Good day and thank you for standing by. Welcome to the Ethereum Technologies Q3 2026 conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. I would now like to hand the conference over to your speaker today, Ashley Nuell.

Good morning, everyone, and welcome to Ethereum Technologies conference call regarding its third quarter 2026 financial and operational results. This call is being held to coincide with the press release containing Ethereum's financial results issued yesterday after market close. On today's call, speaking on behalf of Ethereum will be CEO and Director Dan Sceli and Chief Financial Officer Elizabeth Owens. Attendance on this call is open to the public, but questions will be restricted to the analyst community. You are reminded that certain statements made on this conference call and our responses to certain questions may constitute forward-looking statements within the meaning of U.S. and applicable Canadian securities laws. Forward-looking statements are based on the current expectations and involve risks and uncertainties that could cause actual results to differ materially. Please refer to Ethereum's filing for more complete discussion on these risks. With that, I will turn the call over to Dan.

Thank you, Ashley, and good morning, everyone. Westport Fuel Systems is now Etherion Technologies, a new name for the purpose that brought us together, reducing the emissions from the engines that moved the world. Our new identity reflects our sharpened focus on heavy duty transportation and the opportunities where our technology and expertise can create the greatest value. We are continuing to focus our portfolio and align our resources with this strategy. At the same time, We are retaining the specialized technical and commercial talent needed to advance our high-pressure CNG solution for the North American heavy-duty market. Please follow us at our new ticker on both the TSX and NASDAQ, AETR. Our priorities are clear. Build on SUSPIRA's commercial momentum, expand HPDI's reach, and advance toward break-even with disciplined capital management. First, Real-world fleet acceptance of HPDI continues to grow. Suspira delivered 85% product revenue growth in Q3, supported by stronger fleet demand. As the installed base expands, aftermarket activity adds another source of growth. That growth is consistent with what we are seeing from our partner Volvo. In a press release on September 24th, Volvo indicated that 2025 was their best sales year ever for natural gas powered trucks. and they expect 2026 will be even stronger, supporting continued demand for Suspira's systems. The quality of that growth matters. Revenue continues to outpace overhead growth, support costs remain controlled and investment is focused on strategic priorities. Together, these trends strengthen operating leverage and support a more self-sustaining business. Second, the platform is advancing and we are expanding its reach. Suspira's HPDI 3.0 fuel system is scheduled to enter production in Q4 2026, with the first equipped vehicles expected on the road in early 2027. Alongside HPDI 3.0, we are advancing high pressure CNG and renewable natural gas solutions for North America. Our goal is to bring fleets practical alternatives that preserve performance and support attractive operating economics. Across these opportunities, our approach is consistent. Build on proven technology and pursue practical pathways to lower emission, heavy duty transportation. Third, SUSPIRA's progress reinforces our expectation of break even in 2027. Revenue has grown quarter-over-quarter since inception, and net loss has significantly decreased, nearing break-even. Both trends we anticipate continuing. That said, there may be some ups and downs as Suspira works to kick off production of HP DI 3.0 in Q4. The momentum we have seen in demand, combined with improving operating leverage as volumes scale, strengthens our confidence in the path ahead. What we are hearing and seeing in the market is demonstrated fleet demand for LNG heavy-duty trucks, supported by favorable fuel price differentials relative to diesel and tightening emissions regulations. In September, Reinert Logistics announced an order for 500 Volvo LNG trucks, the largest single order to date, with delivery over two years beginning in 2027. The order follows its experience operating 50 Volvo gas-powered trucks in everyday service. The significance goes beyond the order's size. A fleet tested the technology, assessed performance and fuel economics, and committed to a much larger deployment. That is commercial acceptance translating into repeat demand. Renewable fuels are also gaining traction. Polish carrier SIS Trans ordered 100 Volvo Bio LNG trucks, reinforcing the role of LNG and Bio LNG in heavy duty transportation. To support anticipated demand in 2027, Suspear is evaluating targeted capacity increases with investment timing and scale aligned to customer requirements. Our planning assumes these capacity investments would be self-funded without additional capital contributions from the parent companies for those investments. More broadly, progress toward breakeven, stronger operating leverage, and disciplined costs could reduce Suspear's future funding needs from its parents. The priority is to turn higher demand into stronger performance and greater financial self-sufficiency. Finally, we entered into a $25 million committed equity facility with Roth principal investments to provide additional working capital for ongoing operations and strategic priorities. We remain focused on balancing growth investment with careful capital management and financial discipline. With that, I'll turn the call over to Elizabeth for a closer look at our financial results.

Thank you, Dan. Our third quarter financial results have demonstrated meaningful progress. Since Suspiria's beginning, we have driven quarter-over-quarter revenue growth. In Q3 2026, product revenue grew by 85% to $20.7 million. In fact, year-to-date, to the end of the third quarter, Suspiria has delivered more product in 2026 than for the entire 12 months of 2025. As Dan mentioned, Suspeira's growth is influenced by the favorable price differential between diesel and natural gas and government regulation support in markets like Europe. Aftermarket revenue was $4.9 million compared to $3.6 million, also driven by the increase in sales volumes. Service revenue was $2.7 million compared to $4.6 million in Q3 2025. primarily driven by the milestones achieved. Service revenue is allocated to projects as milestones are achieved. One of Suspera's significant long-term engineering service revenue projects is nearing its end with substantial completion expected in Q4 2026 prior to the anticipated launch of HPDI 3.0. Gross profit was $3.7 million compared to a gross loss Follett, and Jim Mancuso. Year-to-date, we have seen our capital contributions to Suspera decrease A trend that we see continuing, as Dan mentioned, as they move towards an expected breakeven next year. Turning to our operating segment, Q3 2026 revenue for our high pressure controls business was $2.6 million, compared with $1.6 million for Q3 2025. The increase in revenue was primarily driven by a higher volume of sales in the quarter. compared to prior year, which was impacted by the transition of operations to our manufacturing facilities in China and Cambridge, Ontario. As production and shipment levels normalized, we achieved higher shipment volumes during the current quarter, resulting in increased sales. Turning to our bottom line, net loss per share improved to 13 cents in Q3, 2026 from 60 cents in Q3 2025. This improvement was driven primarily by growth at Suspiria, where higher product revenue and a lower cost base reduced losses, and in turn, our share of those losses. We boldly expect this trend to continue as Suspiria scales, and we remain confident in the longer-term trajectory. As at the end of September, Our cash and cash equivalents positions stood at $14.5 million compared to $23.9 million on June 30, 2026. The decrease in cash was primarily driven by our operating losses, funding of the SUSPERA JV, and debt repayments. In the quarter, our capital contributions to SUSPERA decreased to $2.8 million from $11 million in Q3 2025, reflecting the improvement of Suspiria's financial performance. We anticipate this number will continue to decrease in the coming year as Suspiria continues to drive volume growth. We also paid $1 million in debt repayments, which represented our final payment to EDC. Following the end of the quarter, we received an early payment of approximately $2.4 million in relation to outstanding escrow amounts as a result of our light duty transaction that closed in 2025. These amounts were originally anticipated in early 2027. Strengthening our financial position remains a core priority. Our equity facility of up to $25 million provides additional financing flexibility. while we continue to manage capital carefully. On costs, our underlying corporate run rate is in a good position when we exclude spending related to our CNG solution in North America and other one-time items. We distinguish those underlying costs from targeted investment in future opportunities so that we can maintain this discipline while progressing our strategic priorities. Follett. Sending related to our CNG solution in North America is directed towards unlocking a significant opportunity as we continue to assess that investment. With that, I will pass the call back to Dan.

Thank you, Elizabeth. To close, our focus is clear. Build on Suspiria's commercial momentum, advance its path towards self-funding, and progress our high-pressure CNG solution for North America while maintaining financial discipline. Our transition We are aligning our portfolio, technical capabilities, and investment with the opportunities where we believe we can deliver the greatest long-term value. Thank you, and we welcome your questions.

Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. One moment for questions. Our first question comes from Chris Sandrinos with RBC Capital Markets. He may proceed.

Yeah, good morning and thanks for taking the question. You know, I wanted to follow up on some spirit here and I guess specifically just around the investments that might get made to expand capacity. And can you just comment broadly on, you know, where capacity was and maybe, you know, how much are you all thinking about taking that up and then Second to that, I think the comment was it's being self-funded. So should we interpret that to mean that contributions into the JV continue to go lower broadly? Thanks.

Yeah, I mean, so we're doubling. Our plan is to double capacity this year. and it will be self-funded i.e. the cash generated in the business is going to be able and Suspira is going to be able to pay for that. So there will be no need for contributions from the parents for that capital investment. And the cash calls are reduced dramatically and so we're quite pleased about that growth.

Okay. And then maybe just on the high pressure controls business and just trying to get a feel for how you all are thinking about that opportunity long term. And if you could maybe just speak to the outlook to that and where you see the kind of opportunity over time. Just trying to think through the investments that you're making there from an R&D perspective and how you're thinking about it. Yeah.

Yeah, so that business is continuing to be strong from a technical perspective. We are the leader in that market. We have some R&D development going on that's funded by some customers, some high end automotive customers. And the real priority is the North American CNG opportunity. Our technology from high pressure controls will be key in delivering our Smart Storage System for CNG in North America that will be applied with our HPDI 3.0.

Got it. Thank you.

Thank you. Our next question comes from Amit Dayal with HC Wainwright. You may proceed.

Good morning, everyone. Thank you for taking the time. Hey Dan, so this current run rate at Suspiria, is that then representing roughly close to full utilization of available capacity?

We're not at full utilization yet, but we're approaching it and we're going to double that capacity this year.

Okay, thank you. And then this is coming from one or two customers right now, right? This level of revenues basically?

No, it's actually quite, I mean, we've highlighted a couple because they're unique large purchases, but it's across the board. You know, I think we're in 35 or 36 countries now. We're seeing the demand grow across the markets for natural gas trucks.

I was just trying to see if there was any concentration. It looks like there is not.

No, there's no concentration. It's pretty broad-based acceptance of the product. We're well beyond the question of Is the technology reliable and functional? There's no question about that now. We're well into over 12,000 trucks on the road and the products are working fantastic. It's just the economics now are also the solution for a lot of these fleets to deal with the economics of diesel. Of course, the regulatory environment is helping as well.

So I guess maybe this is a little too early, but just, you know, I'm posing it anyway. Is there a future for Suspeira as a public company, potentially?

That's a really good question. We haven't, you know, we haven't had that discussion with our partner. And, you know, our goal right now is to, you know, build it out and get the business completely self-sustainable financially. We're getting very close to that. But yeah, we haven't had the conversation and we'll see. It's something that I suspect we'll be talking about at some point.

Thank you. And this last one. So for the high pressure controls, what are the channels you are using right now and are more of those sort of distribution channels coming online?

Do you mean the industrial markets for fuel cells in forklifts? Is that kind of what you're referring to?

Yeah, I'm just trying to see like, you know, where the high pressure controls are being sold and how they're being sold today and then, you know, what are the paths or, you know, that to scale in the future.

Sure. So the significant portion of our revenue today is in the industrial world. It's all the high pressure controls for the fuel cells that run forklifts as an example. It's a pretty big market. We also have a light duty business there that's developing products for fuel cells for that market. So it's a bit of a mix.

Understood. Yeah, that's all I have. I'll take one of the questions offline. Thank you.

Okay. Thanks, Amit.

Thank you. And as a reminder, to ask a question, please press star one one on your telephone. Our next question comes from Eric Stein with Craig Hallam Capital Group. You may proceed.

Good morning, everyone. Morning.

Hey, so just Coming back to the CNG back cab solution, I mean, obviously that's an offering that you have been very optimistic about here for some time, but it does seem like you've kind of leaned in a little bit to it becoming more of a near-term opportunity. So first of all, am I reading that right? And second of all, When I think that, I think that what would really enable that would be Volvo, HPDI, North America. So just maybe an update on where that stands.

Sure. So, I mean, yes, the target is certainly with Volvo and the Suspira HPDI technology. And I mean, the focus right now is launching HPDI 3.0 with Volvo on their new engines. The work running parallel to that in North America is we're building out the technology. We are working on additional demonstration models that will be announced when they get organized. Volvo is working their business case. This is a standard practice in the OEM world. They have to go through their entire business case analysis and approve it for moving forward. So that's moving, that's happening. And so, you know, we're very excited that, you know, the market's going to pull this system into the North American fleets. It's just a matter of timing.

Yep. No, that's great. And then, you know, you talked about, obviously, trends in Saphira are quite good. But also, you talked about there could be some choppiness because of HPDI 3.0 and the timing there. So, I mean, in that context, how should we think about Q4? And are there any indications you can give, such as pre-orders or anything that you can point to? Obviously, you're doubling capacity, so it seems quite positive.

it is uh yeah we we put that cautionary note on launching anytime you launch a new engine system you know you you uh you're gonna be managing you know startup issues um but uh so far everything has been going going fine and uh um you know Volvo is rolling out their new engine with our new HPDI 3.0 on it um and uh you know I think just the the uh Underlying fact that we need to double capacity. You just look at the last two years and the rate of growth we've had. That's the theme that we're living to.

Okay, last one for me. I think obviously Volvo is the lion's share, but you have talked about a second OEM, a 200 truck trial. I'm just curious if you can update on second level of field trials and potential plans going forward. Sure.

We've been in detailed conversation with quite a number of OEMs over the last six months. The second OEM doing the truck travel, that's still ongoing, but we're talking to other OEMs beyond that as well. I think what All right. Thank you. Thanks, Eric.

Thank you. I would now like to turn the call back over to Dan Sceli for any closing remarks.

All right. Well, thank you. Thank you for your time today, everybody. We appreciate your continued interest in Ethereum and we will now end the call. Thank you.

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.