Financial Data and Key Metrics Changes - Revenue for Q4 2025 was approximately $4.1 million, up from $3.9 million in the prior year, indicating strong performance across the business [11] - Full year revenue was approximately $12.8 million, down from $13.9 million in 2024, primarily due to the strategic exit from low-margin floral and lettuce segments [15] - Gross profit for Q4 was approximately a $1.2 million loss compared to flat in 2024, reflecting elevated costs from onboarding new retail customers [13] - Full year gross profit was approximately a loss of $0.2 million compared to a gain of $2.3 million in 2024, with a focus on recovering gross margins in 2026 [15] Business Line Data and Key Metrics Changes - Strong performance in cut herbs and vitamins/supplements, with double-digit growth driven by new accounts and existing relationships [7] - Significant growth in the condiment platform, supported by new customer wins such as Wakefern and Safeway [7] - The nutraceutical business showed strong growth in the double-digit range year-over-year, expected to be a larger component of revenue growth going into 2026 [22] Market Data and Key Metrics Changes - The global ready-to-drink (RTD) category is estimated at approximately $842.5 billion in 2025 and projected to reach roughly $1.26 trillion by 2033, representing a significant market opportunity [9] - The company is expanding its retail footprint to nearly 6,000 store locations, reflecting growing demand and market share [6] Company Strategy and Development Direction - The company is evolving from a controlled environment agricultural platform to a broader innovation-driven consumer packaged goods business, focusing on higher growth and higher margin opportunities [6] - Plans to expand into the RTD category, leveraging existing infrastructure and retail relationships to meet growing demand for clean label, shelf-stable nutrition [8] - The strategy includes a focus on scaling presence in higher margin RTD categories while diversifying the consumer packaged goods business beyond fresh produce [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing strong demand for fresh goods and the company's ability to maintain high in-stock rates with major retailers [38] - The company is optimistic about the future, focusing on executing its strategy and expanding into higher margin categories while leveraging its retail network [49] Other Important Information - The company made deliberate investments in onboarding new retail customers to secure shelf space for 2026, which is expected to normalize costs as programs mature [12] - Full year SG&A expenses increased to approximately $15.3 million from $11.6 million in 2024, driven by acquisitions and investments in infrastructure [16] Q&A Session Summary Question: How should margins be viewed as the company transitions to more shelf-stable CPG products? - Management expects more robust margins from the RTD business compared to fresh products, with stable business operations due to better control over manufacturing [19][20] Question: What is the expected revenue breakdown for CPG versus fresh through 2026? - The core CEA business is expected to return to steady growth in the high-single digits, while the RTD business presents significant revenue opportunities with margins in the 20%-30% range [22][23] Question: What products will be developed in the RTD category? - The focus will be primarily on protein products, with plans to develop private label offerings for major retailers [25][26] Question: What are the CapEx requirements and timeline for the Midwest facility? - Significant CapEx is anticipated for the facility, with plans to be in the marketplace by the tail end of 2027 [33]

Financial Data and Key Metrics Changes - Record revenue of $14.2 million for the full year 2025, a 33% year-over-year increase from $10.7 million in 2024 [15] - Fourth quarter revenue reached $5.4 million, representing a 94% year-over-year growth [8] - Gross margin for Q4 2025 was 3%, down from 26% in Q4 2024; adjusted gross margin was 4%, compared to 30% in the prior year [15][16] - Net loss for Q4 2025 improved to $763,000 from a loss of $852,000 in Q4 2024; full year net loss was $2.7 million, slightly better than $2.8 million in 2024 [17] Business Line Data and Key Metrics Changes - The acquisition of Arps Dairy contributed $2.9 million to revenue, significantly impacting overall growth [15] - Approximately 90% of revenue is now manufactured in-house, enhancing supply chain control and operational efficiency [7] - The transition to the new facility has temporarily impacted margins due to startup costs, but long-term operational efficiencies are expected [16] Market Data and Key Metrics Changes - The company has achieved a significant win by securing a 7-year contract with the largest school district in Nevada, which serves over 300,000 students [10] - Despite recent wins, the company has only about 5% market penetration in the education channel, indicating substantial growth potential [10] Company Strategy and Development Direction - The acquisition of Arps Dairy and the control over manufacturing capabilities are seen as transformational for sustainable growth and profitability [5][22] - The company aims to leverage its enhanced manufacturing capabilities to support over $200 million in annual revenue once the new facility is fully operational [22] - Future growth strategies include expanding into new product lines and co-manufacturing opportunities, alongside aggressive sales efforts in various channels [23][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover lost customers and expand market presence as manufacturing capacity issues have been resolved [12][13] - The fiscal 2026 revenue guidance is set between $28 million and $32 million, reflecting a conservative ramp-up but still indicating substantial year-over-year growth [24] - The company expects to achieve positive adjusted EBITDA in fiscal 2026 as operational efficiencies are realized [18] Other Important Information - The company secured a $7.5 million senior convertible note financing to pay off existing obligations and accelerate construction completion [19] - A $2.4 million government grant was approved for specialized equipment necessary for full-scale production operations [19] Q&A Session Summary Question: How are conversations going with school districts that were lost due to supply chain disruptions? - Management indicated that they are actively re-engaging with customers who love the product and are focused on maintaining communication as they work to restore supply [29] Question: Can you walk through the underlying assumptions for the revenue guidance? - The revenue guidance includes contributions from both Barfresh and Arps businesses, with expectations of growth from new accounts and bids [34] Question: What updates are there on channels outside of education, such as food service and military? - Management acknowledged significant opportunities in various channels and plans to aggressively pursue these markets now that manufacturing capacity is secured [37]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $87.2 million, aligning with the midpoint of revised guidance, while full-year revenue reached $346.8 million, a 1.4% increase over 2024 [5][30] - Adjusted EBITDA for Q4 was $19.2 million, representing a margin expansion to 22%, and for the full year, it was $68.7 million, up 23% year-over-year [5][29][31] - Free cash flow for the year was $20 million, an increase of $5 million over 2024 [5][20] Business Line Data and Key Metrics Changes - Financial Health revenue totaled $221.7 million, up 2% year-over-year, while Patient Care revenue was $125.2 million, roughly flat compared to the prior year [30][28] - Bookings for Q4 were $19.8 million, up from $15.5 million sequentially and $14.3 million a year ago, indicating strong demand [6][25] - The percentage of recurring deals in the pipeline increased to over 70%, up from approximately 57% last summer [8] Market Data and Key Metrics Changes - The overall sales pipeline value is the highest it has been in nine quarters, increasing 53% since the beginning of Q3 [7] - The pipeline for opportunities greater than 100 beds has grown from 14% to 30% [7] Company Strategy and Development Direction - The company is engaged in a strategic review process to maximize shareholder value and is not issuing formal guidance for the time being [4] - A focus on AI strategy spans financial health, patient care, customer service, and internal development, with initiatives aimed at improving claims processing and customer interactions [12][15] - The company is committed to enhancing operational efficiency through technology and process improvements, particularly in the context of its global workforce transition [10][11] Management's Comments on Operating Environment and Future Outlook - Management anticipates modest revenue growth in 2026 and expects approximately 200 basis points of improvement in Adjusted EBITDA margins [4][33] - The company acknowledges challenges in customer retention but is implementing measures to improve the transition process and customer satisfaction [9][38] Other Important Information - The company has reduced net debt by approximately $19.5 million year-to-date, improving its net leverage ratio to 2x [21][32] - A new credit agreement was entered into, providing up to $250 million in credit facilities, enhancing liquidity and supporting strategic priorities [23] Q&A Session Summary Question: Can you explain the outlook for the year regarding modest revenue growth and the new bookings metric? - Management confirmed that recurring revenues and bookings at conversion are key to understanding visibility, with a focus on attrition and bookings translating into revenue [35][36] Question: How is customer retention improving, and what are the renewal numbers for 2025? - Management indicated that retention rates are not significantly improving, with a modest outlook for renewals in 2026 compared to 2025 [38] Question: What is the timeline for the strategic review process? - Management stated there is no specific timeline for the strategic review, emphasizing the importance of achieving the right outcome over meeting deadlines [41] Question: How should we think about the conversion timing of larger deals in the pipeline? - Management noted that there are no capacity constraints, but the timing of bookings is often dependent on customer readiness [45][47] Question: What are the expected impacts of the Rural Health Fund on customer bases? - Management is actively engaging with hospitals to help them access the $50 billion fund, viewing it as a significant opportunity [82][83] Question: How is AI being deployed in the company, and what is the competitive landscape? - Management has not observed significant changes in the competitive landscape but is focused on ensuring that AI projects deliver a return on investment [86][90]

Financial Data and Key Metrics Changes - For the full year 2025, total revenue was $0.6 million, a decrease from $3.9 million in 2024, primarily due to lower grant revenue [19] - Product revenue for 2025 was $0.4 million, down from $0.8 million in 2024, reflecting limited commercial activity [19] - Total operating expenses increased to $50.6 million in 2025 from $43.0 million in 2024, driven by a non-cash impairment charge of approximately $18.9 million [19][20] - Net loss for 2025 was $46.9 million, or a loss of $35.25 per share, compared to a net loss of $37.6 million, or $37.22 per share in 2024 [22] - Adjusted EBITDA was a loss of $28.0 million for 2025, compared to a loss of $33.5 million in 2024 [22] Business Line Data and Key Metrics Changes - Research and development expenses were $19.1 million in 2025, down from $21.0 million in 2024, reflecting disciplined investment in the Kodiak PCR platform [20] - Sales and marketing expenses decreased to $2.4 million in 2025 from $4.5 million in 2024, primarily due to lower personnel and consulting expenses [21] - General and administrative expenses were $9.1 million in 2025, down from $16.2 million in the prior year, driven by lower legal and consulting expenses [21] Market Data and Key Metrics Changes - CoSara has expanded its commercial and distribution territory across South Asia, including Bangladesh, Pakistan, Nepal, and Sri Lanka, increasing the addressable market to approximately $13 billion [9] - The global TB diagnostics market is expected to grow significantly, with the company well-positioned to participate in that growth [16] Company Strategy and Development Direction - The company is focused on four primary growth pillars: advancing the clinical pipeline, expanding CoSara in India, executing the CoMira joint venture in Saudi Arabia, and enhancing AI-driven capabilities [7][8] - CoSara is preparing to manufacture the PCR Pro instrument locally in India, which is a key step towards commercialization [9] - The CoMira joint venture aims to establish local manufacturing and distribution capabilities in Saudi Arabia, providing a competitive advantage [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing their multi-pronged growth strategy and expressed confidence in the company's progress towards commercialization [5][18] - The company plans to continue generating operating losses in the near term while focusing on advancing the clinical pipeline and achieving regulatory milestones [24] Other Important Information - The company has received international patents covering key components of the Kodiak PCR platform, enhancing its competitive positioning [14] - The company is actively exploring strategic alternatives for CoSara, including a potential SPAC transaction to support capital needs [9] Q&A Session Questions and Answers Question: What is the status of the sample accrual for the three target panel? - Management clarified that the decision to drop COVID from the multiplex test was due to the lack of COVID samples during the clinical trial, allowing for a more expedient submission to the FDA [26][27] Question: How quickly could COVID be added back to the test? - Management indicated that adding COVID back would not require redesign and would depend on negotiations with the FDA regarding sample requirements [29] Question: Can you discuss the South Asia distribution expansion? - Management noted that the expansion into countries like Nepal, Pakistan, and Bangladesh is driven by similar disease burdens and increases the total addressable market [34][35] Question: What are the immediate next steps for the PCR Pro device in India? - Management stated that technology transfer operations are underway, and they expect to begin clinical trials for tuberculosis in India, aiming for commercialization by the third quarter of 2026 [39]

Nano Dimension (NasdaqCM:NNDM) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsDavid Stehlin - CEOJohn Brenton - CFOParvah Sanaria - Director of Investor RelationsConference Call ParticipantsMoshe Sarsadi - AnalystOperatorAlso, note today's event is being recorded. At this time, I would like to turn the conference call over to Parvah Sanaria, Director of Investor Relations. Please go ahead.Parvah SanariaThank you, and good afternoon, everyone. Welcome to Nano Dimension's fourth quarter ...

Financial Data and Key Metrics Changes - For the year ended December 31, 2025, the company recognized revenue of $48.5 million, an increase of 5% compared to $46 million in 2024, indicating continued growth across public safety and urban mobility businesses [3][4] - Recurring revenue was $23.9 million, up 6% year-over-year, reflecting the long-term strategy of expanding the recurring revenue base through software and data as a service subscription contracts [4] - Adjusted margin for 2025 improved to 56% from 49% in 2024, driven by a greater portion of high-margin software sales and operational efficiencies [4][9] - Adjusted EBITDA loss for 2025 was $18.1 million, an improvement of $11 million or 38% compared to 2024, with a notable reduction in loss from the first half to the second half of the year [6][9] Business Line Data and Key Metrics Changes - The company has seen growth in its sales pipeline and active deployments, particularly in the public safety sector, which is a key area of focus [3][4] - The decision to onshore engineering efforts is expected to enhance operational efficiency and customer engagement, contributing to improved development cycles [11][12] Market Data and Key Metrics Changes - The company is experiencing strong momentum in its remaining performance obligations, which increased to $25.9 million, nearly an 80% increase from December 31, 2024 [4] - The public safety sector is growing, with significant interest from various customers, although specific names cannot be disclosed [21] Company Strategy and Development Direction - The company has shifted focus from a development-heavy model to a more disciplined, customer-focused business with fully productized solutions [8][9] - Plans for 2026 include aggressively ramping sales execution and driving accelerated growth, supported by a strong demand environment [9][10] - The company aims to normalize R&D spending to 7%-10% of gross revenue by the back half of 2026, aligning investment levels with its size [10] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the progress made in 2025 and aims to build on that momentum entering 2026, despite anticipating one-time charges related to restructuring [16][7] - The company is well-positioned to drive meaningful, scalable, long-term value for shareholders, with a focus on execution, growth, and value creation [12][13] Other Important Information - The launch of Rekor Labs in 2025 focuses on identifying deepfakes, building on technology developed internally [12] - The integration of three acquired companies is largely complete, allowing the organization to operate on a unified platform [11] Q&A Session Summary Question: Will 2026 be cash flow positive excluding one-time items? - Management is encouraged by the progress made at the end of 2025 and hopes to continue building on that momentum, although specific profitability guidance was not provided [16] Question: Update on the Georgia deployment? - Deployment activities are expected to ramp up in the second half of Q1 2026, with a pace greater than previous efforts in Georgia [17] Question: Key customers in the public safety sector? - Specific names cannot be disclosed, but the company has large OEM customers and is seeing growth in its LPR business [21] Question: Impact of political and regulatory resistance to ALPR technologies? - Most software license sales are not in law enforcement, and the company does not sell data to third parties, mitigating some regulatory concerns [22] Question: Progress on the Florida DOT contract? - The Florida rollout is progressing well, with discussions ongoing for expansion, and the model is moving towards Data as a Service [35] Question: Recurring revenue growth percentage for 2025? - Recurring revenue accounted for about a 50/50 split of total revenue, with a 6% growth year-over-year [41] Question: Will the trend of recurring revenue continue in 2026? - The company expects to continue pushing customers towards a recurring revenue model as part of its strategy [42]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $2.8 million, a 116% increase from $1.3 million in Q4 2024 [18] - Gross profit for Q4 2025 was $2.3 million, up 148% from $0.9 million in Q4 2024, with gross margin expanding to 81.9% from 71.3% [18][5] - Full year 2025 revenue reached $12.2 million, a 169% increase from $4.5 million in 2024, with gross profit increasing by 221% to $10 million [20][21] - Net loss for the year decreased by 29% to $22.5 million compared to $31.5 million in 2024 [21] Business Line Data and Key Metrics Changes - The growth was driven by the performance of subsidiaries Vidello and OpenReel, contributing significantly to revenue [4][5] - The company achieved a customer base of over 150,000, including notable clients like Hewlett Packard Enterprise and Adobe [15] Market Data and Key Metrics Changes - The global martech market is expanding rapidly, driven by digital transformation and demand for personalized experiences [3] - Healthcare is identified as a key vertical, with over 250 healthcare and medical technology customers [13] Company Strategy and Development Direction - The company is focused on building a platform of AI-powered marketing solutions and expanding through targeted acquisitions [4][10] - Recent acquisitions include Superblocks and a proposed acquisition of ConnectAndSell, expected to increase annual revenue by approximately $15 million [8][9] - The strategy emphasizes integrating multiple products to simplify customer workflows and enhance AI capabilities [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational momentum and revenue growth, with expectations for improved cash position in 2026 [23] - The company is actively pursuing acquisition opportunities to enhance its product offerings and drive profitability [24][31] Other Important Information - Stockholders' equity increased by $10.8 million to $8.1 million as of December 31, 2025 [6] - The company secured an $11 million debt facility to support acquisitions and operations [6] Q&A Session Summary Question: What is the outlook for current M&A? - Management indicated ongoing interest in M&A opportunities, particularly the ConnectAndSell acquisition, which could significantly increase revenue [24][25] Question: How should we think about the combined company revenue and gross margin profile post-acquisition? - The combined revenue is expected to start at approximately $27 million, with gross margins anticipated to improve [27] Question: What is the company's cash management strategy? - The company maintains a lean cash position and has access to an ATM and a substantial debt facility for operational support [32] Question: Is significant expansion of the sales force needed for growth? - Management believes that synergizing sales efforts will be sufficient, leveraging AI tools to enhance productivity [33] Question: How is customer satisfaction and upselling performing? - Customer satisfaction remains high, with CSAT numbers consistently above 95%, indicating strong retention [37][41] Question: How is Superblocks being priced and packaged? - Superblocks is being considered both as a standalone product and as an integration into existing products to enhance features [42][45] Question: What percentage of ARR came from customers using multiple Banzai products? - While specific numbers were not provided, management noted significant growth in multi-product usage and expects this trend to continue [47][49]

Financial Data and Key Metrics Changes - For the year ended December 31, 2025, the company recognized revenue of $48.5 million, an increase of 5% compared to $46 million in 2024, indicating continued growth across public safety and urban mobility businesses [3][4] - Recurring revenue was $23.9 million, up 6% year-over-year, reflecting the strategy of expanding the recurring revenue base through software and data as a service subscription contracts [4] - Adjusted margin for 2025 improved to 56% from 49% in 2024, driven by a greater portion of high-margin software sales and operational efficiencies [4][6] - Adjusted EBITDA loss for 2025 was $18.1 million, an improvement of $11 million or 38% compared to 2024, with a notable reduction in loss from the first half to the second half of the year [6][10] Business Line Data and Key Metrics Changes - The company saw strong momentum in its sales pipeline and active deployments, with remaining performance obligations increasing to $25.9 million, nearly an 80% increase from December 31, 2024 [4] - The transition to a customer-focused business model has resulted in a more disciplined and efficient operation, with a focus on scaling and profitability [8][10] Market Data and Key Metrics Changes - The company is experiencing growth in the public safety sector, with significant contracts and deployments, including a $50 million contract with the Georgia DOT and a pilot program in Florida [8][36] - The company is focusing on software licensing, which is seen as a better business model with less overhead and sales churn [21] Company Strategy and Development Direction - The company is shifting towards a pragmatic, profitable business model, moving away from a development-heavy approach to a more disciplined and efficient operation [8][10] - The strategy includes onshoring engineering efforts to optimize operations and reduce costs, which is expected to enhance competitive positioning [11][12] - The company plans to reduce R&D spending to a run rate of 7%-10% of gross revenue by the back half of 2026, aligning investment levels with the company's size [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth into 2026, supported by strong demand and a platform built for scale [7][9] - The company anticipates incurring one-time charges related to restructuring but views these as necessary for building a leaner, more scalable operation [7] - Management is optimistic about the trajectory of profitability and operational improvements, emphasizing the importance of maintaining a lean operation while growing revenue [16] Other Important Information - The company launched Rekor Labs in 2025, focusing on identifying deepfakes, which builds on technology developed internally [12] - Integration of three acquired companies is largely complete, allowing the company to operate on a unified platform [11] Q&A Session Summary Question: Will 2026 be cash flow positive excluding one-time items? - Management is encouraged by progress made at the end of 2025 and hopes to build on that momentum, but specific profitability guidance was not provided [15][16] Question: Update on the Georgia deployment? - Deployment is expected to ramp up in the second half of the first quarter, with a pace greater than previous efforts in Georgia [17] Question: Key customers in the public safety sector? - The company has large OEM customers using its engine and software, with growth in the LPR business and a focus on software licensing [21] Question: Impact of political and regulatory resistance to ALPR technologies? - Most software license sales are outside law enforcement, and the company does not sell data to third parties, mitigating some regulatory concerns [22] Question: Progress of the Florida rollout and growth expectations? - The Florida pilot program is expanding, and discussions are ongoing for further growth in the state [36] Question: Recurring revenue growth percentage for 2025? - Recurring revenue was about 50% of total revenue, with a 6% growth year-over-year [42] Question: Will the trend of recurring revenue continue in 2026? - The company expects to continue pushing customers towards a recurring revenue model as part of its strategy [43]

TOMI Environmental Solutions (NasdaqCM:TOMZ) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsDavid Vanston - CFOEJ Shane - COOHalden Shane - CEO and ChairmanZach Nevas - Account ExecutiveConference Call ParticipantsCarl Wright - AnalystJohn Nelson - AnalystOperatorGood day, and welcome to the TOMI Environmental Solutions, Inc. 2025 financial results conference call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions and comments f ...

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, the company achieved record revenue of $5.4 million, representing a 94% year-over-year growth. For the full year of 2025, revenue reached $14.2 million, a 33% increase from $10.7 million in 2024 [8][15] - Gross margin for Q4 2025 was 3%, down from 26% in Q4 2024. Adjusted gross margin for Q4 2025 was 4%, compared to 30% in the prior year [15][16] - Net loss for Q4 2025 improved to $763,000 from a loss of $852,000 in Q4 2024. The full year net loss was $2.7 million, slightly better than the $2.8 million loss in 2024 [17][18] Business Line Data and Key Metrics Changes - The acquisition of Arps Dairy contributed $2.9 million to revenue, significantly impacting overall growth. Approximately 90% of the revenue mix is now manufactured in-house, enhancing supply chain control [6][8] - The company faced supply constraints in its base business prior to the acquisition, which limited growth opportunities [9][12] Market Data and Key Metrics Changes - The company has secured a significant 7-year contract with the largest school district in Nevada, which serves over 300,000 students, marking a major milestone in the K-12 education channel [10][11] - Despite recent wins, the company has only achieved approximately 5% market penetration in the education channel, indicating substantial growth potential [10] Company Strategy and Development Direction - The strategic acquisition of Arps Dairy and the control over manufacturing capabilities are expected to drive sustainable growth and profitability [5][22] - The company plans to leverage its enhanced manufacturing capabilities to explore new product lines and co-manufacturing opportunities, creating additional revenue streams [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover lost customers and expand market presence as manufacturing capacity issues have been resolved [12][13] - The fiscal 2026 revenue guidance has been adjusted to a range of $28 million to $32 million, reflecting a conservative ramp-up schedule but still indicating substantial year-over-year growth [24][25] Other Important Information - The company secured a $7.5 million senior convertible note financing to pay off existing obligations and accelerate construction completion of its new facility [19][20] - A $2.4 million government grant was approved for specialized equipment necessary for full-scale production operations [19] Q&A Session Summary Question: How are conversations going with school districts that were lost due to supply chain disruptions? - Management indicated that they are maintaining communication with customers and are in the bidding process again, with many customers eager to reintroduce products as supply stabilizes [27][29] Question: Can you walk through the underlying assumptions for the revenue guidance? - The revenue guidance includes both the Barfresh and Arps businesses, with expectations of growth from new accounts and bids won [28][34] Question: What updates are there on channels outside of education, such as food service and military? - Management acknowledged significant opportunities in various channels and plans to aggressively pursue these markets now that manufacturing capacity is no longer a constraint [35][37]