Financial Data and Key Metrics Changes - The stockholders approved the proposal to grant discretionary authority to the Board of Directors for a reverse stock split within a range of 1-for-2 to a maximum of 1-for-10, indicating a strategic move to potentially enhance share value [12][13][14] - The company successfully ratified the selection of M&K CPAs as the independent registered public accounting firm for the fiscal year ending December 31, 2025, ensuring compliance and transparency in financial reporting [15] Business Line Data and Key Metrics Changes - The amendment to the 2022 equity incentive plan to increase the number of shares authorized for issuance to 5 million was approved, which may impact employee compensation and retention strategies [14] Market Data and Key Metrics Changes - The approval of the issuance of shares to Streeterville Capital, LLC, in prepaid financing transactions that may collectively equal or exceed 20% of the issued and outstanding shares indicates a significant capital raise strategy [14] Company Strategy and Development Direction - The company is pursuing a reincorporation from Delaware to Nevada, which may provide more favorable business regulations and tax benefits [13] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting, focusing instead on the proposals and voting results Other Important Information - The meeting concluded with the election of seven directors, ensuring continuity in governance and strategic direction [12][13] Summary of Q&A Session - There were no recorded questions or answers during the meeting, as the focus was primarily on the proposals and voting outcomes

Financial Data and Key Metrics Changes - The company reported Q3 EPS of $0.53 and net sales of $297.2 million, both exceeding consensus expectations [3] - Gross profit margin expanded by 160 basis points to 37.6%, driven by disciplined pricing and a shift towards higher-income customers [4][17] - Net income for Q3 was $14.6 million, down from $19.2 million year-over-year, primarily due to re-banner investments impacting EPS by $0.22 [18] Business Line Data and Key Metrics Changes - Shoe Station net sales grew by 5.3%, while Shoe Carnival net sales declined by 5.2%, reflecting a significant performance gap of 10.5 percentage points [5][15] - Athletics represented 51% of total sales in Q3, with low single-digit growth overall, while non-athletic categories saw a mid-single-digit comp decline [4][16] - Shoe Station's product margins expanded by 260 basis points, contrasting with Shoe Carnival's decline due to economic pressures on lower-income households [5][18] Market Data and Key Metrics Changes - The company is strategically shifting away from lower-income households, focusing on customers with median incomes of $60,000-$100,000 [5][9] - The competitive response in the lower-income segment is driving margins down across the industry, while Shoe Station is positioned to capture premium brand demand [5][9] Company Strategy and Development Direction - The company plans to consolidate to one brand, Shoe Station, to improve operational efficiency and capitalize on the stronger performance of this banner [8][9] - By the end of fiscal 2027, the company expects to achieve $20 million in annual cost savings and $100 million in working capital freed from inventory reduction [9][27] - The transition to Shoe Station is expected to restore comparable sales growth and expand EPS significantly by fiscal 2028 [12][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that fiscal 2026 will be an investment year, with expectations of continued pressure on sales in the first half, followed by a potential turnaround in the second half as Shoe Station becomes the dominant brand [22][23] - The company remains debt-free with over $100 million in cash, allowing it to fund its transformation without external financing [10][13] - Management expressed confidence in the long-term value creation potential of the one-banner strategy, emphasizing the shift in consumer preferences towards premium brands [29] Other Important Information - The company completed 101 store re-banners during fiscal 2025, with plans to reach 51% of its stores operating as Shoe Station by back-to-school 2026 [7][28] - The Rogan's acquisition is fully integrated into Shoe Station, and results will be reported under this banner starting in Q4 [20] Q&A Session Summary Question: What is the expected drag on earnings from re-bannering next year? - Management indicated that re-banner expenses for the next year are expected to be between $25 million and $30 million, with costs being front-loaded due to the conversion of approximately 70 stores [30][31] Question: How will the company manage inventory reductions? - The company plans to liquidate non-GoForward products aggressively and expects some margin pressure during this process [52][53] Question: What is the outlook for the boot business? - Management noted that while the boot season started slowly, there were double-digit increases in sales as inventory improved in October [35] Question: Will the company be able to elevate its product assortment at Shoe Station? - Management confirmed that there are ongoing discussions with premium brands to enhance the product assortment at Shoe Station [37] Question: What is the timeline for achieving the 80% re-bannering goal? - Management stated that the focus is on reaching the critical 51% threshold by summer 2026, with plans to exceed 90% by the end of fiscal 2028 [54]

Financial Data and Key Metrics Changes - For the nine months ending September 30, 2025, revenues were approximately $3.5 million, a decrease from approximately $4 million in the same period last year, primarily due to lower revenue from AgPlenus activity [9][31] - Total operating loss for the nine months of 2025 was approximately $8.8 million, a significant decrease from approximately $15.3 million in the same period of the previous year, mainly due to reduced operating expenses [10][35] - The net loss for the nine months of 2025 was approximately $2.5 million compared to approximately $18 million in the same period last year, reflecting a $15.5 million decrease primarily due to decreased operating expenses and income from discontinued operations [37][38] Business Line Data and Key Metrics Changes - The financial results of Lavie Bio, Evogene's subsidiary, are presented as a single line item in the consolidated P&L statement for 2025, reflecting the sale of the majority of its activities to ICL [8][29] - Research and development expenses for the nine months of 2025 were approximately $6.2 million, a decrease of approximately $3.6 million compared to $9.8 million in the nine months of 2024, primarily due to reduced R&D expenses in Biomica and the cessation of Canonic's operations [31][32] - Sales and marketing expenses for the nine months of 2025 were approximately $1.2 million, a decrease of approximately $400,000 compared to approximately $1.6 million in the same period last year, mainly due to personnel cost reductions [10][32] Market Data and Key Metrics Changes - The global agricultural market was valued at $79 billion in 2024, with significant opportunities for new product development in herbicides, insecticides, and fungicides [21] - The global pharmaceutical market for small molecule-based drugs is valued at approximately $780 billion, representing nearly 60% of the market [23] Company Strategy and Development Direction - The company is transitioning to focus on computational chemistry and generative design of small molecules for the pharmaceutical and agriculture industries [6][7] - The strategy includes leveraging the proprietary generative AI tech engine, Campus AI, to design novel small molecules that meet multiple parameters for commercial success [12][18] - The company aims to strengthen collaborations with leading global companies in both agriculture and pharmaceuticals to drive innovation and product development [28][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increased interest in AI-driven drug discovery following recent partnerships in the industry, indicating a positive outlook for Evogene's technology [39][40] - The company expects to announce additional collaborations in the pharma division and expand existing partnerships in agriculture, which are anticipated to generate cash inflows [47][48] Other Important Information - The company completed a cost reduction plan, which is reflected in the reduced operating expenses for the third quarter of 2025 [8][29] - The cash balance as of September 30, 2025, was approximately $16 million, reflecting proceeds from the sale of Lavie Bio's assets [10][30] Q&A Session Summary Question: Has the levels of interest in AI champs increased post the recent NVIDIA Eli Lilly AI drug discovery partnerships? - Management noted that the announcement increased interest in AI-related activities in the pharma industry, and they have seen growing interest in their technology [39][40] Question: How close are you to unlocking partners with AI champs? - Management indicated that interest has increased significantly, and they expect to announce new collaborations with biotech companies early next year [43][44] Question: What is the IR strategy going forward? - Management confirmed that they will focus on presenting the new company strategy and will initiate roadshows and participate in conferences to increase visibility [45][46] Question: Could you highlight upcoming catalysts over the coming 6-12 months? - Management expects to announce new collaborations in both the pharma and ag divisions, as well as additional partnerships with major tech companies [47] Question: What type of revenue level can we expect for customer seeds in Q4 and for 2026? - Management refrained from disclosing specific revenue levels but mentioned ongoing discussions with strategic companies that could significantly impact future revenue [48] Question: How excited are you about AI champs compared to all your other times at Evogene? - Management expressed optimism about the focus on the pharma industry, highlighting the unique expertise of their team and the potential for significant financial rewards [49][50]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year [10] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [10] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [10] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [11] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [12] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, indicating effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 [12] - Daily operating expenses rose 1% to $6,014 compared to $5,964 last year, mainly due to higher crew costs [13] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Capesize stood at around $24,000 a day, with rates for Campermax and Ultramax at $15,600 and $15,900 respectively, all up from earlier in the year [18] - The Baltic Capesize Index was at 3,636, and the Baltic Panamax Index at 1,895 as of November 19 [18] Company Strategy and Development Direction - The company is focused on fleet modernization and sustainability, with plans to deliver two methanol dual-fuel new-building Campermax vessels by early 2028 [4] - A disciplined chartering strategy has secured approximately $149 million in contracted revenues, ensuring earnings visibility and resilience against market downturns [8] - The company is committed to promoting eco-friendly technologies and transparency in emissions data as part of its ESG initiatives [32] Management Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [18] - The outlook for 2026 appears positive, with projected revenues supporting a return to cash flow profitability despite potential challenges in 2025 [15] - The company is observing developments in Genco Shipping and Trading Limited, considering its strategic stake [33] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [6] - The average age of the fleet is approximately 12 years, with ongoing efforts to modernize [14] Q&A Session Summary Question: How should we think about your significant stake in Genco now? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [33] Question: Can you comment on the recent development in Ocean Chow? - Management indicated that Diana Shipping's interest in Ocean Chow is minimal and not material at this stage [34]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $26.4 million, representing a 14% year-over-year increase [5][11] - Non-GAAP operating income was $3.7 million, compared to $1.1 million in Q3 2024 [12] - Non-GAAP net income was $4.6 million, or $0.10 per diluted share, compared to $1.3 million, or $0.03 per diluted share, in the same quarter last year [13][14] - Cash and investments totaled $81 million as of September 30, 2025, up from $59 million at the end of 2024, with no debt [15] Business Line Data and Key Metrics Changes - Cybersecurity as a Service (CCAS) revenue was $7.3 million in Q3 2025, up 60% year-over-year, comprising 28% of total revenue [11][12] - CCAS Annual Recurring Revenue (ARR) as of September 2025 was $27.6 million [11] - The Smart product for network intelligence also contributed to growth, with a strong pipeline and backlog [8][9] Market Data and Key Metrics Changes - Increased sales in the Americas, particularly from a large Smart order and growing contributions from the U.S. market [11] - Recurring revenue as a percentage of total revenue increased to 63% in Q3 2025, up from 58% in Q3 2024 [12] Company Strategy and Development Direction - The company is executing a cybersecurity-first strategy and focusing on a renewed go-to-market approach [6][9] - The introduction of OPNET Secure aims to enhance cybersecurity protection for end customers, expanding the service beyond the operator's infrastructure [7][19] - The company is optimistic about long-term growth, with expectations for CCAS ARR to surpass 60% year-over-year growth by year-end 2025 [10][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and growth strategy, highlighting the positive momentum in CCAS and network intelligence solutions [6][9] - The competitive landscape is viewed as more favorable, with unique technology providing a competitive edge [25] - Management anticipates continued growth in both CCAS and Smart product lines, supported by a robust pipeline and backlog [9][11] Other Important Information - The company completed a $46 million follow-on share offering, enhancing its financial resources for growth initiatives [14] - The company reported positive operating cash flow for the third consecutive quarter, totaling $4 million in Q3 2025 [14] Q&A Session Summary Question: Increased traction with major telecom customers - Management noted positive trends in both tax rates and new services launched, contributing to significant growth in CCAS revenue and ARR [17] Question: Details on the first customer for OPNET Secure - The first customer aims for 24/7 protection for their customers, combining network security with OPNET services [19][20] Question: Drivers of CCAS growth - Growth is primarily from new customer contracts and the onboarding of additional customers from existing contracts [23] Question: Competitive landscape for network intelligence offerings - The competitive environment is currently more favorable, with unique technology providing a competitive edge [25] Question: Drivers of growth in larger CCAS contracts - Growth is driven by new customer additions and upselling additional services to existing customers [28] Question: Terra 3's role in customer conversations - The company is focusing on customer success and maintaining a healthy mix of new and existing customer opportunities [35]

Financial Data and Key Metrics Changes - The company reported a 24% year-over-year revenue growth, reaching $148 million in Q3 2025, exceeding guidance of 21% to 23% [16][19] - Adjusted diluted earnings per share increased to $0.40, surpassing guidance of $0.33 to $0.36 [18] - Gross margins expanded to 71.6%, up 170 basis points from the previous year, exceeding guidance of 68% [17] - Adjusted EBITDA for the quarter was $29 million, above the guidance of $26 million to $28 million [18] Business Line Data and Key Metrics Changes - Il Makiage experienced double-digit online revenue growth, with a target of $1 billion revenue by 2028 [11] - SpoiledChild is expected to generate $225 million in revenue for 2025, indicating strong performance [12] - International revenue increased approximately 40% year-over-year in the first nine months of 2025, with successful scaling in existing markets [11] Market Data and Key Metrics Changes - The company noted that 83% of revenue still comes from the U.S., with international markets contributing 17% [23] - New geographic expansions include Italy, Spain, Netherlands, Ireland, Sweden, and Denmark, with testing in Japan, Mexico, and Korea [24] Company Strategy and Development Direction - The launch of Methodic, a new brand focused on dermatology, aims to transform medical care with high-efficacy treatments [5][6] - The company plans to expand Methodic into new medical domains beyond dermatology in the future [7] - Continued investment in technology and innovation, particularly in AI and proprietary datasets, is a key focus for driving direct-to-consumer growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging industry backdrop, citing strong repeat customer rates as a buffer against acquisition cost increases [40] - The outlook for 2025 has been raised, with expected net revenue between $806 million and $809 million, representing 24% to 25% year-over-year growth [19] Other Important Information - The company ended the quarter with $793 million in cash and cash equivalents, plus an additional $200 million available on undrawn credit facilities [19] - Methodic's launch includes a significant media campaign, marking the largest TikTok activation in the company's history [10] Q&A Session Summary Question: Can you unpack the 40% year-to-date growth in international markets? - Management noted that 83% of revenue still comes from the U.S., with international growth being strategically important and focused on existing markets [23][24] Question: Thoughts on Methodic's ability to bring in new customers? - Management indicated that Methodic will attract both new and existing customers, with a mixed approach to user acquisition [25][27] Question: How to think about Methodic's brand for 2026? - Expectations are for Methodic to scale faster than SpoiledChild, with a focus on user acquisition and long-term growth [32][34] Question: Views on the health of the U.S. consumer? - Management acknowledged external softness but highlighted strong internal performance and repeat customer growth as mitigating factors [40] Question: Is the growth algorithm for 2026 any different? - No changes to the growth algorithm of 20% revenue growth and 20% adjusted EBITDA margin were indicated [42] Question: How replicable is the data model for international efforts? - Management confirmed a measured approach for Methodic, starting only in the U.S. before considering international expansion [64] Question: Are the molecules for Methodic prescription or non-prescription? - The initial products will be a combination of OTC and cosmetic, with a focus on non-prescription offerings [67][93] Question: What is the total addressable market (TAM) for Methodic? - The TAM is viewed in terms of the number of people suffering from chronic skin conditions, with a focus on improving access and outcomes [84]

Financial Data and Key Metrics Changes - Net revenue for the first half of fiscal year 2025 reached $38 million, reflecting a 15% increase compared to the same period last year [18] - Income from operations was $471,000, representing a 108.1% increase year on year, effectively more than doubling [18][20] - Operating cash flow improved significantly, turning positive at $2.60 million compared to a negative figure in the same period last year [22] Business Line Data and Key Metrics Changes - The sports school business generated revenue of $27 million, an 8.5% year-on-year increase, driven by an increase in membership and strong event performance [20] - The social business achieved sales revenue of $11 million, a 35.4% year-on-year increase, primarily due to an increase of 114 schools contracting for school club support and expansion in after-school daycare services [20] Market Data and Key Metrics Changes - The proportion of social business revenue to total revenue increased from 24% in fiscal year 2023 to 28% in the first half of fiscal year 2025, indicating growth in the social business segment [18] - The company supported 349 schools nationwide as of the end of June 2025, marking a 48.5% year-on-year increase [19] Company Strategy and Development Direction - The company aims to expand its sports school business internationally, leveraging its expertise and experience cultivated in Japan [10][28] - The school club support business is identified as a core growth strategy, with plans to target public junior high schools in designated cities [25] - The company views the transition of club activities to the private sector as a significant market opportunity, potentially creating a new market worth approximately JPY 1 trillion [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the social business, particularly in light of national policy initiatives promoting club activity reform [26] - The company anticipates net sales for the full year 2025 to be between $80.2 million and $82.6 million, representing a growth of 12%-15% compared to the full year of 2024 [21] Other Important Information - The company successfully completed its initial public offering and listed its shares on the Nasdaq market in October 2025 [9] - The business model generates revenue primarily from monthly membership fees and service contracts with local governments and schools [14] Q&A Session Summary Question: What do you think about the future of social business, especially school club support business? - The company plans to continue growing the school club support business, targeting public junior high schools in designated cities, and recognizes the significant economic impact of transitioning club activities to the private sector [25][26] Question: Please tell us about your overseas business expansion in the U.S. and other countries. - The company intends to expand its sports schools overseas, considering regions beyond the U.S., and plans to include various sports popular in those areas [28] Question: Are you considering listing in Japan? - The company is not ruling out the possibility of a future listing in Japan but is currently focused on its Nasdaq listing [30] Question: Why is the operating profit margin low? - The company acknowledges that solving social issues incurs costs but is committed to improving this margin while expanding sales [31]

Financial Data and Key Metrics Changes - ODDITY reported a 24% year-over-year revenue growth in Q3, reaching $148 million, exceeding guidance of 21% to 23% growth [16][19] - Adjusted diluted earnings per share increased to $0.40, surpassing guidance of $0.33 to $0.36 [18] - Gross margins expanded to 71.6%, up 170 basis points from the previous year, exceeding guidance of 68% [17] Business Line Data and Key Metrics Changes - Il Makiage experienced double-digit online revenue growth, with a target of $1 billion revenue by 2028 [11] - SpoiledChild is expected to generate $225 million in revenue for 2025, showing strong performance [12] - METHODIQ, the new brand, aims to launch 28 products addressing various skin conditions, with a focus on dermatology [8][9] Market Data and Key Metrics Changes - International revenue increased approximately 40% year-over-year in the first nine months of 2025, with significant growth in existing markets like the U.K. and Australia [11][24] - The U.S. still accounts for 83% of total revenue, indicating room for international expansion [23] Company Strategy and Development Direction - ODDITY is focused on expanding its international presence while responsibly managing growth across brands and geographies [23] - The company aims to leverage technology and innovation, particularly through ODDITY Labs, to enhance product offerings and consumer experience [14][52] - METHODIQ is positioned to transform the medical care system by providing high-efficacy treatments without traditional barriers [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the industry but emphasized strong financial performance and growth potential [5][16] - The company raised its full-year guidance, expecting net revenue between $806 million and $809 million for 2025, representing 24% to 25% growth [19] - Management remains optimistic about the consumer environment, citing strong repeat purchase rates as a buffer against acquisition cost increases [40] Other Important Information - ODDITY plans to launch a major media campaign for METHODIQ, including a significant TikTok activation [10][89] - The company has a strong cash position with $793 million in cash and equivalents, plus $200 million available on undrawn credit facilities [19][60] Q&A Session Summary Question: Can you unpack the 40% year-to-date growth in international markets? - Management noted that 83% of revenue still comes from the U.S., with international growth primarily from existing markets like Canada and the U.K. [23][24] Question: How does METHODIQ plan to attract new customers? - METHODIQ is expected to draw customers from existing brands while also focusing on user acquisition [27] Question: What is the growth outlook for Il Makiage and SpoiledChild? - Management aims for sustained 20% growth across brands, with Il Makiage targeting $1 billion by 2028 [75] Question: How is the company addressing higher acquisition costs? - Management highlighted strong repeat purchase rates as a key factor in offsetting higher acquisition costs [40] Question: What is the financial profile of METHODIQ? - METHODIQ is expected to have a similar long-term growth framework as Il Makiage and SpoiledChild, with a focus on repeat business [50] Question: How will the company leverage its physician network for METHODIQ? - The company is currently using third-party networks for physicians and plans to integrate technology to enhance treatment outcomes [67]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $5.4 million, a 23% increase year-over-year from $4.4 million in Q3 2024, primarily driven by higher development services revenue [11] - Gross profit for the quarter was $0.9 million, or 16.5% of revenue, compared to $0.7 million, or 15.5% in the prior year [11] - Net loss was $2.7 million, or $0.24 per share, an improvement from a net loss of $10.3 million, or $0.98 per share in the prior year [13] - Cash position as of September 30, 2025, was $60 million, up from $44 million at year-end 2024 [15] Business Line Data and Key Metrics Changes - EscharEx's VALUE phase III trial for venous leg ulcers is progressing with a target enrollment of 216 patients across approximately 40 sites [4] - NexoBrid's manufacturing facility expansion has increased production capacity sixfold, with expectations to reach full operational capacity by year-end 2025 [8] - NexoBrid reported record quarterly revenue growth of 38% year-over-year and 26% sequentially in the U.S. [8] Market Data and Key Metrics Changes - Medicare's recent reduction in reimbursement rates for skin substitute products is expected to pressure that category, making EscharEx more attractive as it is regulated under the BLA pathway [7] - An updated market assessment estimates annual peak sales for EscharEx at about $831 million, reflecting robust clinical data and health economic benefits [7] Company Strategy and Development Direction - The company is focused on three strategic priorities: advancing the EscharEx trial, expanding NexoBrid manufacturing, and securing funding for its strategy [4] - The company aims to leverage market changes to position EscharEx as a leading product in the enzymatic debridement segment [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic progress and operational readiness, positioning MediWound for growth in 2026 [16] - The company is actively monitoring enrollment trends in clinical trials and will update guidance as visibility improves [5] Other Important Information - The company completed a $30 million equity financing, enhancing its financial flexibility to execute long-term growth strategies [10] - The collaboration with BARDA on stockpiling and development activities is expected to resume following the end of a government shutdown [9] Q&A Session Summary Question: Changes in peak sales assumptions for SCAR-EX - Management clarified that the increase in peak sales estimate to $831 million is primarily due to updated pricing assumptions based on market access analysis, with no changes in patient volume or adoption rates [23][25] Question: Breakdown of revenue sources - Management indicated that detailed revenue breakdowns are not provided in quarterly calls, but gross margin improvements reflect a favorable revenue mix [44] Question: Update on BARDA contract status - The BARDA contract has not yet been awarded, but a proposal has been submitted, and the company is awaiting contract signing [46] Question: Impact of CPT code on adoption - Management noted that while a temporary CPT code is in place, a permanent code would enhance legitimacy and drive physician adoption and institutional acceptance [39]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $13.7 million for Q3 2025, compared to a net loss of $13.6 million in Q3 2024 [31] - Revenue for Q3 2025 was $3.4 million, an increase from $3.0 million in the comparable period [31] - Non-GAAP gross loss for the reported period was $0.3 million, compared to a gross loss of $0.2 million in the comparable period, representing a gross loss margin of approximately 8% [32] Business Line Data and Key Metrics Changes - Revenue from teleradiology services for Q3 2025 was $3.1 million, with a gross profit of $0.1 million, compared to revenue of $2.6 million and a gross profit of $0.3 million in the comparable period [32] - Revenue from the sale and deployment of imaging systems and OEM services amounted to $175,000 for the reported period, with a gross loss of $1.7 million [35] - Revenue from AI solutions for the reported period was $0.1 million, with a gross loss of $1.9 million [35] Market Data and Key Metrics Changes - The company is expanding its presence in Europe with new agreements in the Czech Republic and France, indicating rising demand for its imaging ecosystem [7][15] - The company aims to deploy 100 systems worldwide by the end of 2025, with several systems pending regulatory approval [7] Company Strategy and Development Direction - The company is focused on building a comprehensive medical imaging portfolio, reinforcing its position in the medical AI sector, and deepening its foothold in the U.S. healthcare system [4][5] - The acquisition of VasoHealthcare IT is intended to enhance customer service and expand the company's operational capabilities [10][22] - The company is preparing to launch the next-generation Nanox.ARC X system, which is designed to meet diverse clinical needs and expand the addressable market [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $35 million in revenues for 2026, driven by strategic partnerships and the acquisition of VasoHealthcare IT [5][39] - The company anticipates that the AI business segment will achieve EBITDA break-even on a quarterly basis in 2026, while the overall company aims for break-even in 2027 [30][62] Other Important Information - The company has a strong presence planned at the RSNA annual meeting, where it will provide insights into its commercial progress and future strategy [13][21] - The company is actively engaged in clinical trials to support the use of its solutions in lung cancer detection and management [18][20] Q&A Session Summary Question: How many systems were in the field and performing scans that resulted in your revenue of $175,000? - The CEO mentioned that a few dozen systems were deployed, with some pending installation and regulatory approvals [44] Question: What types of agreements should we be thinking about in terms of those being lease versus capital sales? - The CFO indicated that the majority of agreements are expected to be MSES, with some CapEx sales anticipated [48] Question: Could you talk about how OpEx could look over the next four to six quarters? - Management indicated that sales and marketing expenses will increase due to deployment efforts, while R&D expenses will be more controlled [56] Question: Could you talk about Vaso and the types of customers they currently have? - The CEO stated that Vaso's customers are primarily medical-related, serving hospitals and imaging centers, presenting cross-selling opportunities [58] Question: Could you reiterate the break-even expectations for the AI business and ARC division? - Management reiterated that the AI business is expected to reach quarterly break-even in 2026, while the ARC division aims for break-even in 2027 [60][62]