Q1 26 Earnings call

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:

Q1 2026

Q1 2025

$

TSX graduation & defence sector positioning

NATO/allied government procurement engagement

Business development & specialist capability

V-Cortex AI, Condor XL — excluded from Adj. EBITDA

Targeted hiring for defence & technical workforce

PATH 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