Operator

Good afternoon, everyone and thank you for participating in today’s conference call to discuss Avax One’s financial and operating results for the first quarter ended March 31, 2026. Joining us today are the company’s Chief Executive Officer, Jolie Kahn; and Chief Financial Officer, Chris Polimeni.

By now, everyone should have access to Avax’s First Quarter 2026 earnings press release, which was issued earlier this afternoon at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of the company’s website at www.avax-one.com. This call will also be available for webcast replay on the company’s website.

Following management’s remarks, we’ll open up the call for your questions. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company’s filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call, except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.

For important risks and assumptions associated with such forward-looking statements, please refer to the company’s SEC filings. Now over to you, Jolie.

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LOUISVILLE, Ky. — Justin Thomas voiced strong disagreement Thursday after he and his playing partners were placed on the clock during the second round of the 2026 PGA Championship at Valhalla Golf Club, calling the decision unfair and poorly timed in a tournament already known for its demanding pace of play.

The two-time major champion, who opened with a solid 68 on Thursday, was notified by officials on the 12th hole that his group was being timed due to falling behind the pace. Thomas, playing alongside Brooks Koepka and another competitor, argued that the group had been moving efficiently and that external factors, including crowd movement and course setup, contributed to any minor delays. He finished the round with a 71, remaining well within contention but clearly frustrated by the ruling.

“I don’t think it was warranted,” Thomas said after his round. “We weren’t slow. We were dealing with some tough pin positions and a lot of people around the course. To put us on the clock like that felt unnecessary and honestly a bit disrespectful given how we were playing.”

The incident has sparked widespread discussion on social media and among golf analysts, with many questioning the PGA of America’s pace-of-play policies during major championships. Golf’s governing bodies have faced ongoing criticism for inconsistent enforcement, and Thomas’s public pushback has amplified calls for clearer guidelines and better communication with players.

Details of the Incident

According to officials, Thomas’s group fell more than a hole behind the group in front, triggering the timing procedure under PGA rules. Players are given warnings before being officially put on the clock, and penalties can include strokes if they fail to regain position within the allotted time. Thomas’s group avoided any penalty but completed the round under close scrutiny.

Koepka, a five-time major winner known for his no-nonsense approach, supported his playing partner’s view. “We weren’t the slowest group out there,” Koepka said. “JT’s right — it felt a little random. We were trying to play good golf, not rush it.”

The timing controversy occurred on a day when Valhalla played relatively tough due to firm greens and occasional wind. Several groups struggled with pace, but Thomas’s group drew particular attention because of the high-profile names involved and the stage of the championship.

Broader Pace of Play Debate in Golf

Pace of play has been a persistent issue in professional golf for years. The PGA Tour and major organizations have implemented various measures, including shot clocks on certain holes during regular events, but enforcement in majors remains more subjective and often draws player complaints.

Thomas, a former world No. 1 and fan favorite, has been vocal about the topic before. In previous seasons he has criticized slow play by other competitors while defending the need for reasonable time to execute shots under pressure. His comments Thursday resonated with many players who feel the current system unfairly targets certain groups or individuals.

PGA of America officials declined to comment specifically on the Thomas incident but reiterated their commitment to maintaining flow during the championship. “We monitor pace continuously and make decisions based on real-time observations,” a spokesperson said. “Player safety and the integrity of competition remain our top priorities.”

Analysts note that modern golf equipment and course setups have contributed to slower play overall. Players spend more time analyzing distances, wind and green slopes with advanced technology, which can extend round times. At the same time, large galleries at major championships create logistical challenges that slow groups down.

Thomas’s Performance and Season Context

Despite the frustration, Thomas played solid golf. His opening 68 left him well positioned, and the 71 in Round 2 kept him in the mix heading into the weekend. Known for his ball-striking and short game, Thomas has been working to regain consistency after some injury setbacks in recent years.

The incident comes at a pivotal time for Thomas. He has spoken openly about wanting to re-establish himself among the game’s elite and compete for more major titles. His willingness to speak candidly about the pace ruling may endear him to fans who appreciate authenticity, but it also risks drawing unwanted attention from officials.

Reactions from Fellow Players and Fans

Several players expressed support for Thomas on social media. Xander Schauffele, who has also experienced timing issues in past events, posted a subtle message of solidarity. Brooks Koepka, never one to shy away from controversy, was more direct in defending the group’s pace.

Fans were divided. Some applauded Thomas for standing up against what they see as overly strict enforcement, while others argued that professionals should maintain pace regardless of conditions. The debate quickly went viral, with golf forums and Twitter filled with strong opinions on both sides.

Golf commentator Brandel Chamblee weighed in on X, noting that while pace of play needs addressing, targeting high-profile groups during a major can create unnecessary drama. “Justin has a point,” Chamblee wrote. “Enforcement should be consistent and fair across the entire field.”

Implications for the Rest of the Championship

The controversy adds another layer of intrigue to what has already been a compelling PGA Championship. With Scottie Scheffler and other top players in strong positions, any distraction could affect performance. Thomas will look to put the incident behind him as he prepares for Friday’s third round.

The PGA of America may review its pace-of-play protocols after the event, especially if player complaints continue. Golf’s governing bodies have discussed potential changes, including more liberal timing allowances on difficult courses or during poor weather, but no major reforms have been implemented yet.

For now, all eyes remain on Valhalla as the world’s best golfers battle for the Wanamaker Trophy. Thomas’s comments have ensured that pace of play will be part of the conversation throughout the weekend, whether officials like it or not.

As the second round concluded, Thomas appeared focused and determined. “I’m here to win a golf tournament,” he said. “Everything else is noise. I’ll be ready tomorrow.”

The 2026 PGA Championship has already delivered drama both on and off the course. Justin Thomas’s public disagreement with being put on the clock has added another memorable chapter to a tournament that continues to captivate golf fans worldwide. How he and the rest of the field respond in the coming rounds will determine whether this controversy becomes a footnote or a defining moment of the week.