Financial Data and Key Metrics Changes - The company reported a consolidated total revenue increase of 66% in 2025, reaching $245.7 million, up from $148 million in 2024 [13] - Adjusted EBITDA for the full year was approximately $18.6 million, an 83% increase from $10.2 million in the previous year [29] - Net income for the year was $15.1 million, a 153% increase from $6 million in 2024, with diluted EPS improving 133% from $0.24 to $0.56 per share [28][29] Business Line Data and Key Metrics Changes - Revenue from procurement services totaled $197.5 million, up 68% from $117.5 million in 2024, with gross profit margins expanding from 6.7% to 7.7% [13] - Systems integration segment revenue increased 78% year-over-year to $40.3 million, with Q4 revenues rising from $7.9 million to $14.2 million [16] - Facilities management revenue totaled $7.9 million, down 1% from the previous year, but discrete project revenues in Q4 increased 263% to $2.5 million [15] Market Data and Key Metrics Changes - The demand for AI infrastructure is accelerating, with a significant majority of medium and large enterprises piloting or planning to implement AI in production workflows, with adoption rates cited at 70%-80% [7] - The company is positioned to capture market share in AI rack integration, with expectations of continued revenue and EPS growth in fiscal 2026 and beyond [6][9] Company Strategy and Development Direction - The company aims to seize market share in AI rack integration and expand modular data center capabilities, focusing on strategic growth through partnerships and potential acquisitions [9][33] - The long-term agreement with the primary customer was amended to extend the term and update pricing, reflecting the investments made in infrastructure and power capabilities [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business outlook for 2026, forecasting continued growth in earnings with adjusted EBIT expected in the $20-$22 million range [32] - The company acknowledged supply chain volatility and the dynamic market environment but remains confident in its ability to meet increased demand for AI infrastructure [5][10] Other Important Information - The company ended 2025 with $85.5 million in unrestricted cash, a significant increase from the previous year, and cash flow from operations rose from $15.3 million to over $30 million [29][30] - SG&A expenses increased by 56% to $20.7 million, primarily due to higher headcount and stock compensation [25] Q&A Session Summary Question: Can you give any more color on the amended agreement with your largest customer? - The agreement included adjustments in term length and financial support for infrastructure investments, but minimum order volumes remained unchanged [38][41] Question: How does the rack order volume this quarter compare with internal expectations? - Q4 rack volume nearly exceeded the total for Q1 through Q3, with expectations to double the business in 2026 compared to 2025 [45] Question: What is the outlook for the procurement business given recent government disruptions? - The procurement business is expected to remain strong, with opportunities that can materialize quickly, despite previous disruptions [49][50] Question: How has the memory chip shortage impacted the integration business? - The company is somewhat insulated from the memory chip shortage due to strong supply chain management by its key partner [56] Question: How do the economics change as server racks get bigger and heavier? - The company is prepared for increased complexity and power requirements, with ongoing discussions about potential economic adjustments as rack sizes increase [58]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $5.1 million, a significant increase from $0.3 million in Q4 2024, primarily driven by net YCANTH revenue of $3.7 million and $1.4 million from Torii collaboration revenue [25] - Full year 2025 total revenue reached $35.6 million, up 368% from $7.6 million in 2024, with net YCANTH revenue of $15.3 million and $20.3 million from Torii collaboration [26] - Gross product margins for 2025 were 85.7%, compared to 71.8% in the prior year [26] Business Line Data and Key Metrics Changes - YCANTH revenue grew by over 130% compared to 2024, with Q4 2025 revenue at $3.7 million, reflecting a 3.2% increase from Q3 2025 [11][25] - Dispensed applicator units for YCANTH grew to 51,196 in 2025, a 99% increase from 25,773 units in 2024 [13] - In Q4 2025, YCANTH's dispensed applicator units increased by 58% compared to Q4 2024, although there was a slight decrease of approximately 3% from Q3 2025 [12] Market Data and Key Metrics Changes - The company is expanding its market presence in Europe, with positive feedback from the European Medicines Agency regarding the marketing authorization application for YCANTH [15][16] - The common warts program is expected to address a larger patient population, with an estimated 20 million patients in the U.S. compared to 6 million for molluscum [77] Company Strategy and Development Direction - The company aims to establish YCANTH as the new standard of care for molluscum contagiosum and is pursuing label expansion to include common warts [5][36] - The company has implemented a more optimized commercial strategy, resulting in a significant reduction in selling, general, and administrative expenses by over 40% [7][30] - The company is focused on advancing its pipeline, including the common warts and basal cell carcinoma programs, with plans for phase 3 trials [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the transformation of the business and the foundation for long-term value creation for shareholders [5][36] - The company is preparing for a phase 3-ready program in basal cell carcinoma and has extended its cash runway into 2027 [23][34] Other Important Information - The company executed a $50 million equity raise in November 2025, which allowed for the retirement of outstanding debt [9][23] - The company reported a GAAP net loss of $8.1 million for Q4 2025, a significant improvement from a loss of $16.2 million in Q4 2024 [32] Q&A Session Summary Question: What initiatives do you have in mind to broaden the YCANTH launch? - Management is focusing on simplifying patient and physician acquisition of the product and is seeing early growth in the YcanthRx program [38][40] Question: What kind of partnerships might you be looking into around expansion into the EU? - The company is exploring partnerships to bring YCANTH to patients in need and is advancing registration activities in Europe [47][49] Question: How much of the TAM or how many molluscum prescribers do you plan to target with this size team? - The company plans to continue expanding into the pediatrician space while refining targeting in dermatology [54][55] Question: What are the coverage wins in 2025 and 2026? - Coverage wins include enhancements in both Medicaid and commercial segments [58] Question: What is the estimated cost for the phase 3 program for VP-315? - The company is still assessing costs and aims to run the program as efficiently as possible [62] Question: How does the common warts opportunity compare to the molluscum opportunity? - The common warts market is estimated to be three times larger than that of molluscum, with a significant prescriber base overlap [77][79]

Financial Data and Key Metrics Changes - In Q4 2025, the company delivered 780 homes, generating $260 million in revenue, a 9% decrease from the previous year [11] - The home closing gross margin was 19.9%, down from 25.5% in Q4 2024 [11] - Net income for Q4 was $17 million, or $0.39 per diluted share, compared to $30 million in the prior year [12] - For the full year 2025, the company delivered 2,908 homes, a 1% increase over 2024, with revenue of $971 million, essentially flat year-over-year [13][14] - Adjusted net income for Q4 was $12.8 million, down from $22.7 million in the same period last year [13] Business Line Data and Key Metrics Changes - The average sales price for homes was $334,000 in Q4 2025, down from $340,000 in 2024 [14] - Net new orders for the year were 2,726 homes, a 3% increase compared to 2024, with an average order price of $333,000 [15] - The company ended the year with 512 homes in backlog, valued at approximately $173 million [15] Market Data and Key Metrics Changes - The company experienced a 28% increase in active community count, reaching 100 communities compared to 78 at the end of 2024 [15] - Total controlled lots increased by 14% to approximately 22,300 lots, primarily through option contracts [16] Company Strategy and Development Direction - The company aims to grow volume and gain market share through targeted investments and a disciplined approach to home building [8][10] - The focus remains on building affordable homes in markets with strong population growth and job creation [9] - The company maintains a conservative balance sheet and prioritizes land ownership discipline [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market has been in a recessionary environment for about 18 months, driven by affordability pressures and higher mortgage rates [19] - The macroeconomic environment remains uncertain, with mixed signals from recent economic data and geopolitical developments [20] - The company expects closings in Q1 2026 to be between 575 and 625 homes, with average sales prices between $330,000 and $335,000 [21] Other Important Information - The company has seen an uptick in traffic and order activity relative to Q4 levels, although demand remains inconsistent [7] - The company is focused on maintaining pace and aligning sales absorption with production capacity [18] Q&A Session Summary Question: Sales pace and pricing trends in Q1 - Management indicated that sales pace followed traditional seasonal patterns, with an uptick in February and early March [24][26] Question: Trends across major markets - Management noted similarities in market pacing, with new markets expected to perform similarly once models are open [28] Question: Incentives and margin guidance for Q1 - Management explained that they leaned heavily into incentives in Q4, with a focus on maintaining sales pace while monitoring margins [34][35] Question: SG&A expenses and unusual items - Management clarified that SG&A expenses were impacted by new divisions not yet fully operational, leading to higher costs [45][46] Question: Land pricing trends - Management noted that while land costs are expected to increase in 2026, there are signs of a reset in pricing for new deals [56][57] Question: Spec count and inventory strategy - Management stated that specs are running about half of current inventory, with a focus on pre-sold homes to maximize value [65][66] Question: Land acquisition strategy - Management prefers finished lot purchases and is seeing softening opportunities in better locations [70][71]

Financial Data and Key Metrics Changes - The company reported a 27% increase in revenue to $14.5 million for Q4 2025, with full-year revenue also growing 27% to $52.2 million compared to 2024 [4][18] - Gross profit for Q4 was $11.1 million, up from $8.5 million in the prior year, increasing gross margin to 76% [19] - Net income for Q4 was $2.9 million, compared to $1.5 million in the same period of 2024, with full-year net income of approximately $7.6 million compared to $2.9 million in 2024 [23] Business Line Data and Key Metrics Changes - A total of 95 Deep TMS systems were shipped during Q4, bringing the installed base to approximately 1,700 systems, a 26% increase year-over-year [4][18] - The book-to-bill ratio improved to 1.4x from 1.2x in the previous quarter, indicating strong demand [5] Market Data and Key Metrics Changes - Remaining performance obligations reached $70 million, representing a 43% growth from $49 million a year ago, reflecting strong demand and long-term commitments [5][24] - The company estimates it has penetrated less than 10% of the market for Deep TMS, indicating significant growth potential [7] Company Strategy and Development Direction - The company is focusing on expanding reimbursement coverage with payers across the U.S. to increase market share [8] - A strategic initiative is in place to secure minority equity investments in high-performing mental health providers, which is expected to facilitate faster access to interventional psychiatry modalities [14][15] - The company aims to develop a portfolio of data-driven technology-enabled neuromodulation solutions to serve more patients and settings [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the business and expects revenue in the range of $66 million to $68 million for 2026, representing a year-over-year growth rate of 27%-30% [24][25] - The company anticipates adjusted EBITDA of $12 million to $14 million for 2026, indicating expected growth of 86%-100% over 2025 [25] Other Important Information - The FDA granted label expansion for the Deep TMS system to treat adolescents aged 15 to 21 suffering from major depressive disorder, expanding the addressable patient population [9] - The company received a $2.5 million NIH grant for a study on Deep TMS for alcohol use disorder, highlighting ongoing clinical research efforts [12][13] Q&A Session Summary Question: Can you give us a better sense of the Q4 placements as far as units sold, units leased, and also any color regarding OCD placements? - Management reported that 95 systems were shipped during Q4, with more than 50% including H7 coils [26] Question: Can you talk about the Deep TMS 360 trial? - The trial is designed for addiction and neurology markets, with 10 centers actively recruiting patients for alcohol use disorder and three centers for Alzheimer's disease [28][29] Question: Was there any pricing change in 2025 or anticipated for 2026? - Management does not anticipate a decrease in average selling price and aims to optimize pricing based on the value provided [31]

Financial Data and Key Metrics Changes - In Q4 2025, the company delivered 780 homes, generating $260 million in revenue, a 9% decrease from the previous year [11] - The home closing gross margin was 19.9%, down from 25.5% in Q4 2024, while adjusted gross margin was 21% [11][14] - For the full year 2025, the company delivered 2,908 homes, a 1% increase over 2024, with revenue of $971 million, essentially flat compared to the prior year [13][14] - Net income for Q4 was $17 million, with adjusted net income of $12.8 million, down from $22.7 million in the same period last year [12][13] Business Line Data and Key Metrics Changes - The company generated 532 net new orders in Q4, with an average order price of $333,000, reflecting a 3% increase in net new home orders for the year [15] - The average sales price for homes was $334,000, down from $340,000 in 2024 [13][14] - The company ended the year with 512 homes in backlog, valued at approximately $173 million [15] Market Data and Key Metrics Changes - The company reported a 14% increase in total controlled lots to approximately 22,300 lots, primarily through option contracts [16] - The active community count increased by 28% to 100 communities compared to 78 communities at the end of 2024 [15] Company Strategy and Development Direction - The company aims to maintain discipline through the housing cycle, focusing on operational efficiency and market share growth [10][18] - The long-term strategy includes building affordable homes in markets with strong population growth and job creation [9] - The company is committed to a land-light strategy, allowing flexibility while expanding in attractive southern markets [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market has been in a recessionary environment for about 18 months, driven by affordability pressures and higher mortgage rates [19] - The macroeconomic environment remains uncertain, with mixed signals from recent economic data and geopolitical developments [20] - The company expects closings in Q1 2026 to be between 575 and 625 homes, with average sales prices between $330,000 and $335,000 [21] Other Important Information - The company has a conservative balance sheet, ending the year with $12.7 million in cash and a debt to book capitalization ratio of 9% [16] - Management emphasized the importance of maintaining sales pace and operational efficiency to protect the production engine [18] Q&A Session Summary Question: Sales pace and pricing trends in Q1 - Management noted that sales pace followed traditional seasonal patterns, with an uptick in February and early March [24][26] Question: Strengths and weaknesses across major markets - Management indicated similarities in market performance, with new markets expected to perform well once models are open [28] Question: Incentives and margin guidance for Q1 - Management confirmed that incentives were leaned into in Q4 to maintain sales pace, with a projected sequential decrease in gross margins for Q1 [34][36] Question: SG&A expenses and unusual items - Management explained that SG&A expenses were impacted by new divisions not yet fully operational, leading to higher costs [42] Question: Land cost trends and expectations for 2026 - Management indicated that while land costs are expected to increase slightly, there are signs of a reset in pricing for new deals [53]

Financial Data and Key Metrics Changes - Consolidated fourth quarter 2025 revenue was $154.8 million, down from $163.3 million in the prior year, primarily due to softening customer demand [7] - Adjusted EBITDA for the fourth quarter was $2.3 million, compared to $0.9 million in the prior year, with adjusted EBITDA margins increasing to 1.5% from 0.6% [7][8] - Full year consolidated revenue was $649 million, down from $723.4 million in the prior year, with adjusted EBITDA at $17.8 million, down from $23.2 million [9][10] - Free cash flow for the full year was $33.7 million, up $21.5 million from last year, enabling a reduction in net debt by over $35 million [5][11] Business Line Data and Key Metrics Changes - Global Seating segment revenues decreased by 5.6% to $70.7 million in the fourth quarter, but adjusted operating income increased to $1.8 million [12] - Global Electrical Systems segment revenues increased by 12.7% to $49.7 million in the fourth quarter, with adjusted operating income rising to $0.9 million [13][14] - Trim Systems and Components revenues decreased by 22.5% to $34.4 million in the fourth quarter, resulting in an adjusted operating loss of $1.4 million [16][17] Market Data and Key Metrics Changes - The North American Class 8 truck market is experiencing a challenging demand environment, with a forecasted 4% increase in year-over-year volumes for 2026 [18] - The construction market is expected to grow in the low single-digit percentage range, driven by lower interest rates and fiscal stimulus initiatives [18] Company Strategy and Development Direction - The company is focusing on operational efficiency improvements and has announced a new contract with Zoox for autonomous vehicle components, indicating a strategic shift towards electric and autonomous vehicle markets [19][20] - The company aims to grow its Global Electrical Systems segment by more than 10% in 2026, supported by new business wins and increased capacity utilization [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about end market recovery and expects improved financial performance in 2026, with guidance for net sales between $660 million and $700 million [21][22] - The company anticipates generating positive free cash flow in 2026, which will be used to continue paying down debt and improving net leverage [21][22] Other Important Information - The company achieved a net leverage ratio of 4.1 times at the end of 2025, down from 4.7 times at the end of 2024 [10] - Interest expense for the fourth quarter was $4.2 million, up from $2.2 million in the prior year, driven by higher interest rates [8] Q&A Session Summary Question: Can you provide more color on the two key programs that started ramping in the third quarter? - Management confirmed that both programs are progressing as planned, with the Zoox program on track for volume production by the latter part of the second quarter [26][27] Question: What is the outlook for the aftermarket business? - The aftermarket business is expected to grow, driven by improved operational efficiencies and promotional initiatives [32][36] Question: What are the assumptions behind the guidance range for Adjusted EBITDA? - The guidance range reflects current macroeconomic trends and the anticipated recovery in Class 8 truck production, with expectations for significant drop-through of incremental top line [81][82]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $180.5 million, representing a 12% year-over-year increase from $161 million in 2024 [5][17] - Adjusted EBITDA was $42 million, up 23% year-over-year from $34.1 million in 2024 [5][19] - Net income for 2025 was $20.2 million or $0.35 per diluted share, a 40% increase compared to $14.5 million or $0.25 per diluted share in 2024 [19] - Cash and cash equivalents at year-end 2025 were $75.5 million, down from $78.4 million in December 2024 [19] Business Line Data and Key Metrics Changes - Sales of KedRAB increased to approximately $54 million in 2025, exceeding the contract minimum commitment [10] - GLASSIA contributed total revenue of $35 million, with growth in both ex-U.S. markets and royalty income from Takeda [10] - Revenues from Cytogam declined due to increased usage of antivirals, with ongoing efforts to demonstrate its advantages through a new clinical study [11][12] Market Data and Key Metrics Changes - The company secured a $10 million-$14 million extension of an existing tender from Canadian Blood Services for various products, ensuring ongoing sales in Canada from Q2 2026 to Q1 2028 [17] - The company anticipates growth in its distribution segment through the launch of additional biosimilars in Israeli markets and expansion into the MENA region [9][14] Company Strategy and Development Direction - The company focuses on expanding its commercial product portfolio, including investment in FDA-approved specialty plasma-derived products and biosimilars [9] - Plans to ramp up plasma collection at new centers in Houston and San Antonio, with expected annual revenues of $8 million-$10 million per center at full capacity [15] - The company is pursuing new business development and M&A opportunities to enhance its product portfolio and generate synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial performance, despite geopolitical challenges in the Middle East [4] - The company affirmed its 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million in adjusted EBITDA, representing growth from 2025 results [8] - Management emphasized the importance of Cytogam in organ transplant protection and the potential for increased usage following clinical studies [25] Other Important Information - A dividend of $0.25 per share was declared, totaling approximately $14.4 million, reinforcing confidence in business prospects [6][7] - The company plans to continue investing in growth while maintaining dividend payments [26] Q&A Session Summary Question: CMV market and Cytogam usage - Management noted no changes in CMV management protocols but acknowledged increased access to antivirals affecting Cytogam usage [23][24] Question: M&A opportunities and dividend implications - Management confirmed that the dividend payment does not indicate a change in M&A opportunities, expressing optimism for securing transactions in 2026 [26] Question: Plasma collection growth margin benefits - Management expects growth margin benefits from plasma collection to start impacting gross profit in 2027 and beyond [27] Question: Plasma collection center ramp-up - Current ramp-up is at 30%-40%, with full capacity expected by the end of 2027 [31] Question: Timing for new biosimilars launch - New biosimilars are expected to launch around mid-2026, with sales ramping up based on market demand [32] Question: Dividend payment timing - The entire dividend will be paid in the second quarter [39]

Financial Data and Key Metrics Changes - In Q4 FY26, total revenue increased by 9% year-over-year to $220.6 million, while subscription revenue grew by 6% to $193.4 million [4][14] - Non-GAAP operating income for Q4 was $37.7 million, representing a 17% non-GAAP operating margin [4][17] - For the full year FY26, total revenue was $857.2 million, up 8% year-over-year, with subscription revenue of $756.3 million, up 5% [20][21] - Non-GAAP operating income for FY26 was $146.2 million, equating to a non-GAAP net income per diluted share of $0.49 [20][21] Business Line Data and Key Metrics Changes - Professional services revenue in Q4 was $27.1 million, up 29% year-over-year, driven by large-scale rollouts [14][20] - The subscription revenue base net dollar expansion rate in Q4 was 103%, with a net dollar expansion for the $1 million customer cohort at 115% [15][16] - The average revenue per customer in the $1 million cohort is now above $3 million [15] Market Data and Key Metrics Changes - ARR from generative AI-native Sprinklr Service SKUs grew by 50% year-over-year, indicating strong demand for AI capabilities [7] - The company operates in 12 regions, with the Americas contributing approximately 50-55% of revenue, Europe around 35%, and Asia-Pacific about 10% [38] Company Strategy and Development Direction - The company is in the second phase of its transformation, focusing on embedding changes made in FY26 to build a stronger foundation for scale and efficiency [5][12] - Key innovation priorities for FY27 include unified customer intelligence, enterprise-wide automation, AI-driven marketing, and next-generation AI insights [8] - The company aims to solidify its baseline and contribution from top-tier enterprise customers through its "bear hug" strategy [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while churn was higher than preferred in FY26, renewal rates improved in Q4 and are expected to continue improving in Q1 and Q2 of FY27 [5][12] - The macro environment remains fluid, particularly due to geopolitical events, but the company is focused on maintaining discipline and positioning for growth [12][13] - Management expressed confidence in the strategy and commitment to delivering durable growth and long-term shareholder value [12][13] Other Important Information - The board has authorized a new $200 million share buyback program, reflecting confidence in the company's strategy and balance sheet [18] - The company generated $15.9 million in free cash flow in Q4 and $142 million for the year, with a strong balance sheet of $502.5 million in cash and no debt [17][18] Q&A Session Summary Question: Is the margin outlook conservative? - Management emphasized a balanced approach to investments while ensuring long-term growth and addressing technical debt [30][31] Question: What is the revenue breakdown between international and U.S. markets? - The Middle East is a healthy region for the company, contributing to a good pipeline, with the Americas being the largest market [36][38] Question: Will elevated churn continue in FY27? - Management expects renewal rates to improve, indicating a positive trend in customer retention [44][45] Question: What are the plans for increasing margins? - The company is focused on revenue mix, operational efficiency, and investing in AI solutions to support margin expansion [47][49] Question: What signals the transition to the acceleration phase? - Management highlighted the importance of improving renewal rates, customer sentiment, and operational efficiency as indicators for moving to the next phase [87][89]

Financial Data and Key Metrics Changes - In Q4 2025, the company delivered 780 homes, generating $260 million in revenue, a 9% decrease from the previous year [10] - Home closing gross margin was 19.9%, down from 25.5% in Q4 2024 [10] - Net income for Q4 was $17 million, or $0.39 per diluted share, compared to $30 million in the prior year [11] - For the full year 2025, the company delivered 2,908 homes, a 1% increase over 2024, with revenue of $971 million, essentially flat year-over-year [12] - Adjusted net income for Q4 was $12.8 million, down from $22.7 million in the same period last year [12] Business Line Data and Key Metrics Changes - The company generated 532 net new orders in Q4, reflecting a challenging sales environment [5] - Average sales price for homes was $334,000, down from $340,000 in 2024 [12] - SG&A expense for Q4 was $36 million, approximately 13.8% of revenue, compared to 14.9% in Q4 2024 [11] Market Data and Key Metrics Changes - The company ended the year with 512 homes in backlog, with an average sales price of $337,000, representing a backlog value of approximately $173 million [15] - Total controlled lots increased by 14% to approximately 22,300 lots, primarily through option contracts [16] Company Strategy and Development Direction - The company aims to grow volume and gain market share through targeted investments and a disciplined approach to home building [7] - The focus remains on building affordable homes in markets with strong population growth and job creation [8] - The company maintains a conservative balance sheet and prioritizes operational discipline to position itself for long-term success [9] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market has been in a recessionary environment for about 18 months, driven by affordability pressures and higher mortgage rates [19] - The macroeconomic environment remains uncertain, with mixed signals from recent economic data [20] - The company is optimistic about the spring selling season but acknowledges that demand remains inconsistent [6] Other Important Information - The company plans to repurchase shares when market conditions allow, while continuing to prioritize investments in land and community growth [20] - For Q1 2026, the company expects closings between 575 and 625 homes, with average sales prices between $330,000 and $335,000 [21] Q&A Session Summary Question: Can you provide insights on sales pace, pricing, and incentives trends in Q1? - Management indicated that sales pace followed traditional seasonal patterns, with an uptick in February and early March [24][26] Question: Are there any trends in strengths and weaknesses across major markets? - Management noted similarities in market pacing and expressed hope for new markets once models are open [28] Question: What is driving the decision to lean back into incentives? - Management explained that they are monitoring traffic and sales on a community basis, aiming to balance pace and margin [34] Question: How does the spec count look heading into Q1 2026? - Management stated that specs are running about half of current inventory, with a focus on pre-sold homes to maximize value [64] Question: What is the strategy around land purchases? - The company prefers finished lot takedowns and is seeing softening opportunities in better locations [68]

Financial Data and Key Metrics Changes - Company reported a 27% increase in revenue to $14.5 million for Q4 2025, with full-year revenue also growing 27% to $52.2 million compared to 2024 [4][17] - Gross profit for Q4 was $11.1 million, up from $8.5 million in the prior year, with gross margin increasing to 76% [18] - Operating income for Q4 was approximately $1.9 million, a significant increase from $0.4 million in the same period last year [21] - Net income for Q4 was $2.9 million, compared to $1.5 million in Q4 2024, with full-year net income of approximately $7.6 million compared to $2.9 million in 2024 [22] Business Line Data and Key Metrics Changes - 95 Deep TMS systems were shipped in Q4, bringing the total installed base to approximately 1,700 systems, a 26% increase year-over-year [4][17] - The book-to-bill ratio improved to 1.4x from 1.2x in the previous quarter, indicating strong demand [5] - Remaining performance obligation reached $70 million, representing a 43% growth from $49 million a year ago [5][22] Market Data and Key Metrics Changes - Company estimates it has penetrated less than 10% of the market for Deep TMS, indicating significant growth potential [6] - The FDA granted label expansion for Deep TMS to treat adolescents aged 15 to 21 with major depressive disorder, expanding the addressable patient population [8] Company Strategy and Development Direction - Company is focusing on expanding reimbursement coverage with payers across the U.S. to increase market share [7] - A strategic initiative is in place to secure minority equity investments in high-performing mental health providers, which is expected to facilitate growth and access to interventional psychiatry [13][14] - Long-term vision includes developing a portfolio of data-driven technology-enabled neuromodulation solutions to serve more patients [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the business and expects revenue for 2026 to be in the range of $66 million to $68 million, representing a year-over-year growth rate of 27%-30% [23] - The company anticipates adjusted EBITDA of $12 million to $14 million for 2026, indicating expected growth of 86%-100% over 2025 [24] Other Important Information - Company maintained a strong cash position with $68 million in cash and cash equivalents as of December 31, 2025, supporting growth initiatives [22] - The SWIFT Deep TMS protocol is expected to significantly improve patient access and treatment efficiency, reducing the number of required office visits by 70% [10][11] Q&A Session Summary Question: Can you give us a little better sense of the fourth quarter placements as far as units sold, units leased, and also any color regarding OCD placements? - Company shipped 95 systems during Q4, with more than 50% including the H7 coils [25] Question: Can you talk about the Deep TMS 360 trial that's going on? - The TMS 360 is designed for addiction and neurology markets, with active recruitment for the alcohol use disorder trial in 10 centers across the U.S. [26][27] Question: As far as pricing, was there any pricing that you took in 2025 or would you anticipate any pricing for 2026? - Company does not anticipate any decrease in average selling price and aims to optimize pricing based on value provided [29] Question: What percentage of the $70 million obligations relates to commitments from existing strategic partners? - Each minority investment center is expected to deliver new backlog or booking of between $3-$5 million on a yearly basis [34] Question: Do you anticipate significant utilization of the SWIFT protocol for Deep TMS in conjunction with other therapies? - There is strong demand for TMS, and the SWIFT protocol is expected to be used in conjunction with other modalities, including psychedelics and medication management [39]