Financial Performance - Q3 2025 net revenue was $5.0 million, compared to $6.5 million in Q3 2024, due to exiting lower-margin business earlier in FY 2025[9] - GAAP gross margin improved to 10.7% in Q3 2025 from 3.6% in Q3 2024, due to the completion of the production transition to Thailand[9] - Non-GAAP gross margin increased to 19.1% in Q3 2025 from 9.3% in Q3 2024[9] - GAAP operating expenses decreased to $6.1 million in Q3 2025 from $9.8 million in Q3 2024, driven by a reduction in strategic review costs[9] - Non-GAAP operating expenses were $4.5 million in Q3 2025, compared to $5.1 million in Q3 2024, reflecting key organic growth investments[9] - GAAP net loss from continuing operations improved to ($3.5 million) in Q3 2025 from ($9.3 million) in Q3 2024, due to reduced strategic review costs[9] - Non-GAAP adjusted EBITDA was ($3.6 million) in Q3 2025, compared to ($4.5 million) in Q3 2024, driven by expanded gross margin and lower operating expenses[9] Business Outlook - The company expects net revenue for Q4 2025 to be between $5.4 million and $5.9 million[10] Strategic Initiatives - The company's "Perform, Accelerate, and Transform" (P-A-T) strategy remains central to transforming the company and creating lasting value for stockholders[7] - The company completed the transition of 100% of RFID production to its Thailand facility[21] - The company converted approximately 18% year-to-date of its new opportunity pipeline into sales, representing almost 10% of Q3 sales[21]