• CTEK reported a softer Q1, with revenue of $3.5M (-5% YoY) vs. our $3.8M estimate and Adjusted EBITDA was $1.0M (28% margin) compared to our estimate of $1.2M. • Management utilized the quarter to prepare for the step-change in revenue ahead as it executes on its large international order starting in Q2. • We recently interviewed CEO Riley Taggart, watch it here. Cleantek Industries (CTEK:TSXV, GLKFF:OTCPK) reported its Q1 financial results, which were just below our estimates; however, the Company maintained its outlook for 2026, citing a large ramp in revenue and EBITDA ahead. This comes with the execution of its international HALO order starting in late Q2, the largest contract in company history. For a briefing on this, please refer to our initiation report on the Company here. We are maintaining our BUY rating and $1.10/share target price on CTEK. Q1 Financial Highlights • Q1 revenue was $3.5M (-5% YoY), below our $3.8M estimate. Gross margin for the quarter came in at 59% vs. our 60% forecast and 63% in Q1/25. • Revenue included $3.3M in rental revenue and services (-2% YoY) and $0.2M in equipment sales (-41% YoY). The YoY decrease in equipment sales is not a reflection of demand, but rather timing as the Company heads into Q2 with installations underway for the HALO International Program. • Adjusted EBITDA came in at $1.0M (-21% YoY) vs. our estimate of $1.2M and the $1.3M reported last year, representing a 28% margin (vs. 31% expected). This compares to annual guidance of $7.2-7.5M, implying a large ramp ahead.