN
WORKING CAPITAL
CASH
01 FINANCIAL
Q1 2026
JAN — MAR
Deliveries now
›r”+/ei“ “/ y as supply
chain normalizes
i'!"5*»'.*".-"‹
TENPORARRYEVENU£ TINING IMPACT,
Defence-related deliveries
shifted from into i?.°
,. ‘ ! r.r°. %or/.-”‹
*-•' supply chain constraints
Contracts remain
‹s«'.».‹c and intact
FY2O26 GROWTH OUTLOOK UNCHANGED
Contracts remain active. Demand remains strong.
FY2026 growth
outlook :lili:“.it i°.g:.«•
6
INVESTING IN SCALE:
UNDERSTANDING OUR COST STRUCTUREAD JU ST E D EB IT DA R EC ON CI LI AT I ONQ1 2026
Q1 2025
WH AT IS D RI VI N G TH E I NV ES TM EN T$
Marketing & Brand +$353K YoYNet Loss | (6.6M) | (4.3M) |
Add: Depreciation | +1.45M | +1.50M |
Add: Interest | +1.01M | +0.65M |
Add: Share-based pay | +0.38M | +0.17M |
Add: R&D Investment | +0.29M | +0.01M |
Add: FX & Other | +0.31M | +0.06M |
Adjusted EBITDA Loss | (3.1M) | (1.9M) |
TSX graduation & defence sector positioning
Travel & Engagement +$205K YoYNATO/allied government procurement engagement
External Partners +$567K YoYBusiness development & specialist capability
R&D Investment +$278K YoYV-Cortex AI, Condor XL — excluded from Adj. EBITDA
Defence Talent +$289K YoYTargeted hiring for defence & technical workforce
↑ 7PATH TO BREAKEVEN: Revenue-driven, not cost-cut driven. Defence pipeline conversion through H2 2026 expected to progressively improve Adjusted EBITDA. Growth-stage investment spend normalizing relative to a scaling revenue base.
-t.IB!/I working capital
EDC covenant r«(;I',/«-! Base shelf cxci.I':t„
TSX gradUation c‹›!*zy1z•zci
DlSCiPLINED CAPITAL DEPLOYMENT
STRATEGIC PROSRESS ACROSS
CAPABILITY PLATFORM
B@llding an integrated sovereign platform delivering long term defence and aerospace value.
MOMENTUM
Advanced
activation to scale production capability.
Launcnea SKYDRA'M. our Al-powered sovereign ISR platform
ADVISORY BOARD
Strengthened governance ana expertise to support our strategic
direction
t /p t//
Strong progress on NAT0-related contracts and
partnersh! Ds.
Deepened alignment with Canada's Defence|ndusña
Strategy priorities.
Successfully graduated to tne TSX, srengthening
visaDility dnd access
GRADUATION
ALIGNMENT
SOVEREIGN
ACTIVATION
LAUNCH
DEFE8&E
TSX DIS NAT0 CONTRACT EXPANDED SKYDRATM MANOFACTURING GROWING
10
ADVAECIES PROPRIETARY PLATFORMS
,-“,—.
.". SEflTIflEL DOCK
° First production unit completed
OCC integration
: SaaS platform launched
Early customer onboarding
Recurring revenue model
i
V-CORTEX" AI
Unified autonomy architecture Multi-platform integration
' Scalable mission systems framework
° Autonomous deplOyment infrastructure
V10O ISR PLATFORU
' Long-endurance ISR capability Manufacturing preparation underway Defence market positioning
12
0UTL00hAND
Execute NAT0-aligned contracts
' ‹'
Scale Mirabel manufacturing capability
•”**>
’* “
Commerci”ali”ze SKYDRA TM and V-CortexTM
”-‹.
' .' ,
Advance proprietary platforms
°
Expand defence and infrastructure operations
“”..-”””“‘,
.•”. ..
›i
Drive revenue growth and margin expansion
. . .
13
14
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |