Core Insights - The company is focusing on mitigating space constraints by selecting a general contractor for a new, larger facility nearby [1] - A secondary offering raised $9.5 million to strengthen the balance sheet for facility expansion and scaling requirements [1] - Manufacturing efficiencies improved year-over-year, but Q4 margins were impacted by lower sequential revenue due to extended customer holiday periods [1] Financial Performance - Gross margins faced temporary dilution due to increased gold costs, which are passed to customers at zero margin [2] - The company achieved record annual revenue of $32.6 million, driven by strong product demand and the implementation of a third production shift [2] - Current manufacturing facilities have reached maximum capacity, making the company revenue-constrained until relocation is completed [2] Strategic Initiatives - Management plans to select a new facility within several weeks and initiate the move in a few months [2] - The relocation strategy includes building up inventory levels in advance to maintain customer supply during the transition [2] - Future margin expansion is expected from greater operational efficiencies and improved asset utilization at the new facility [2] Outlook - Orders for HybridTech Armor are anticipated to resume in the second half of the calendar year following the passage of the FY '26 defense bill [2] - The company expects 2026 to be a foundational year of solid revenue as it transitions to a higher-growth operational model [2]