GREY WOLF ANIMAL HEALTH REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS

• Q1 2026 Financial Results: Revenue of $8.75 million (up 10.5% YoY), Adjusted EBITDA of $1.47 million (up 16.6% YoY). Net Income turned positive at $145,265 compared to a loss in prior periods.
• Growth Deceleration: Revenue growth slowed significantly from Q3 2025 (+35.3%) and Full Year 2025 (+33.3%) to Q1 2026 (+10.5%). EBITDA growth also decelerated from +62% (Q3) to +16.6% (Q1).
• Strategic Pivot: Company intends to change name to "Grey Wolf Health Corp." to reflect expansion into human compounding pharmacy; shareholder vote scheduled for June 24, 2026.
• Financial Targets: Introduced a five-year goal to organically double Adjusted EBITDA by end of 2030.
• Balance Sheet: Cash increased to $8.8 million (from $7.7M in Q4). Total borrowings decreased slightly to $24.6 million (from $25.1M in Q4). Operating expenses rose due to ERP implementation and salary increases.

• Profitability Confirmation: The most material positive aspect is the consistent net income generation ($145k in Q1, $329k in Q4, $548k in Q3), confirming a turnaround from previous losses. This reduces immediate bankruptcy risk and validates the business model post-acquisition.
• Growth Slowdown Risk: The deceleration in revenue growth (from ~35% to 10%) is a negative signal regarding momentum. It suggests the CPM acquisition boost may be normalizing or demand softening, which could pressure future valuation multiples.
• Capital Position: Cash position ($8.8M) covers operating expenses for a reasonable period, but net debt remains high (~$15.8M net of cash). No immediate capital raise is required based on current burn, reducing dilution risk in the short term.
• Name Change Impact: The name change to "Grey Wolf Health Corp." signals strategic expansion into human health markets (compounding pharmacy), which could attract a broader investor base but does not immediately impact financials.
• Transcript Mismatch Warning: The provided transcript context is for Wolfspeed Inc. (Silicon Carbide/Automotive) and contains no relevant data for Grey Wolf Animal Health Corp. This discrepancy must be flagged as a data integrity issue; management promises in the transcript cannot be verified against Grey Wolf's actual statements.

• Core Business: Dual-segment operation comprising Pharmacy (Human Compounding) and Animal Health.
• Flagship Project: Integration of The Compounding Pharmacy of Manitoba (CPM) acquired in December 2024, which drove significant revenue growth in FY 2025.
• Development: Building a new facility and implementing an ERP system to support the five-year EBITDA doubling target.
• Market Position: Transitioning from pure veterinary focus to broader "Health" services via human compounding pharmacy expansion.