Financial Data and Key Metrics Changes - The company reported a gross margin of 17%, which is a decrease from previous expectations, reflecting ongoing pressure on margins due to market conditions [8][16] - The average sales price for homes was approximately $386,000, with expectations for the first quarter of 2026 to be between $365,000 and $375,000 [16][36] - The company ended the quarter with $3.4 billion in cash and total liquidity of $6.5 billion, indicating a strong balance sheet [32][33] Business Line Data and Key Metrics Changes - The company started 18,443 homes, delivered 23,034 homes, and sold just over 20,000 homes, exceeding delivery goals but facing challenges in maintaining sales volume [15][16] - Sales incentives remained flat at 14%, contributing to a reduction in gross margin [16][29] - The company achieved a cycle time of 127 days for detached single-family homes, a reduction from 138 days a year ago [18][29] Market Data and Key Metrics Changes - The housing market remains challenging, with consumer confidence impacted by economic uncertainties and a government shutdown [10][11] - The supply of owned home sites decreased year-over-year to 0.1 years, while controlled home sites increased to 98% from 82% [30][33] - The company noted that inflation-driven affordability concerns are central to the national conversation, affecting consumer behavior [10][11] Company Strategy and Development Direction - The company is focused on maintaining volume and even-flow production while managing an affordable cost structure [9][10] - A shift towards an asset-lighter model has been completed, with less than 5% of land on the balance sheet, allowing for improved operational efficiency [17][20] - The company aims to leverage its strong market position to provide affordable housing when demand activates, driven by lower interest rates or government programs [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future market conditions, despite current challenges, and emphasized the importance of government action to enhance affordability [11][14] - The company is well-positioned for future growth, with a focus on cash flow and high returns on capital and equity [23][24] - Management acknowledged that while current numbers are not ideal, the company is strategically positioned to meet the ongoing housing shortage [22][23] Other Important Information - The company completed the Millrose transaction, resulting in a non-cash repurchase of 8 million shares [20][35] - The company plans to maintain a focus on technology solutions to drive future efficiencies and improve customer experience [17][77] Q&A Session Questions and Answers Question: What is contributing to the continued pressure on margin? - Management noted unexpected headwinds from the government shutdown impacting consumer confidence, which affected pricing stability [44][45] Question: Do you anticipate government actions to improve affordability? - Management believes that government action is likely, as affordability is a political issue that needs addressing [50][51] Question: How does the company envision recapturing margin as the market improves? - The company expects to leverage its efficiencies and lower incentive structures to improve margins as market conditions stabilize [58][60]

Financial Data and Key Metrics Changes - The company reported fourth-quarter consolidated net sales of $1.07 billion, a decrease of 0.9% from the previous year, primarily due to lower shipments and prior-year divestitures, partially offset by net price realization [13][14] - For the full year, total consolidated net sales were $4.51 billion, essentially in line with fiscal 2024 net sales, adjusting for the impact of divestitures [13][14] - Adjusted diluted earnings per share for the fourth quarter were $0.91, compared to $0.95 in the prior year, reflecting higher expenses related to restored employee incentives [15] - Full-year adjusted earnings per diluted share were $4.20, slightly up from $4.17 in fiscal 2024 [15] Business Line Data and Key Metrics Changes - Professional segment net sales in the fourth quarter were $910 million, virtually equal to last year's performance, with earnings margin at 19.2%, up 60 basis points year-over-year [11][12] - Residential segment fourth-quarter net sales were $147 million, down 5.1% from the prior year, but exceeded expectations due to net price realization and higher shipments of snow products [12][13] - For the full year, professional segment net sales rose 1.9% to $3.62 billion, while residential segment net sales were $858.4 million, down 14% from the prior year [12][13] Market Data and Key Metrics Changes - The company noted sustained momentum in the underground construction business and better-than-anticipated growth in snow and ice management [4][5] - The acquisition of Tornado Infrastructure Technologies is expected to enhance the company's position in the underground construction market, driven by new infrastructure installation projects [7][16] Company Strategy and Development Direction - The company is focused on leveraging its diverse portfolio and driving operational excellence, with a commitment to investing in technology and innovation [4][7] - The AMP program aims to achieve $125 million in cost savings by the end of 2026, up from the original target of at least $100 million [8][19] - The company is strategically investing in growth markets, particularly in golf, grounds, and underground construction, to strengthen its competitive position [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macroeconomic environment, noting potential pressures from inflation and interest rates but also highlighting strong demand in key markets [17][21] - For fiscal 2026, the company expects total net sales to rise 2%-5%, with professional segment sales anticipated to grow mid-single digits and residential segment sales expected to decline low to mid-single digits [17][18] Other Important Information - The company achieved record free cash flow of $578 million for the year, resulting in a free cash flow conversion rate of 146% [4][15] - The company returned $441 million to shareholders through dividends and share repurchases, demonstrating confidence in its cash generation capabilities [15][19] Q&A Session Summary Question: Guidance on sales growth and volume expectations - Management indicated that a portion of the sales growth is attributed to the Tornado acquisition, with continued strength expected in the professional segment, particularly in underground construction [33][34] Question: Improvement expectations in residential segment - Management expects some recovery in the residential segment, driven by productivity improvements and favorable snow conditions, despite ongoing homeowner caution [37][39] Question: Details on the AMP program and savings - The company raised its AMP savings target to $125 million, with savings expected to come from supply-based improvements and operational efficiency, without needing increased volume [40][41] Question: Raw material cost expectations for 2026 - Management anticipates some inflation in raw material costs early in the year, settling mid-year, and has built these expectations into their guidance [44] Question: Channel inventories and backlog status - Management reported improved channel inventories and a $400 million year-over-year improvement in backlog, indicating strong demand across various segments [51][52]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $1.07 billion for Q4, a decrease of 0.9% from the previous year, primarily due to lower shipments and prior-year divestitures, partially offset by net price realization [21] - For the full year, total consolidated net sales were $4.5 billion, down 1.6% from fiscal 2024, largely due to strategic divestitures [7] - Adjusted diluted earnings per share for Q4 were $0.91, compared to $0.95 in the prior year, reflecting higher expenses related to employee incentive compensation [23] - Full-year adjusted earnings per diluted share were $4.20, slightly up from $4.17 in fiscal 2024 [24] Business Line Data and Key Metrics Changes - Professional segment net sales for Q4 were $910 million, virtually unchanged from the previous year, with earnings margin at 19.2%, up 60 basis points year-over-year [17] - Residential segment net sales for Q4 were $147 million, down 5.1% from the prior year, but exceeded expectations due to net price realization [20] - Full-year professional segment net sales rose 1.9% to $3.62 billion, with earnings margin improving to 19.4% from 18% in fiscal 2024 [19] Market Data and Key Metrics Changes - The company is focusing on key growth markets, particularly in golf, grounds, and underground specialty construction, anticipating a multi-year growth trajectory [8] - The acquisition of Tornado Infrastructure Equipment is expected to enhance the company's position in the underground construction market [9] Company Strategy and Development Direction - The company aims to enhance customer productivity through investments in technology and innovation, with a focus on operational excellence and cost savings [5][10] - The AMP program has been expanded, with a new savings target of $125 million by the end of 2026, up from the previous target of $100 million [11] - The company is committed to maintaining strong profit margins and market competitiveness through productivity improvements and selective price increases [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macroeconomic environment, noting potential pressures from inflation and interest rates on consumer confidence [29] - For fiscal 2026, the company expects total net sales to rise by 2%-5%, with professional segment sales anticipated to grow mid-single digits and residential segment sales expected to decline low to mid-single digits [30] - The company is confident in its ability to navigate cost pressures while continuing to invest in innovation [31] Other Important Information - The company achieved record free cash flow of $578 million for the year, with a conversion rate of 146% [12] - A quarterly dividend increase from $0.38 to $0.39 was announced, along with a share repurchase authorization of up to six million shares [34] Q&A Session Summary Question: Guidance on sales growth and volume expectations - Management acknowledged that a portion of the sales growth is attributed to the Tornado acquisition and indicated continued strength in the professional segment, particularly in underground construction [52][54] Question: Improvement expectations in residential segment - Management expects some recovery in the residential segment, influenced by macroeconomic factors and potential restocking in the channel [57][60] Question: Details on the AMP program and additional savings - Management confirmed that the additional $25 million in savings is achievable through ongoing operational efficiency initiatives without needing volume growth [61][62] Question: Raw material cost expectations for 2026 - Management anticipates some inflation in raw material costs early in the year, with expectations of stabilization by mid-year [66] Question: Channel inventory status - Management reported that channel inventories are in good shape, with improved lead times contributing to customer confidence [73][80] Question: Margin guidance for professional segment - Management indicated that while some benefits from the AMP program will continue, the addition of Tornado may not be fully accretive to operating margin in the first year [81][82]

Financial Data and Key Metrics Changes - The company reported fourth-quarter consolidated net sales of $1.07 billion, a decrease of 0.9% from the previous year, primarily due to lower shipments and prior-year divestitures, partially offset by net price realization [14] - For the full year, total consolidated net sales were $4.51 billion, essentially in line with fiscal 2024 net sales, adjusting for the impact of divestitures [14] - Adjusted diluted earnings per share for the fourth quarter were $0.91, compared to $0.95 in the prior year, reflecting higher expenses related to restored employee incentives [15][16] - Full-year adjusted earnings per diluted share were $4.20, slightly up from $4.17 in fiscal 2024 [16] Business Line Data and Key Metrics Changes - Professional segment net sales in the fourth quarter were $910 million, virtually equal to last year's performance, with earnings margin at 19.2%, up 60 basis points year-over-year [11][12] - Residential segment fourth-quarter net sales were $147 million, down 5.1% from the prior year, but exceeded expectations due to net price realization and higher shipments of snow products [12][13] - For the full year, residential segment net sales were $858.4 million, down 14% from the prior year, with earnings margin at 4.2% [14] Market Data and Key Metrics Changes - The company experienced sustained momentum in the underground construction business and better-than-anticipated growth in snow and ice management [5] - The acquisition of Tornado Infrastructure Technologies is expected to enhance the company's position in the underground construction market, driven by new infrastructure installation projects [6][25] Company Strategy and Development Direction - The company is focused on leveraging its diverse portfolio, driving operational excellence, and investing in technology and innovation to enhance customer productivity [4][10] - The AMP program aims to achieve $125 million in annualized run-rate cost savings by the end of 2026, up from the original target of at least $100 million [8][19] - The company is strategically investing in growth markets such as golf, grounds, and underground construction, while maintaining a disciplined approach to capital deployment [17][28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macroeconomic environment, including inflation and interest rates, which may pressure consumer confidence [18] - For fiscal 2026, the company expects total net sales to rise by 2%-5%, with professional segment sales expected to grow mid-single digits and residential segment sales expected to decline low to mid-single digits [18][19] - The company anticipates an improvement in total adjusted gross margin in 2026, reflecting its ability to navigate cost pressures while investing in innovation [19] Other Important Information - The company returned $441 million to shareholders through dividends and share repurchases in fiscal 2025, demonstrating confidence in its cash generation capabilities [16][21] - The leverage ratio remains healthy at 1.3 times, providing financial flexibility for strategic investments [17] Q&A Session Summary Question: Guidance on sales growth and volume expectations - Management indicated that a portion of the sales growth is attributed to the Tornado acquisition, with continued strength expected in the professional segment, particularly in underground construction and golf [30][31] Question: Residential segment outlook - The residential segment is expected to see a decline in the first quarter but may improve in subsequent quarters due to factors like snow and channel restocking [32][33] Question: AMP program and savings targets - The company raised its AMP savings target to $125 million, with savings expected to come from operational efficiency and supply chain improvements [34][35] Question: Raw material costs for 2026 - Management expects some inflation in raw material costs early in the year, settling mid-year [37] Question: Channel inventories and backlog status - The company reported a $400 million improvement in backlog year-over-year, indicating strong demand across various segments [38][39]

Financial Data and Key Metrics Changes - The company reported a gross margin of 17%, which is a decrease from previous expectations, attributed to market conditions and increased sales incentives [9][18] - The average sales price for homes was $386,000, with expectations for the first quarter of 2026 to be between $365,000 and $375,000 [18][34] - The company ended the quarter with $3.4 billion in cash and total liquidity of $6.5 billion, indicating a strong balance sheet [31][34] Business Line Data and Key Metrics Changes - The company started 18,443 homes, delivered 23,034 homes, and sold just over 20,000 homes, exceeding delivery expectations but only meeting the low end of sales expectations [17][18] - Sales incentives remained flat at 14%, contributing to a reduction in gross margin [18][29] - The company achieved a cycle time of 127 days for detached single-family homes, a reduction from 138 days a year ago [20][29] Market Data and Key Metrics Changes - The housing market remains challenging, with consumer confidence impacted by economic uncertainties and a government shutdown [11][12] - The supply of owned home sites decreased year-over-year to 0.1 years, while controlled home sites increased to 98% from 82% [30][32] - The company noted a significant supply shortage in the housing market, which has kept home prices high [13][14] Company Strategy and Development Direction - The company is focused on maintaining volume and even-flow production while managing costs to prepare for future market recovery [10][11] - An asset-light strategy has been implemented, reducing overall inventory from just under $20 billion to just under $12 billion [19][30] - The company aims to leverage its strong market position and efficient product offerings to meet pent-up demand as market conditions improve [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future market conditions, anticipating that government actions may enhance affordability and stimulate demand [15][44] - The company is positioned to benefit from a potential recovery in the housing market, with expectations for margin improvement as incentives decrease [46][47] - Management acknowledged the ongoing challenges but emphasized the importance of operational efficiencies and technology investments to drive future growth [57][66] Other Important Information - The company completed the Millrose transaction, resulting in a non-cash repurchase of 8 million shares [21][33] - The leadership transition is underway as the co-CEO retires, with experienced professionals prepared to take on new roles [22][24] Q&A Session Summary Question: What is contributing to the continued pressure on margin? - Management noted unexpected headwinds from the government shutdown affecting consumer confidence, which impacted pricing stability [40][41] Question: Will government actions improve affordability in 2026? - Management believes that government focus on affordability is likely to result in actionable programs, although specifics remain uncertain [44][45] Question: How does the company envision recapturing margin as the market improves? - The company is focused on maintaining volume and leveraging operational efficiencies to improve margins as incentives decrease [46][47] Question: What are the expectations for share repurchases in 2026? - Management expressed enthusiasm for 2026, indicating that the asset-light model will allow for continued shareholder returns through repurchases and dividends [64][66]

Summary of Gorilla Technology Group Fireside Chat Company Overview - **Company**: Gorilla Technology Group (NasdaqCM:GRRR) - **Industry**: AI Security Platforms and Infrastructure - **Core Offerings**: Mission-critical AI security platforms, video intelligence, post-event analytics, secure network intelligence, lawful interception, and IPDR capabilities [3][4][5] Key Developments - **Major Contract**: Signed a three-year contract with FRAIR valued at approximately $1.4 billion, with the first phase of $300 million currently being launched in Thailand [4][6] - **AI Infrastructure**: Transitioning from a software solutions company to a sovereign-grade AI compute provider with enhanced data center capabilities across multiple regions including Middle East, North Africa, Europe, Southeast Asia, and Latin America [4][5] - **5G Solutions**: Successfully deployed the first global 5G lawful interception solution, with ongoing projects in Taiwan and Southeast Asia [24][25] Strategic Investments - **Acquisition of Actros**: Investment in Actros to enhance AI-driven platforms and infrastructure deployment in India, which is projected to grow from $15 billion in 2024 to over $330 billion by 2033, representing a 40% CAGR [16][17][18] - **Data Center Growth**: Data center market in India expected to grow from $9-10 billion to about $30 billion by 2032-2033, indicating significant opportunities for Gorilla [17] Recognition and Sustainability - **Nobel Sustainability Nomination**: CEO Jay Chandan was nominated for the 2025 Sustainability Awards, highlighting Gorilla's commitment to sustainable AI deployment at a national scale [11][12] Financial Outlook - **Revenue Projections for 2026**: Expected revenue range of $137 million to $200 million, driven by signed contracts and backlog, with a focus on reducing customer concentration risk [27][28] - **Cash Position**: Over $110 million in cash with reduced debt below $15 million, allowing for flexibility in executing large projects without relying heavily on equity markets [30] Operational Highlights - **Execution and Delivery**: Emphasis on building a repeatable deployment model and expanding engineering teams in Thailand and India [6][7][8] - **Project Milestones**: Successful execution of projects in Egypt and ongoing developments in AI infrastructure, with a focus on national scale delivery [22][26] Conclusion - Gorilla Technology Group is positioning itself as a leader in AI security and infrastructure, with significant contracts, strategic investments, and a strong focus on sustainability and operational execution. The company is set to transition from a growth story to a steady infrastructure platform, with promising financial projections for 2026 [29][30]

Partnership Overview - Hut 8 will deliver and deploy at least 245 MW and up to 2,295 MW of AI data center infrastructure for Anthropic, leveraging high-performance clusters operated by Fluidstack[13] - The partnership aims to deploy 2,295 MW of infrastructure[14] Tranche Details - Tranche 1 involves 245 MW of IT capacity at the River Bend Campus in Louisiana, supported by 330 MW of utility capacity[15] - Tranche 2 includes a Right of First Offer (ROFO) for up to 1,000 MW of additional IT capacity at River Bend, contingent on power expansion[15] - Tranche 3 may involve jointly developing up to 1,050 MW of additional optional capacity across Hut 8's development pipeline beyond River Bend[15] Timeline - Hut 8 plans to bring additional capacity online by early 2027[18]

Financial Data and Key Metrics Changes - The company has improved its gross margin this quarter, surpassing levels recorded in the first two quarters of the year, attributed to a more favorable sales mix [4][5] - Sales of Natuzzi Italia grew by 18% compared to the third quarter of last year, while sales of unbranded products decreased by 20% [5] Business Line Data and Key Metrics Changes - The company is focusing on supporting branded sales that offer higher margins, while unbranded products, which are not core to the business, have seen a decline [5] - SG&A costs remain high relative to the current revenue base, despite decreases in wages and transportation expenses this quarter [5][6] Market Data and Key Metrics Changes - Foot traffic in stores, particularly in the United States and Europe, continues to lag, although there are improvements in conversion rates [4] - Consumer confidence remains weak, impacting overall sales despite marketing investments [4][19] Company Strategy and Development Direction - The company plans to rationalize its factory operations in Italy, reducing production from six factories to three, which requires government and union agreements [12] - The company is committed to reducing costs while improving margins and sales, with a focus on enhancing consumer confidence [19][20] - The company is investing in international trade events and enhancing in-store experiences to attract customers [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging business environment and the impact of geopolitical situations on consumer confidence [4][19] - There is a commitment to work on cost reduction and improving margins, with expectations for better sales in 2026 compared to 2025 [19][20] Other Important Information - The company is actively pursuing government aid to improve quality and reduce transformation costs at its Italian factory [6] - The company is treating its contract trade division as a startup, with a conservative forecast for 2026 revenue between EUR 5 million and EUR 10 million [26][27] Q&A Session Summary Question: What are the expectations from the upcoming meeting with the government? - Management is working on a restructuring plan that includes rationalizing factory operations and potentially reducing the workforce with government assistance [11][12] Question: Will the company be profitable at current revenue levels? - The target is to achieve profitability around EUR 28 million to EUR 29 million per month, with various measures being discussed to avoid cash burn [16][17] Question: Update on the commercial division's progress? - The company is making significant investments in the trade contract business, with ongoing projects in Dubai and Jerusalem, but forecasts for 2026 are conservative [22][24][26] Question: Status of the CEO selection process? - The decision on the new CEO is ongoing, with interviews being conducted over weekends, and management hopes to provide updates soon [28]

Avicanna Inc. Update Summary Company Overview - **Company**: Avicanna Inc. (OTCPK: AVCN.F) - **Founded**: 2016, initially focused on pharmaceutical drug development - **Current Focus**: Medical cannabis commercialization and pharmaceutical pipeline development [2][3] Business Pillars 1. **Rofido**: Medical finished products in Canada and international markets [3] 2. **MyMedi**: A complete medical cannabis care platform providing patient support and access [3][20] 3. **Pharmaceutical Pipeline**: Ongoing development of pharmaceutical products, with the first drug approval achieved [3][19] 4. **Aureus**: API and raw material division based in Colombia, supplying cannabinoid APIs to international companies [4][16] Key Developments - **Product Expansion**: Increased commercial SKUs from 42 to 52, a 24% increase [8] - **New Medical Channels**: Expanded into three new medical channels, including partnerships with competitors [9] - **RHO Phyto Portfolio**: Flagship product line with 30 SKUs, focusing on cannabinoid-based treatments [10][11] - **R&D Advancements**: Conducted over 30 R&D trials, with new product lines including deep tissue gel and nano gummies [5][12][13] Financial Performance - **Revenue Growth**: Modest year-over-year revenue growth, with improved margins due to service and licensing projects [32][33] - **Cost Management**: Reduction in SG&A expenses through efficiency efforts [34] - **Cash Position**: Relatively weak balance sheet but improved working capital [35][36] Market Opportunities - **International Expansion**: Initial exports of cannabinoid flower to Switzerland and plans for further European and Australian markets [16][17] - **Trunerox Launch**: First pharmaceutical-approved product for epilepsy, with significant market potential [19][51] - **MyMedi's Role**: Positioned as a leading platform for medical cannabis, aiming to legitimize and expand access [38][56] Strategic Initiatives - **Intellectual Property Focus**: Continued expansion of patent portfolio, including a new patent for a dermatology topical [29][30] - **Partnerships**: Collaborations with Fortune 100 and 500 companies to enhance scale and market reach [44] - **U.S. Market Entry**: Preparedness for potential U.S. market entry, leveraging existing platforms and products [45][61] Challenges and Considerations - **Market Sentiment**: Current positioning as a cannabis company limits value creation despite strong fundamentals [37] - **Regulatory Landscape**: Navigating the complexities of medical cannabis regulations in various markets [54][55] Future Outlook - **2026 Expectations**: Anticipated scale-up of operations, further product development, and potential entry into the U.S. market [46][62] - **Continued R&D Investment**: Focus on advancing clinical trials and expanding the pharmaceutical pipeline [42][43] Conclusion Avicanna Inc. is positioned for growth with a strong focus on medical cannabis and pharmaceutical development, backed by a solid R&D foundation and strategic partnerships. The company aims to leverage its unique platform, MyMedi, to expand its market presence and enhance patient access to cannabinoid-based treatments.

Financial Data and Key Metrics Changes - The company improved its gross margin this quarter, surpassing levels recorded in the first two quarters of the year, attributed to a more favorable sales mix [4][5] - Sales of Natuzzi Italia grew by 18% compared to the third quarter of the previous year, while sales of unbranded products decreased by 20% [5] Business Line Data and Key Metrics Changes - The company is focusing on supporting branded sales that offer higher margins, as indicated by the growth in Natuzzi Italia sales [5] - The closure of the Shanghai factory last year resulted in cost savings on industrial operations in China, although labor costs in Italy remain a challenge [5][6] Market Data and Key Metrics Changes - Consumer confidence remains weak, impacting foot traffic in stores, particularly in the United States and Europe, despite marketing investments [4][15] - The company is actively participating in international trade events to enhance brand visibility and customer engagement [6][20] Company Strategy and Development Direction - The company plans to rationalize its factory operations in Italy, reducing the number of factories from six to three, which requires government and union agreements [9][11] - The management is committed to reducing fixed costs while supporting sales, and is in discussions with the Italian government for aid to improve production efficiency [6][9] Management Comments on Operating Environment and Future Outlook - The management acknowledges the challenging business environment and the impact of geopolitical situations on consumer confidence [4][15] - There is a focus on achieving profitability and positive cash flow through cost reduction and improved margins, with a target of EUR 28-29 million in monthly turnover [13][15] Other Important Information - The company is treating its contract trade division as a startup, with a conservative forecast for 2026 revenue between EUR 5 million and EUR 10 million [22] - The CEO selection process is ongoing, with interviews being conducted over weekends to expedite the decision [23] Q&A Session Summary Question: What are the expectations from the upcoming meeting with the government? - The management is working on a restructuring plan that includes rationalizing factory operations and negotiating workforce adjustments with the government and unions [9][11] Question: Will the company be profitable with the current revenue levels? - The target is to achieve profitability with a monthly turnover of EUR 28-29 million, focusing on cost reduction and margin improvement [13][15] Question: What is the progress in the commercial division? - The company is making significant investments in the trade contract business, with ongoing projects in Dubai and Jerusalem, and is optimistic about future opportunities [19][20] Question: What is the timeframe for the CEO selection? - The decision will be made soon, with ongoing interviews being conducted during weekends to find the right candidate [23]