Greetings. Welcome to the Radiant Logistics, Inc. financial discussion for second fiscal quarter ended December 31, 2025. This afternoon, Bon Crane, Radiant Logistics founder and CEO, and Radiant's chief financial officer, Todd McCumber, will provide a general business update and discuss financial results for the company's second fiscal quarter ended December 31, 2025. following their comments we will open the call to questions this conference is scheduled for 30 minutes this conference call may include forward-looking statements within the meaning of the securities act of 1933 and the securities exchange act of 1934 the company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about the company that may cause the company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements. While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from those set forth in our looking statements. Such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements, which are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance. Now, I'd like to pass the call over to Radiant's founder and CEO, Bon Crane.

Thank you, John. Good afternoon, everyone, and thank you for joining in on today's call. With the benefit of our diversified service offering, we delivered another quarter of solid financial results, generating $11.8 million in adjusted EBITDA for our second fiscal quarter into December 31, 2025. We had a tough year over year comp as the year ago period included 64.8 million in revenues for air charters, bringing approximately 8 million units of IV fluid to the US as a result of the national shortages resulting from Hurricane Milton. When excluding 5.9 million in adjusted EBITDA from the Milton project in the year ago period, adjusted EBITDA increased by 5.7 million or 93.4% compared to 6.1 million for the second fiscal quarter into December 31 of 24. This growth breaks down as follows, same store growth of 3.6 million in our US operations, same store growth of $1.4 million in our Canadian operations and another 0.7 million in growth growth from our acquisitions. Without the lower margin of the Milton project in the current period, our adjusted gross profit margin returned to more normalized levels, improving 340 basis points to 27.3% compared to 23.9% in the year ago period, demonstrating our ability to maintain solid margins, even as we navigate a challenging trade market. Importantly, when excluding the impact of Project MILTON in the comparable prior year period, our adjusted EBITDA margin expanded by 780 basis points to 18.6%, reflecting our continued focus on operational efficiency and disciplined cost management. And while still very early in our journey, we continue to be encouraged by the prospects of Navigate, our proprietary global trade management and collaboration platform. Navigate represents a meaningful differentiator for us in the marketplace and supports both domestic and international shipments by aggregating and organizing supply chain data to deliver enhanced visibility, automation, and faster decision making. With streamlined deployment measured in weeks, not in months or years, our customers can quickly reduce costs, optimize routing, and improve buying and routing decisions. We believe the speed to market and ease of deployment represent a clear competitive advantage and then Navigate will serve as a meaningful catalyst for organic growth as we introduce the technology to our current and prospective customers in coming quarters. We are also pleased to announce the launch of Ray, our first AI powered agent with its initial focus on streamlining the administration of quote requests from our international agents around the world. Ray represents an important step in our ongoing digital transformation journey and complements our Navigate platform by further automating and accelerating key workflows. By leveraging artificial intelligence to handle routine quote administration tasks, we expect ready to improve response times for our global network of agents, enhance service quality for our customers, and drive additional operational efficiencies across our organization. We look forward to expanding RAISE capabilities into additional AI-powered solutions in coming quarters. As previously discussed, we believe our durable business model, diverse service offering, disciplining approach to capital allocation and low leverage continues to serve as well. We remain virtually debt-free with no net debt as of 12-31-25 relative to our $200 million credit facility and on track with our continued efforts to deliver profitable growth through a combination of organic and acquisition initiatives, while thoughtfully re-leveraging our balance sheet through a combination of strategic operating partner conversions, synergistic tuck-in acquisitions and stock buybacks. With respect to our stock buyback program, we acquired another $2.7 million of our stock through the three months into December 31, 2025. Looking ahead, we expect to stay the course with our balanced approach to capital allocation through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buybacks, while at the same time looking to invest in incremental sales resources with attention given to our deployment of the Navigate technology. With that, I'll turn it over to Todd Maymember, our CFO, to walk us through our detailed financial results, and then we'll open it up for Q&A.

Thanks, Bonnie. Good afternoon, everyone. And today, we will be discussing our financial results, including adjusted net income and adjusted EBITDA for the three and six months ended December 31st, 2025. For the three months ended December 31st, 2025, we reported net income attributable to Radiant Logistics of $5,305,000 on $232.1 million of revenues or 11 cents per basic and fully diluted share. For the three months out of December 31st, 2024, we reported net income attributable to radiant logistics of $6,467,000 on 264.5 million of revenues or 14 cents per basic and 13 cents for fully diluted share. This represents a decrease of approximately $1,162,000 of net income over the comparable prior year period or 18%. For adjusted net income, we reported $8,076,000 for the three months ended December 31st, 2025 compared to adjusted net income of $10,696,000 for the three months ended December 31st, 2024. This represents a decrease of approximately $2,620,000 or approximately 24.5%. For adjusted EBITDA, we reported $11,774,000 for the three months end of December 31st, 2025 compared to adjusted EBITDA of $12,016,000 for the three months end of December 31st, 2024. This represents a decrease of approximately $242,000 or approximately 2%. While we reported adjusted EBITDA is essentially flat, the prior year period included 5.9 million of EBITDA represented by the infrequent project cargo work we refer to in our press release as the Milton project, which was awarded a radiant for Q2 2025. Excluding this non-routine radiance Q2 fiscal 25 adjusted EBITDA would have been 6.1 million on a normalized basis. The current quarter would essentially reflect a 5.7 million an increase representing 93.4% over quarter growth in adjusted UDOT. For the six months ended December 31st, 2025, we reported net income attributable to radiant logistics of $6,598,000 on 458.8 million of revenues or 14 cents per basic and fully diluted share. For the six months ended December 31st, 2024, we reported net income attributable to radiant logistics of $9,843,000 on 468.1 million of revenues or 21 cents per basic and 20 cents per fully deleted share. This represents a decrease of approximately $3,245,000 over the comparable prior year period or 33%. For adjusted net income, we reported $12,543,000 for the six months ended December 31st compared to adjusted net income of $18,578,000 for the six months ended December 31st, 2024. This represents a decrease of approximately $6,035,000 or approximately 32.5%. For adjusted EBITDA, we reported $18,571,000 for the six months ended December 31st, 2025, compared to adjusted EBITDA of $21,468,000 for the six months ending December 31st, 2024. This represents a decrease of approximately $2,897,000, or 13.5%. With that, we'll turn the caller over to our moderator to facilitate any Q&A for my callers.

Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Once again, please press star 1 if you have a question or a comment. The first question comes from Elliot Alper with T.D. Cowan. Please proceed.

This is Elliot on for Jason Seidel. So nice growth after excluding the project work from last year. Curious if you could talk about the demand environment currently, maybe what your agents are telling you, and then any project work from severe weather in the March quarter.

Sure. I think, you know, generally speaking, people are, I guess, growing increasingly bullish in terms of where we are. We've seen a little bit of improvement here, you know, again, excluding the project cargo from the year-ago period. We had some really good growth, you know, international and kind of ocean imports in particular, you know, continues to remain relatively soft. But all in all, with the diversity of our business and candidly, some of the traction we're getting with the Navigate technology platform is really helping to kind of help us put points on the board in this environment. It seems to be most recently kind of a tightening of capacity and we've seen the tender rejection rate starting to come up. So, I don't think we really have seen the benefit of that most recent dynamic in the quarter into December, but as we come into the quarter March, which historically is our seasonally slowest quarter, it'll be interesting to see how this tightening capacity environment kind of affects overall margin characteristics and kind of what's happening in the domestic market, and I think all of this capacity tightening will be constructive for us in the peer group more broadly. And I'm sorry, Elliot, what was your second question?

I just thought if we should expect any project work from the severe weather that we've seen begin the calendar year.

Nothing on the books yet. That we'll continue to watch. I won't say we root for natural disasters, but we're certainly there to pick up the phone when they occur. Again, most recently, there's an unusually cold weather system that hit the southeast, which will probably cause a little bit of slowness for a lot of folks around that particular particular event, but in terms of kind of broader natural disasters, you know, fires, hurricanes, that type of stuff, there's nothing kind of immediately on the kind of in process for us around those types of opportunities.

Okay, great. It sounds like you guys are making a lot of progress on Navigate. I know it's still very early in the journey, but I'm curious, like, how much revenue you expect from Navigate this year?

You know, I don't want to get into specific numbers, but, you know, kind of looking at it, you know, a little more broadly. What's really, you know, exciting for us is, you know, ultimately we're partnering with our customers as they kind of onboard their vendors onto the platform and the visibility and their ability to kind of better control and manage their vendor base. But as we're onboarding our customers' vendors onto the technology and they're getting exposure to what it represents and its capabilities, we're starting to get what I'll call reverse inquiry inbound interest from these vendors themselves as becoming direct customers. So, we really are seeing a compounding effect of Navigate as we continue to grow our community. You know, I think we're getting really positive feedback and kind of broadening interest. So, you know, we see this having a lot of, you know, application, you know, in different industry verticals, in different ecosystems. you know, as we continue to roll about.

Okay, great.

Thank you.

Once again, if there are any remaining questions, please indicate so by pressing star one on your touchtone phone. Okay, there are currently no questions in the queue. I'd like to turn the floor back to Bob Crane for any closing remarks.

Thank you. Let me close by saying that we remain optimistic about our prospects and opportunities to continue We need to leverage our best-in-class technology, robust footprint and extensive global network of service partners to continue to build on the great platform we've created here at Radiant. At the same time, we intend to thoughtfully relever our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buybacks. Through our multi-pronged approach, we believe we will continue to create meaningful value for our shareholders, operating partners, and the end customers that we serve. Thanks for listening and your support of Radiant Logistics.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.