Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1.6 million, an increase from $0.9 million as of December 31, 2024 [28] - The company incurred a net loss of $4.5 million in Q3 2025, which was lower by $5.6 million year over year, primarily due to reduced expenses related to the business combination [29] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter, driven by decreased general and administrative expenses [30] Business Line Data and Key Metrics Changes - The company is pre-revenue and has not yet commenced commercial production of battery-grade lithium carbonate, reflecting anticipated ramp-up in operating expenses [29] - The Muskogee refinery is designed to have a phase I capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in phase II [16] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [9] - A North American lithium pricing environment is forming, separating from traditional benchmarks, which is expected to create a market premium for domestically sourced lithium [10] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives focused on onshoring critical minerals [4][5] - The company is not reliant on government funding to advance its projects, indicating a self-sustaining business model [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand for lithium driven by electric vehicles and energy storage, with expectations for a tightening supply-demand balance toward the latter half of the decade [10] - The geopolitical landscape and U.S. policy actions reinforce the strategic importance of domestic critical mineral supply chains [6] Other Important Information - The company completed a 1-for-10 reverse stock split to maintain its NASDAQ listing and strengthen its position in public markets [23] - The company signed letters of intent with Prairie Lithium and Mandrake Resources to secure lithium chloride feedstock, supporting its centralized refining model [12][14] Q&A Session Summary Question: Government financing discussions - Management is in deep conversations with the government regarding equity investments and promoting onshoring processing capacity [32][33] Question: Liquidity options and corporate expenses outlook - Management indicated multiple options for maintaining liquidity, with operational costs expected to remain similar to current levels [34][35]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported $77.2 million in cash, cash equivalents, and marketable securities, which is expected to cover all known aspects of the ongoing U.S. registration-directed PALISADE program for fascidinol [7] Business Line Data and Key Metrics Changes - The PALISADE III Phase III trial for fascidinol, aimed at treating social anxiety disorder, has completed the randomized double-blind portion, with top-line results expected by the end of the calendar year [4][5] - The company is also preparing for the PALISADE IV Phase III trial results, which share a similar design and primary efficacy endpoint as the previously successful PALISADE II trial [6] Market Data and Key Metrics Changes - The company is focused on addressing significant unmet needs in mental health, particularly in social anxiety disorder, major depressive disorder, and menopausal hot flashes, indicating a strong market potential for its products [6] Company Strategy and Development Direction - The company aims to redefine neuroscience and improve emotional well-being through innovative treatments, with a diverse pipeline and several key milestones approaching [9] - The addition of Paul Edick to the Board of Directors is expected to enhance the company's strategic direction as it prepares for growth [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming top-line results and the potential for fascidinol to become the first FDA-approved acute treatment for social anxiety disorder [4][9] - The company is evaluating commercialization strategies, considering both independent launch and potential partnerships, to maximize the value of its innovative assets [40][41] Other Important Information - The company is committed to maintaining high-quality assessments for subject eligibility in its studies, which has led to enhancements in the PALISADE III and IV trials [16] Q&A Session Summary Question: Timeline for top-line data release - Management confirmed that top-line results are expected by the end of the calendar year [12] Question: Discontinuation rates and safety profile - Management indicated that safety data will be provided alongside top-line results, similar to PALISADE II [14] Question: Registration filing requirements - Management outlined that an NDA submission could occur around mid-2026 if the PALISADE III trial is positive, contingent on completing necessary studies and interactions with the FDA [22] Question: Eligibility for priority review voucher - Management acknowledged the unmet need in social anxiety disorder but does not currently expect fascidinol to qualify for the priority review voucher program [29] Question: Usage patterns from open-label studies - Management noted that usage patterns are expected to vary based on individual circumstances, with increased utilization during weekdays [35] Question: Commercialization strategy - Management emphasized the importance of having a solid commercial plan and the potential for strategic partnerships to enhance value [40][41]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported $77.2 million in cash, cash equivalents, and marketable securities, which is expected to cover all known aspects of the ongoing U.S. registration-directed Palisade program for fasedienol [7][8]. Business Line Data and Key Metrics Changes - The company is preparing for the release of top-line results from the Palisade 3 study by the end of this calendar year, following the completion of the randomized double-blind portion of the trial for fasedienol [5][6]. - The Palisade 4 trial is also on track to report top-line results in the first half of 2026, with both trials sharing a similar design and primary efficacy endpoint as the previously successful Palisade 2 trial [6]. Market Data and Key Metrics Changes - The company emphasizes the significant unmet need for new treatment options for social anxiety disorder, with over 30 million patients potentially affected [28]. Company Strategy and Development Direction - The company aims to redefine treatment options in neuroscience, focusing on fasedienol as a potential first FDA-approved acute treatment for social anxiety disorder [8]. - The company is also advancing its broader pipeline, including Itruvone for major depressive disorder and PHAD for menopausal hot flashes, addressing areas with inadequate treatment options [7]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing studies and the potential for fasedienol to meet significant patient needs, highlighting the energy and commitment of the teams involved [6][8]. - The company is preparing for potential NDA submission in mid-2026 if the Palisade 3 trial is successful, indicating a proactive approach to regulatory interactions [21]. Other Important Information - The company welcomed Paul Edick to its board of directors, who brings extensive experience in FDA approvals and strategic transactions, which is expected to be valuable as the company prepares for growth [8]. Q&A Session Summary Question: Timeline for top-line data release - The company confirmed that top-line results are expected to be released before the end of the calendar quarter, aligning with previous guidance [11]. Question: Discontinuation rates and safety profile - The company will provide top-line results on primary and secondary endpoints, including safety data, similar to the previous Palisade 2 trial [12]. Question: Gating registration and filing - The company outlined that they plan to interact with the FDA as they approach the completion of the phase 3 program, with an NDA submission estimated for mid-2026 if the trial is positive [21]. Question: Eligibility for priority review voucher - The company acknowledged the unmet need for fasedienol but does not currently expect it to fall within the typical scope of the priority review voucher programs [28]. Question: Usage patterns from open-label studies - The company indicated that usage patterns will be informed by data from open-label studies, noting that utilization tends to be higher during the week when patients are in stressful environments [35]. Question: Commercialization strategy - The company is considering various options for commercialization, including potential partnerships, while emphasizing the importance of maximizing value for fasedienol [40].

Financial Data and Key Metrics Changes - In Q3 2025, total revenues were $1.6 million, down from $1.9 million in Q3 2024, primarily due to lower service revenues from the absence of management fees related to the Fresno EV infrastructure project [8][10] - Year-to-date revenues through September 30, 2025, were $2.8 million compared to $3.5 million for the same period last year, reflecting a similar decline driven by lower service revenues [8][10] - Gross margins year-to-date increased to 46.8% from 42% in the prior year, showing a 480 basis point improvement due to higher profitability on service revenues [9] - Operating costs, excluding cost of sales, were $5.9 million in Q3 2025, significantly lower than $15 million in Q2 2025, but higher than $2.8 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - The company is focusing on stationary battery deployment, with three 2 MW battery projects in Denmark representing about $10 million in CapEx and a forecasted internal rate of return greater than 25% [3][4] - The Japanese subsidiary concluded an agreement for a 2 MW battery project with an energy capacity of 8.2 MWh, expected to operate in the first half of 2026, with similar or greater revenue potential compared to Denmark [5] Market Data and Key Metrics Changes - Megawatts under management increased by 3.1% from Q2 2025 to 26.4 megawatts, although this represents a 9.6% decrease compared to Q3 2024 [13] - The year-over-year decline in megawatts under management is attributed to the decommissioning of batteries due to site requirements [13] Company Strategy and Development Direction - The company is shifting focus towards stationary storage and expects to see more project opportunities in Europe, Japan, and the United States [5][6] - Fundraising efforts are underway, with confidence in addressing bid price and shareholder equity deficiencies by the end of December 2025 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of stationary batteries and the potential for revenue acceleration over the next 18 months [5][6] - The company anticipates improvements in cash burn due to lower operating costs compared to the previous year [15] Other Important Information - The company has received shareholder approval for a reverse stock split to address NASDAQ compliance issues [6] - Hardware revenue is expected to be strong in Q4 2025, aligning with management's expectations [8] Q&A Session Summary - No questions were raised during the Q&A session, leading to a conclusion of the call [17]

Financial Data and Key Metrics Changes - Total revenue for Q1 fiscal 2026 was $12.3 million, up from $12 million in Q1 fiscal 2025, representing a year-over-year increase of approximately 2.5% [4] - Annual recurring revenue (ARR) increased by 21% year-over-year to $21.3 million, with B2B ARR at approximately $14.8 million and B2C ARR at about $6.5 million [4][5] - Adjusted EBITDA for the quarter was $1.5 million, a 16% increase from $1.3 million in the prior year quarter, marking the second-best adjusted EBITDA performance in company history [9] - Net income for the quarter was $749,002 per diluted share, compared to $669,002 per diluted share in the prior year quarter [9] Business Line Data and Key Metrics Changes - Platform subscription revenue increased by 18% to $5.1 million, driven by a net increase in platform deployments and upsells [4] - Transaction revenue for the quarter was $7.2 million, down from $7.7 million in the prior year quarter, aligning with expectations of continued challenges in transaction growth [5][6] - The platform business recorded a gross margin of 88.1%, a 70 basis point increase compared to the prior year quarter, while transaction business gross margin decreased to 23.8% from 25.7% [8] Market Data and Key Metrics Changes - Total active customer count decreased to 1,326 from 1,390 in the same period a year ago [6] - B2B growth was particularly strong, with an increase of $561,000 for the quarter, up from $128,000 last year [5] Company Strategy and Development Direction - The company is focusing on becoming a comprehensive SaaS and AI solution for scientific research, with significant investments in B2B sales resources [3][12] - The introduction of AI rights offerings and partnerships with publishers is expected to enhance revenue opportunities and improve customer engagement [15][16] - The company aims to improve Site B2C net ARR growth and overall ARR growth through better sales execution and product improvements [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in transaction revenue was primarily driven by three customers, with expectations of stabilization in the second half of the fiscal year [12][51] - The company anticipates a less pronounced dip in adjusted EBITDA between Q1 and Q2 compared to the previous year, with a goal of outperformance in each remaining quarter of fiscal 2026 [11][19] Other Important Information - Cash flow from operations was $1.1 million, a 31% increase from $843,000 in Q1 fiscal 2025, indicating healthy operational cash flow [10] - The company is actively pursuing acquisitions, with a strong pipeline and ongoing discussions, although no immediate closures are expected by year-end [58] Q&A Session Summary Question: Can you discuss the attach rate on the AI rights add-on product? - Management indicated that the product is new, and they are currently gathering data on attach rates, with industry studies suggesting a potential uplift of about 50% in ARR from AI integrations [22][23][25] Question: What are the plans to increase the attach rate and reduce churn in B2C? - Management acknowledged the need for rigorous testing and optimization of the product to improve conversion rates and reduce churn, noting that churn has been improving overall [31][32] Question: Can you elaborate on the non-seasonal strengths in ARR for Q1? - Management attributed the strong ARR growth to upgraded sales teams and a disciplined sales process, with no pull-forwards affecting the results [40][41] Question: What is the outlook for the transaction segment in the second half? - Management expressed cautious optimism for stabilization in the transaction segment, with some growth in the academic business and new platform customers [51] Question: Any updates on the headless strategy? - Management confirmed ongoing product changes to support large customers with headless strategies, indicating a material part of the pipeline is focused on this area [56] Question: How is AI impacting internal operations? - Management noted that AI tools are significantly speeding up development processes and improving productivity, with plans to implement AI in support functions as well [44][48]

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $137 million, a 23% increase compared to the previous year, driven by a 42% growth in the pharmacy business and a 13% growth in the fee-for-service business [4][14] - Adjusted EBITDA loss improved to $3.5 million, a $4.7 million improvement year-over-year, with expectations to achieve profitability in Q4 and become free cash flow positive in 2026 [5][20] - Total revenue for Q3 was $136.6 million, representing a 36.7% year-over-year growth [14] Business Line Data and Key Metrics Changes - Patient services revenue, including capitation and fee-for-service, totaled $60.2 million, accounting for 44.1% of total revenue, with a 21% year-over-year increase [15] - Pharmacy revenue reached $75.9 million, representing 55.6% of total revenue, and increased 57.4% year-over-year due to higher prescription volumes [16] Market Data and Key Metrics Changes - The company expanded its MSO network in Florida to over 200 providers and opened a new pharmacy location to serve network providers [6] - New capitation contracts signed in 2025 are expected to contribute an estimated $19 million in full-year revenue, a 29% increase compared to 2024 [6] Company Strategy and Development Direction - The company is focusing on expanding its delegated capitation model, particularly in Florida, which is expected to become its primary model across all markets [12][13] - The integration of AI into operations is anticipated to enhance performance and reduce costs, with significant operational efficiencies expected from the new AI model [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA profitability in Q4 and highlighted the strong momentum built over the past year [10][20] - The company is optimistic about the impact of recent healthcare policy changes, believing they will lower drug costs and enhance accessibility [40][41] Other Important Information - A cybersecurity incident at a key vendor temporarily affected billing for fee-for-service claims, but the company managed to minimize operational disruptions [9][10] - The company ended the quarter with $27.7 million in cash and cash equivalents, with $86 million of convertible debt outstanding [18] Q&A Session Summary Question: Can you describe the reserve for fee-for-service revenue? - The reserve was a $1.8 million adjustment that impacted adjusted EBITDA, but normalized performance was significantly better [24][26] Question: How sustainable is the first month of profitability in September? - The company expects to achieve break-even EBITDA in Q4 and anticipates positive adjusted EBITDA in 2026 [28][29] Question: What is the current PM/PM trend on new contracts? - PM/PM is dependent on market location, with most contracts having escalators for annual increases [42] Question: How will changes in payer behavior impact the business? - The overall trend towards lower-cost drugs and simplified reimbursement processes is expected to be net favorable for the company [40][41] Question: What is the outlook for new contracts and covered lives? - The company continues to see strong interest in its model and expects top-line growth to mirror previous years, with no slowdown in value-based contracting opportunities [48][49]

Financial Data and Key Metrics Changes - Fiscal 2025 ended with an average active community count of 164, up 14% from the previous year [4] - Net debt to net capitalization was reduced below 40%, and book value per share grew to nearly $43 [4][10] - Fourth quarter adjusted EBITDA was approximately $64 million, with diluted earnings per share at $1.02 [11] Business Line Data and Key Metrics Changes - In the fourth quarter, 1,400 homes were closed, exceeding expectations, with a gross margin of 17.2% [11] - The Texas sales pace improved to 1.8 in the quarter, up from 1.3 in the previous quarter [7] - The company executed 83 model home sale leasebacks, contributing to balance sheet efficiency [11] Market Data and Key Metrics Changes - The macro environment remains challenging, with consumer confidence and affordability issues persisting [5] - Recent decreases in months supply of new homes and improvements in affordability due to wage growth and lower mortgage rates were noted [5][6] Company Strategy and Development Direction - The company is focused on enhancing returns and capitalizing on a differentiated strategy, including cost savings of about $10,000 per home [6][8] - A campaign named "Enjoy the Great Indoors" was launched to increase brand awareness and highlight the benefits of owning a Beazer home [9] - The goal is to achieve a community count of over 200 within the next two years [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, expecting better selling conditions if current trends persist [6] - The company anticipates a decrease in net leverage in fiscal 2026, aiming for a net debt to net capitalization ratio in the low 30% range by the end of fiscal 2027 [10] - Management acknowledged the challenges in the current market but emphasized operational agility and strategic discipline [20] Other Important Information - The company repurchased about 1.5 million shares, representing approximately 5% of the company [17] - A new rights agreement was authorized to protect deferred tax assets, totaling over $140 million [18][19] Q&A Session Summary Question: Regarding gross margin guidance - Management acknowledged the expected decline in gross margin to 16% in Q1 due to higher incentives and a greater percentage of spec sales [23] Question: Orders and sales pace expectations - Management indicated that October was sluggish but expected improvement in November and December, aligning with seasonal patterns [26] Question: Land costs impact on margins - Management noted that newer communities have better margins, despite potentially higher land costs, and emphasized the importance of product mix [31][32] Question: Spec home strategy - Management expressed a desire to reduce the spec ratio but acknowledged the current market dynamics necessitating a higher percentage of spec sales [48] Question: Land sales strategy - Management discussed the strategy of selling off larger communities and reinvesting in higher return locations, expecting aggregate land sales to exceed $100 million [44][46] Question: Energy efficiency tax credits - Management highlighted the growth potential of energy efficiency tax credits and the importance of the rights plan for shareholders [75][76]

Financial Data and Key Metrics Changes - Q3 2025 revenues decreased to $2.4 million, marking a historical low point for the company [12] - Gross margin improved to 45%, up from 44% in Q2 and 39% in Q3 of 2024 [13] - Pro forma operating costs decreased by 29% compared to the respective prior year periods [13] - Operating loss on a cash basis improved by 23% for Q3 2025 despite the decline in revenue [13] - Booked revenue for Q4 is already higher than Q3 revenue, indicating positive momentum [15] Business Line Data and Key Metrics Changes - Roblox opportunities now represent only 42% of the pipeline, down from 57% in 2024 [14] - Playable and in-game mobile advertising now accounts for 20% of the pipeline and 15% of Q3 revenue [15] - The company launched 12 Pop-Up programs by the end of 2025, which are expected to become more meaningful in 2026 [11][12] Market Data and Key Metrics Changes - Total ad spend in connected TV is projected to grow from $33 billion in 2025 to $47 billion by 2028 [9] - The gaming content and media space is gaining recognition, as evidenced by the success of the gaming summit organized by Super League [6] Company Strategy and Development Direction - The company aims to achieve profitability and increase shareholder value as its highest priority [3] - Focus on enabling brands to engage consumers through gaming, targeting a broader audience beyond hardcore gamers [4] - Plans to explore digital asset strategies that could fuel growth, with a target launch in Q1 of the following year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stronger position and ability to grow after overcoming previous challenges [2] - There are encouraging signs of budget openings in the advertising market, indicating a potential recovery [21] - The company sees significant growth potential in mobile gaming and connected TV partnerships [23] Other Important Information - The company has eliminated its debt and is fully compliant with Nasdaq listing requirements [3] - A strategic partnership with Evo Fund enhances the company's growth potential through access to a global network [3] Q&A Session Summary Question: Expectations for future operating expenses - Management indicated that current operating expense levels are expected to be a good base moving forward, with no immediate additional reductions anticipated [19] Question: Sentiment around the broader advertising market - Management noted a recent flight to safe havens in advertising budgets but observed that budgets are beginning to open up again [21] Question: Future revenue mix from Roblox and other platforms - Management expects Roblox to remain a significant revenue source, projecting it will not dip below a third of revenue in 2026, while also highlighting growth in mobile and connected TV [22][23] Question: Digital strategy leadership - The company is in the process of finding a board member with deep experience in the digital asset space and plans to bring in advisors with strong track records [24][25] Question: Pop-ups as a lead generation tool - Management confirmed that pop-ups serve as a low-friction entry point for brands, facilitating larger revenue opportunities through successful initial engagements [26]

Financial Data and Key Metrics Changes - Starz reported total revenue of $321 million for the quarter, an increase of $1.2 million sequentially [12] - Adjusted OIBDA was $22 million, down $11 million sequentially due to higher advertising and marketing costs [13] - The company ended the quarter with total net debt of $588 million, with leverage on a trailing 12-month basis at 3.4 times [14] Business Line Data and Key Metrics Changes - U.S. OTT subscribers increased by 110,000, ending the quarter with 12.3 million [11] - North American total subscribers reached 19.2 million, with a sequential increase of 120,000 [12] - OTT revenue rose by $1.7 million to $223 million, while linear and other revenue slightly decreased to $98 million [13] Market Data and Key Metrics Changes - U.S. OTT subscriber growth was driven by the successful debut of "Outlander: Blood of My Blood" and the premiere of "Ballerina" [11][8] - OTT engagement reached a 12-month high, indicating strong performance in content [8] Company Strategy and Development Direction - The company aims to grow its core business by increasing margins to 20% by the end of 2028 and converting 70% of adjusted OIBDA to unleveraged free cash flow [3] - A structural change in the Canadian operation was announced, moving to a content licensing agreement with Bell Canada to generate international licensing revenue [4] - Starz is focused on owning half of its content slate by 2027, which is expected to improve margins and reduce costs [5][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on their plan despite significant headwinds in the media industry [10] - The company anticipates continued revenue and U.S. OTT subscriber growth in the fourth quarter, aiming for approximately $200 million of adjusted OIBDA for the year [11][8] - Management highlighted the potential for increased consolidation in the media landscape, positioning Starz to capitalize on M&A opportunities [6] Other Important Information - The company plans to decrease content investment year over year, which is expected to improve free cash flow in 2026 [9] - The partnership with Bell Canada and the co-commission on "Fightland" are expected to be modestly accretive to adjusted OIBDA and free cash flow in 2026 [6] Q&A Session Summary Question: Can you explain the cost savings and international revenue from producing your own shows? - Management indicated that owning IP allows for cost control and the potential for incremental revenue through international licensing [17][19] Question: Any updates on other shows announced alongside "Fightland"? - Management confirmed progress on several shows, with plans to have half the slate owned by Starz by 2027 [20][21] Question: Can you walk us through the EBITDA guidance for Q4? - Management expressed confidence in reaching the $200 million EBITDA target, needing approximately $52 million in Q4 [24][25] Question: What are the dynamics around churn and gross acquisitions? - Management noted that two-thirds of subscriber growth was from gross acquisitions, with churn at all-time lows [49] Question: Can you provide insights on the Canadian business model shift? - Management confirmed that the new licensing model is expected to provide stable revenue exceeding previous subscription revenues [52] Question: Is the $700 million cash spend outlook for 2026 still accurate? - Management affirmed that the expectation is to be just under $700 million in 2026, with further reductions anticipated in subsequent years [54]

Financial Data and Key Metrics Changes - Net revenue for Q3 2025 was $19 million, a 27.5% decline from $26.2 million in Q3 2024, but only a 2% decrease from Q2 2025 [7][22] - Contribution margin improved to over 15% in Q3 2025, up from 7.8% in Q2 2025 [7][20] - Adjusted EBITDA loss improved by over 80% compared to Q2 2025, narrowing to just over $400,000 from a loss of $2.2 million [8][20] - Overall gross margin decreased to 56.1% from 60.3% in the year-ago quarter, primarily due to product mix and tariff impacts [23] Business Line Data and Key Metrics Changes - Launch revenue was $0.2 million in Q3 2025, down from $0.6 million in Q3 2024, reflecting postponed product launches [22] - The contribution margin decreased to 15.5% in Q3 2025 from 17% in Q3 2024, mainly due to reduced gross margin [23] Market Data and Key Metrics Changes - The decline in revenue was attributed to strategic price increases to offset tariff costs and a general slowdown in consumer spending [10][22] - Despite maintaining bestseller rankings, fewer units were sold due to reduced overall consumer demand [10] Company Strategy and Development Direction - The company is focusing on cost reductions, product launch strategies, and pricing adjustments to navigate the tariff environment [11][19] - Plans to diversify the supply chain and explore sourcing opportunities outside of China are ongoing, especially for high-tariff products [14][15] - The push into consumables is seen as a strong strategic objective, with new product launches primarily sourced from the U.S. [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core products and brands, despite challenges posed by tariffs and reduced consumer demand [11][19] - The focus for 2026 will be on sustainable top-line growth and profitability, with a disciplined approach to marketing and cash management [28] Other Important Information - Cash reserves decreased to approximately $7.6 million from $18 million at the end of 2024, but cash used in operations was significantly reduced in Q3 [25] - Inventory levels increased to $17.2 million, attributed to lower expected demand for seasonal products [26] Q&A Session Summary Question: What percentage of revenue in Q3 were sales through the Amazon channel versus other platforms? - Amazon accounted for over 95% of revenue for the quarter, with new channels like Home Depot being more of a setup for future sales [32] Question: How is launch revenue tracking against plans? - Launch revenue was muted due to wholesale sales to Amazon and limited marketing spend due to tariff impacts, but the quality of products is expected to drive long-term growth [34][35] Question: How quickly can sourcing be adjusted once new sourcing is identified? - The speed of sourcing adjustments depends on manufacturer capabilities, with some products already being sourced outside of China to mitigate tariff impacts [37]