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Quarterly Update

Quarterly Update

A Message from the Chairman

Terry Matthews - Chairman

Periods of change tend to separate those who react from those who build. Today’s environment, shaped by rapid technological advancement, shifting global dynamics and rising expectations around performance, continues to reward companies that are focused and prepared to execute. Execution is the new moat, and delivering real value to customers is the new return on investment.

As we progress through 2026, I am encouraged by the momentum our ecosystem. Our companies are adapting to change, and they are actively shaping the next phase of growth in their markets.

Pisano has emerged as a standout growth story this quarter. Their expansion across the APAC region, combined with increasing recognition from global analysts, reflects disciplined execution and strong customer focus. Their commitment to purposeful innovation — building solutions alongside enterprise customers while advancing AI-driven capabilities — is particularly compelling.

At the ecosystem level, Alacrity Canada continues to demonstrate why it is a leader in entrepreneurial development and innovation commercialization. The launch of ARC Lab comes at a critical time, as defence, security, AI and critical infrastructure become increasingly strategic sectors. Many Canadian companies are already building dual-use technologies, but the challenge remains bridging the gap between innovation and adoption. By helping founders align with government demand and navigate procurement, Alacrity Canada is enabling the next generation of globally competitive Canadian companies.

Teldio has also delivered an exceptional start to the year, reinforcing its leadership in physical security and operational intelligence. The strong response to Teldio Fabric reflects a broader shift toward unified intelligence platforms that connect communications, video, and sensors. Its partnership with Motorola Solutions provides a powerful channel to market and validates its position in mission-critical environments.

Across the portfolio, companies such as thinkRF, Cliniconex, Celestra Health Systems, Talkative, and Edge Signal continue to advance solutions addressing global challenges across healthcare, telecommunications, AI infrastructure, and intelligent operations.

Beyond the portfolio, our broader ecosystem continues to strengthen communities and partnerships. L-SPARK’s Sovereign AI initiative with Telus, the growth of The Celtic Collection and ICC Wales, and the continued evolution of Kanata North, by KRP Properties, all reinforce our commitment to building environments where innovation thrive.

As we look ahead, our approach remains grounded in the five T’s: Transformation, Timing, Technology, Team and Trust — the fundamentals that underpin long-term success.

Thank you for your continued support as we build for the future together.

—Kind Regards,
Terry Matthews
Chairman

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