Financial Data and Key Metrics Changes - In Q3 2025, the company reported a revenue growth of nearly 7%, approximately $14 million year-over-year, with gross margin increasing by 8.4% and adjusted EBITDA rising to 28.6%, marking the highest level for a third quarter since at least 2016 [4][5][14] - Adjusted selling, general, and administrative expenses decreased to 20.8% of consolidated revenue from 21.7% in Q3 2024, reflecting ongoing cost discipline [6][13] - For the first nine months of 2025, adjusted EBITDA improved by 12%, about $5 million year-over-year, with adjusted net loss down nearly $7 million compared to the same period in 2024 [14][16] Business Line Data and Key Metrics Changes - The inspection and heat treating (IHT) segment experienced a revenue growth of 5.7%, driven by strong activity in the U.S. and an 8.9% growth in international operations, including Canada [5] - The mechanical services segment saw a revenue increase of 7.8%, or $8 million, led by heightened turnaround demand in the U.S. and improved performance in Canada [5] Market Data and Key Metrics Changes - The company noted multiple quarters of growth in Canadian operations, indicating successful initiatives to enhance commercial and financial performance in that region [5] - The diversified portfolio across multiple industries and geographic footprint is expected to help navigate macroeconomic uncertainties [8] Company Strategy and Development Direction - The company aims to continue executing its strategic vision focused on top-line growth, margin improvement, and cash flow generation [7][12] - A recent $75 million private placement of preferred stock with Stellux Capital Management is expected to strengthen the balance sheet and enhance financial flexibility, supporting ongoing margin improvement initiatives [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving approximately 5% revenue growth and 13% adjusted EBITDA growth for the full year 2025, driven by cost control and capital discipline [9][14] - The company anticipates improved free cash flow generation in the fourth quarter, reversing adverse working capital trends [15][16] Other Important Information - The company has increased liquidity to $57.1 million as of September 30, 2025, consisting of unrestricted cash and undrawn availability under credit facilities [12] - The leadership team emphasized the importance of safety culture and continuous improvement as vital to the company's success [18][19] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.