Financial Data and Key Metrics Changes - The company reported revenue of $59 million for the fiscal year, down 11% year-over-year [46] - Non-GAAP gross margin for the full year was 44%, compared to 49.6% in the prior year [46] - Non-GAAP net income for the fiscal year was $4.6 million, or $0.15 per diluted share, down from $35.8 million, or $1.21 per diluted share, in the previous year [46] - Fourth quarter revenue totaled $14.1 million, a 15% decrease compared to $16.6 million in Q4 last year [47] - Non-GAAP gross margin for Q4 was 34.7%, down from 51.5% in the same period last year [49] Business Line Data and Key Metrics Changes - AI processor burn-in now accounts for over 35% of total revenue, up from 0% last year [47] - WaferPak revenues were $4.2 million, representing 30% of total revenue in Q4 [48] - Sales of packaged part burn-in systems accounted for 44% of Q4 revenue [49] Market Data and Key Metrics Changes - The company has diversified its revenue sources, with silicon carbide devices making up less than 40% of revenue this fiscal year, down from over 90% last year [8] - The company is expanding into new markets, including gallium nitride power semiconductors and silicon photonics integrated circuits [29][33] Company Strategy and Development Direction - The company aims to increase research and development investments to support product enhancements and expand its AI customer base [40][55] - The focus for the upcoming fiscal year includes securing and executing orders across various market verticals, with expectations of order growth [41] - The company has completed the integration of InCal, which is expected to create synergies and reduce facility costs by over $800,000 per year [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook despite temporary withdrawal of financial guidance due to tariff-related uncertainties [41][54] - The company anticipates growth opportunities in diverse markets, particularly in AI processors and gallium nitride power semiconductors [54] Other Important Information - The company has no debt and continues to invest excess cash in money market funds [52] - The class action claims against the company were voluntarily dismissed, with no related proceedings currently pending [53] Q&A Session Summary Question: Clarification on customer list in investor deck - The updated customer list reflects current customers from the InCal package part burn-in side of the business, not prospects [58][60] Question: AI market potential compared to silicon carbide - The AI market is expected to be significantly larger than the silicon carbide market, with estimates suggesting it could be three to five times larger [63][66] Question: Gross margin decline explanation - The decline in gross margin is attributed to a mix issue, with lower-margin packaged part systems contributing to the overall decrease [72][73]

Financial Data and Key Metrics Changes - Total sales for the fiscal third quarter were $74 million, compared to $63.1 million in the prior year period, representing a growth of approximately 17.5% [15][20] - Comparable sales growth was negative 2.1%, with traffic down 2.9% and price/mix up 0.8% [8][15] - Cost of goods sold as a percentage of sales improved to 28.3% from 29.2% in the prior year quarter [9][17] - Labor costs as a percentage of sales increased to 33.1% from 32.6% in the prior year quarter due to wage inflation [17][19] - Restaurant level operating profit margin was 18.2%, down from 20% in the prior year quarter [9][19] - Adjusted EBITDA increased to $5.4 million from $4.5 million in the prior year quarter, a 20% increase [20] Business Line Data and Key Metrics Changes - The company opened three new restaurants during the third quarter and two more subsequent to the quarter end, achieving its unit development guidance of 14 new restaurants for the fiscal year [9][10] - The class of 2025 restaurants has performed well, with many exceeding expectations shortly after opening [10] Market Data and Key Metrics Changes - Comparable sales in the West Coast market were flat, while the Southwest market saw a decline of 2.5% [15][17] - The company is focusing on smaller DMAs, with successful openings in Bakersfield, California, and plans for further expansion into markets like Des Moines, Richmond, and Tulsa [11] Company Strategy and Development Direction - The company is implementing a new reservation system, which has been rolled out across all restaurants ahead of schedule, and is expected to drive operational efficiencies and improve customer experience [7][13] - There is a renewed focus on intellectual property collaborations, with seven to eight lined up for fiscal 2026, which is a record for the company [11][12] - The company aims to achieve a 50-50 split between new and existing markets by fiscal 2027, with ongoing development in previously unexplored DMAs [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sequential improvement in comparable sales performance each month of the quarter [8][15] - The company is confident in achieving a 20% plus operating margin in fiscal 2026, supported by a strong pipeline of IP collaborations and the reservation system [46][47] - Management noted that labor inflation is expected to moderate in the upcoming quarter, which should help with labor cost leverage [32] Other Important Information - The company has $93 million in cash and no debt at the end of the fiscal third quarter [20] - General and administrative expenses as a percentage of sales were reduced to 11.8% from 14% in the prior year quarter, attributed to lower public company costs and operational efficiencies [18][19] Q&A Session Summary Question: Can you elaborate on the new reservation system and its impact on same-store sales? - Management noted that the reservation system rollout began in late February and showed sequential improvement in sales performance, particularly in May when the first IP campaign was introduced [25][26][29] Question: What are the expectations regarding labor costs and inflation? - The company expects mid to low single-digit labor inflation in Q4, which should improve labor cost leverage if sales are positive [31][32] Question: Can you provide insights on tariff implications and their impact on costs? - Management indicated that they do not foresee a significant impact from tariffs on food and beverage costs, and they are negotiating with suppliers to share any potential cost increases [40][41][42] Question: What is the outlook for restaurant margins moving forward? - Management acknowledged that achieving a 20% margin in fiscal 2025 is challenging but remains confident in reaching that target in fiscal 2026 due to improved sales and operational efficiencies [44][46] Question: How is the company managing general and administrative expenses? - The company is focused on maintaining tight control over hiring and operational efficiencies, which has led to a reduction in G&A expenses as a percentage of sales [79][81] Question: Can you discuss the performance of new store openings? - The class of 2025 openings has been strong, particularly in the Pacific Northwest, and management is optimistic about future openings in new markets [56][57] Question: What are the expectations for the light rice initiative? - The light rice option has been well-received in test markets, and management is confident it will drive increased sales and customer satisfaction [122][124]

Financial Data and Key Metrics Changes - The company reported revenue of $59 million for fiscal year 2025, down 11% year-over-year [46] - Non-GAAP gross margin for the full year was 44%, compared to 49.6% in the prior year [47] - Non-GAAP net income for fiscal year 2025 was $4.6 million, or $0.15 per diluted share, down from $35.8 million, or $1.21 per diluted share in fiscal year 2024 [47] - Fourth quarter revenue totaled $14.1 million, a 15% decrease compared to $16.6 million in Q4 last year [48] - Non-GAAP gross margin for Q4 was 34.7%, down from 51.5% in the same period last year [50] Business Line Data and Key Metrics Changes - AI processor burn-in accounted for over 35% of total revenue in fiscal year 2025, compared to 0% in the previous year [48] - WaferPak revenues were $4.2 million, accounting for 30% of total revenue in Q4 [49] - Sales of Sonoma, Tahoe, and Echo package part burn-in systems accounted for 44% of Q4 revenue [50] Market Data and Key Metrics Changes - The company has diversified its market focus, with silicon carbide devices making up less than 40% of revenue in fiscal year 2025, down from over 90% in fiscal year 2024 [6] - The company is expanding into new markets such as gallium nitride power semiconductors and silicon photonics integrated circuits [29][33] Company Strategy and Development Direction - The company aims to increase research and development investment to support product enhancements and expand R&D resources [40] - The focus for fiscal year 2026 includes securing and executing orders across various segments, with expectations for order growth [41] - The company plans to leverage its unique technology in wafer-level burn-in solutions to capture a significant share of the AI processor market [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth opportunities across diverse markets despite uncertainties related to tariffs [54] - The company is confident in its ability to meet potential demand in the AI market and other high-growth sectors [54] - Management noted that the silicon carbide market may experience stronger growth in fiscal year 2027, despite current forecasts suggesting a slowdown [41] Other Important Information - The company completed the integration of InCal, which is expected to create synergies and reduce facility costs by over $800,000 per year [45] - The company has no debt and continues to invest excess cash in money market funds [52] - A class action lawsuit against the company was voluntarily dismissed, with no related proceedings currently pending [53] Q&A Session Summary Question: Clarification on customer list in investor deck - The customer list includes current customers from the InCal package part burn-in side of the business, not prospects [60] Question: Will the 10% customers be named in the K filing? - The new SEC rules do not require naming customers unless prior agreements exist [62] Question: Insights on AI market potential compared to silicon carbide - The AI market is projected to be significantly larger than the silicon carbide market, with estimates suggesting three to five times the size [66]

Financial Data and Key Metrics Changes - Total sales for the fiscal third quarter were $74 million, compared to $63.1 million in the prior year period, representing a year-over-year increase [14] - Comparable restaurant sales performance was negative 2.1%, with traffic down 2.9% and price and mix positive 0.8% [14] - Cost of goods sold as a percentage of sales improved to 28.3% from 29.2% in the prior year quarter [15] - Labor costs as a percentage of sales increased to 33.1% from 32.6% in the prior year quarter due to wage inflation [15] - Net income was $565,000 or $0.05 per share, compared to a net loss of $558,000 or negative $0.05 per share in the prior year quarter [18] - Adjusted EBITDA increased to $5.4 million from $4.5 million in the prior year quarter, marking a 20% increase [19] Business Line Data and Key Metrics Changes - The company opened three new restaurants during the third quarter and two additional units after the quarter ended, achieving its unit development guidance of 14 new restaurants for the fiscal year [7][8] - Restaurant level operating profit margin was 18.2%, down from 20% in the prior year due to increased labor and occupancy costs [18] Market Data and Key Metrics Changes - Comparable sales in the West Coast market were flat, while the Southwest market experienced a decline of 2.5% [15] - The company is focusing on smaller DMAs, with successful openings in Bakersfield, California, and plans for further expansion into markets like Des Moines, Richmond, and Tulsa [10] Company Strategy and Development Direction - The company aims to achieve a 50-50 split between new and existing markets by fiscal 2027, with ongoing development in previously unexplored DMAs [10] - A new light rice option was introduced to enhance customer experience and potentially drive sales [12] - The company is revamping its marketing strategy with a record number of collaborations planned for fiscal 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sequential improvement in comparable sales performance each month of the quarter [6] - The implementation of the reservation system is expected to drive operational efficiencies and improve customer experience [12] - Management remains cautious about raising guidance too early, reflecting on past experiences [29] Other Important Information - The company has $93 million in cash and no debt at the end of the fiscal third quarter [19] - General and administrative expenses as a percentage of sales are expected to be below 13% for the fiscal year [20] Q&A Session Summary Question: Inquiry about the new reservation system and its impact on same-store sales - Management noted sequential improvement in sales throughout the quarter, with the reservation system rollout contributing positively [25][28] Question: Clarification on tariff implications and cost structure - Management indicated that they are currently assessing the impact of tariffs, with 45% of their basket sourced from Japan, Korea, and Vietnam [40][42] Question: Discussion on restaurant margins and future outlook - Management acknowledged the difficulty in achieving a 20% margin for fiscal 2025 but remains confident in returning to that level in fiscal 2026 [46][48] Question: Insights on new store productivity and market expansion - The company reported that the Class of 2025 openings are performing strongly, particularly in the Pacific Northwest [57] Question: Update on technology initiatives and operational efficiencies - Management highlighted the potential of the robotic dishwasher and ongoing improvements to the reservation system to enhance operational efficiency [109][110]

Financial Data and Key Metrics Changes - Revenue for Q3 fiscal year 2025 was $324 million, an increase of 7.9% compared to Q3 fiscal year 2024 [4][20] - Non-GAAP diluted earnings per share was $0.47, a 25% increase year over year [5][21] - Non-GAAP operating income was $38 million, up 15% from the prior year [5][21] - Non-GAAP gross margin was 31.7%, down 0.6 percentage points year over year [21][22] Business Segment Data and Key Metrics Changes - Advanced Computing revenue was $132 million, down 9% year over year [21][10] - Integrated Memory revenue was $130 million, up 42% year over year [21][12] - Optimized LED revenue was $62 million, down 4% year over year [21][15] Market Data and Key Metrics Changes - Strong demand for Integrated Memory from computing, networking, and telecommunications customers [12] - Pricing in both DRAM and NAND appears stable, with balanced inventory levels at major customers [13] Company Strategy and Development Direction - The company is focusing on AI infrastructure solutions and has seen early-stage enterprise AI adoption across various sectors [5][6] - Investments in channel partnerships are being made to provide new growth opportunities [8] - The company has transitioned to providing a full-year financial outlook to better reflect the timing of AI infrastructure deployments [9] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the full-year revenue growth outlook at 17% and raised the non-GAAP diluted earnings per share outlook to $1.8 [9][29] - The company is navigating macroeconomic uncertainties while investing in long-term growth [32] Other Important Information - The company completed a refinancing that reduced gross leverage and extended debt maturity [17][28] - The re-domiciliation from the Cayman Islands to the United States as a Delaware Corporation was completed [17][18] Q&A Session Summary Question: Details on new customer bookings - The sales cycle for new customers typically ranges from 12 to 18 months, with hardware recognized upfront and software/services recognized over time [35][36] Question: Collaboration with SK Telecom - The relationship with SK Telecom is expected to generate new business opportunities globally, particularly in AI data center infrastructure [39][40] Question: Memory segment growth dynamics - No significant pull forwards were observed in memory demand, and the pipeline remains healthy [45][46] Question: Advanced computing segment outlook - The growth in advanced computing is expected to be more diversified across multiple customers rather than driven by one major deployment [50][51] Question: Incremental deployments in advanced computing - Strength is seen in federal, energy, and biotech sectors, with increased interest in the financial sector [53] Question: CDW agreement details - The company is investing in partnerships to scale customer engagement and expand internationally [59][60] Question: Software and services revenue growth - Services revenue growth was driven by a mix of ratified services and lower hardware revenue recognition in Q3 [61] Question: Strength in memory products - DRAM pricing stability has been observed, and the attach rate of memory products to advanced computing products is being developed [70]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $324 million, an increase of 7.9% compared to Q3 2024 [4][19] - Non-GAAP gross margin was 31.7%, down 0.6 percentage points year over year [21] - Non-GAAP diluted earnings per share was $0.47, a 25% increase year over year [5][20] - Non-GAAP operating income was $38 million, up 15% from the prior year [5][21] Business Segment Data and Key Metrics Changes - Advanced Computing revenue was $132 million, down 9% year over year [20] - Integrated Memory revenue was $130 million, up 42% year over year [20] - Optimized LED revenue was $62 million, down 4% year over year [20] Market Data and Key Metrics Changes - Strong demand observed in sectors such as financial services, energy, defense, education, and neo cloud segments [5][6] - Integrated Memory segment saw a 24% increase in revenue compared to the prior quarter [11] Company Strategy and Development Direction - Company is focusing on transforming into a leader in high-performance enterprise infrastructure solutions [5] - Investment in channel partnerships to create new growth opportunities [7] - Transitioned to providing a full-year financial outlook to better reflect business dynamics [8] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year revenue growth outlook at 17% [8] - Anticipation of growth in AI infrastructure deployments in 2025 and 2026 [5][6] - Management expressed confidence in navigating macroeconomic uncertainties while investing for long-term growth [30] Other Important Information - Completed a refinancing to strengthen the balance sheet and reduce gross leverage [16] - Re-domiciled from the Cayman Islands to the United States as a Delaware Corporation [16] Q&A Session Summary Question: Details on new customer bookings - New customer bookings typically take 12 to 18 months to finalize, with hardware recognized upfront and software/services recognized over time [32][34] Question: Collaboration with SK Telecom - Positive progress with SK Telecom and SK Hynix, focusing on AI data center infrastructure solutions globally [36][38] Question: Memory segment growth dynamics - No significant pull forwards observed; healthy pipeline for Q4 [42][44] Question: Advanced computing segment strength - Growth in Q4 expected from a diversified customer base rather than a single large deployment [46][48] Question: Incremental deployments in advanced computing - Strength seen in federal, energy, and biotech sectors, with increased interest from the financial sector [51] Question: CDW agreement details - Early success in partnerships with CDW and Dell, focusing on scaling customer reach [57][58] Question: Services revenue growth - Services revenue growth driven by a mix of ratified services and lower hardware deals in Q3 [60] Question: Memory product strength - DRAM pricing stable; memory gross margins slightly impacted by higher DRAM percentage [68]

Financial Data and Key Metrics Changes - Net revenues for the first quarter were $7.1 million, down from $10 million in the prior year [6] - Average active brand partners decreased to 7,700 from 13,400 year-over-year [6] - Loss before income taxes improved to a negative $1.4 million from a negative $1.7 million [6] - Net loss decreased to $1.1 million compared to a loss of $1.3 million last year [6] - Loss per share improved to $0.13 from $0.15 on a fully diluted basis [6] - Net inventories decreased by $2.7 million from $44.7 million to $42 million [7] Business Line Data and Key Metrics Changes - The decline in sales was primarily driven by reduced brand partner levels in the paper pie division [4] - Customer sales events were implemented to promote paper pie sales and generate cash [4] Market Data and Key Metrics Changes - The company faced a challenging sales environment due to high inflation and reduced disposable income among families with small children [4] - The direct sales industry, particularly in the product sector, has experienced difficulties in recruiting new consultants [4] Company Strategy and Development Direction - The company is focusing on strategic changes to support brand partners and has launched new incentive programs [7] - A successful partnership with Ticket to Dream has allowed the company to distribute thousands of books to foster children [9] - The company is planning a phased approach to purchasing new titles and replenishing best sellers to energize the sales force [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current downturn in the industry but expressed confidence in emerging stronger and more resilient [13] - The company is working on a sale leaseback of its headquarters, with expectations to complete the sale before September [12] - Management is optimistic about the ongoing sale process and has developed a contingency plan (Plan B) in case the primary sale does not go through [22][23] Other Important Information - The company has executed an agreement to sell the Hilti Complex, with a 90-day due diligence period [12] - Proceeds from the sale are expected to fully pay back the bank, leaving the company with no debt [13] Q&A Session Summary Question: What is the contingency plan if the sale of the Hilti Complex falls through? - Management has a viable Plan B that includes other offers with quick close contingencies, which would also help eliminate bank debt [22][23] Question: Can you provide more details about the buyer group for the Hilti Complex? - The buyer group is a real estate company, and management is optimistic about the ongoing due diligence process [26][27] Question: What is the strategy behind buying new titles given the current inventory levels? - The strategy involves a conservative approach to introduce new titles to energize the sales force without significantly increasing inventory levels [40][41] Question: What is the target net revenue run rate and average from partners during normalization? - Management indicated that rebuilding will take time, and they are implementing various strategies to improve sales and recruitment [44][45] Question: Has there been any serious interest in acquiring the company? - Management has not received any serious unsolicited offers for acquisition, but they would entertain such discussions in the future [47][50] Question: What is the current relationship with the bank? - The relationship has been good, with the bank supporting the company through the process, although amendments have become more restrictive [51][53]

Financial Data and Key Metrics Changes - Net revenues decreased to $7.1 million from $10 million in the prior year first quarter, representing a 29% decline [6] - Average active brand partners fell to 7,700 from 13,400, a decrease of 43% [6] - Loss before income taxes improved to a negative $1.4 million from a negative $1.7 million [6] - Net loss decreased to $1.1 million compared to a loss of $1.3 million last year [6] - Loss per share improved to $0.13 from $0.15 on a fully diluted basis [6] Business Line Data and Key Metrics Changes - The decline in sales was primarily driven by reduced brand partner levels in the paper pie division and ongoing customer sales events [4] - The company has seen a decline in brand partner levels due to high inflation and reduced disposable income among families with small children [4] Market Data and Key Metrics Changes - The direct sales industry, particularly in the product sector, is experiencing challenges in new consultant recruiting [4] - The company is facing a short-term impact on operating levels due to the current sales environment [4] Company Strategy and Development Direction - The company is focusing on strategic changes to support brand partners and has launched new incentive programs [7] - A sale leaseback of the headquarters is in progress, with expectations to complete the sale before September [13] - The proceeds from the sale are anticipated to fully pay back the bank, leaving the company with no debt [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging sales environment and the need for short-term tactics to generate cash [4] - There is confidence in executing either Plan A (sale of the building) or Plan B (alternative offers) by September [20] - Management is optimistic about the buyer group and believes they understand the local environment [22] Other Important Information - The company has launched a guest checkout feature to improve customer experience [9] - A successful partnership with Ticket to Dream has allowed the company to distribute thousands of books to foster children [10] Q&A Session Summary Question: What is the contingency plan if the building sale falls through? - Management has a viable Plan B that includes other offers with quick close contingencies, ensuring they can move forward without further delays [20][21] Question: Can you elaborate on the plan for new titles given the existing inventory levels? - The strategy involves a conservative approach to introducing new titles while replenishing best sellers, aimed at energizing the sales force without significantly increasing inventory [31] Question: What is the current banking relationship and future expectations? - The banking relationship has been supportive, with amendments becoming more restrictive to ensure cash flow for debt repayment, but there is no intention to maintain the same level of borrowing post-debt retirement [41]

Financial Data and Key Metrics Changes - The meeting confirmed that there were 37,599,015 shares of common stock issued and outstanding as of the record date, with each share entitled to one vote [5] - The preliminary voting results indicated that all five director nominees received a plurality of votes, confirming their election [8] Business Line Data and Key Metrics Changes - No specific data or metrics regarding individual business lines were provided in the meeting [9] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [9] Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors and the ratification of the independent registered public accounting firm, indicating a stable governance structure [6][7] - The advisory vote on executive compensation suggests a commitment to aligning management incentives with shareholder interests [8] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [9] Other Important Information - The meeting was attended by key executives, including the CEO and CFO, indicating strong leadership presence [4] - The results of the meeting will be reported in a current report on Form 8-K, ensuring transparency with shareholders [9] Q&A Session Summary - There were no questions or answers recorded during this meeting [10]

Financial Data and Key Metrics Changes - Revenue in the fiscal fourth quarter of 2025 increased 20% to $14.1 million compared to $11.7 million in the same quarter a year ago [11] - Operating loss in the fiscal fourth quarter of 2025 was $1.8 million compared to an operating loss of $1.2 million in the same quarter a year ago, primarily driven by higher non-cash stock compensation expense [11][12] - Net loss in the fiscal fourth quarter of 2025 was $1.8 million or a loss of $0.06 per share compared to a net loss of $1 million or $0.05 per share in the quarter a year ago [12] - Adjusted EBITDA in the fiscal fourth quarter of 2025 was positive $900,000 compared to positive $300,000 in the same quarter a year ago [12] - For the fiscal year 2025, revenue increased 20% to $52.1 million compared to $43.3 million in fiscal year 2024 [12][13] - Operating loss for the fiscal year 2025 was $6.4 million compared to an operating loss of $5 million in fiscal year 2024 [13] - Net loss for the fiscal year 2025 was $6.4 million or $0.27 per share compared to a net loss of $14.7 million or $0.68 per share in fiscal year 2024 [14] Business Line Data and Key Metrics Changes - PodcastOne renewed several high-performing legacy shows and expanded partnerships, contributing to a 20% year-over-year revenue increase [11][8] - New original titles launched in the quarter included "Kate and Ty," "Break It Down," and "DetoxRetox with Tom Schwartz," each drawing strong early audiences [10] - The migration to Amazon's Art19 platform introduced a new core monetization channel alongside existing revenue streams [9] Market Data and Key Metrics Changes - Podcasting industry projected to see over $2.4 billion in advertising investment in 2025, with PodcastOne positioned to capitalize on this growth [6] - PodcastOne ranked as a top 10 US podcast publisher with a monthly unique US audience of 6 billion downloads and streams [7] Company Strategy and Development Direction - PodcastOne is focused on diversifying revenue streams and enhancing monetization through partnerships and new content [11][17] - The company is actively evaluating M&A prospects to acquire top content and networks, as well as enhance its platform with production and technology acquisitions [17] - The strategic initiative to enter the crypto space aims to create a new vertical and attract new advertisers [19][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising environment, noting higher CPMs and increased advertiser interest [40] - The company is optimistic about future growth, expecting revenues for fiscal year 2026 to be between $55 million and $60 million [15] - Management highlighted the importance of maximizing opportunities with current inventory while acquiring new content producers [61] Other Important Information - PodcastOne completed a renovation of its Beverly Hills studio, enhancing production capabilities [10] - The company ended the fiscal fourth quarter with no debt and $1.1 million in cash and cash equivalents [12] Q&A Session Summary Question: Increase in stock-based compensation - Management confirmed that the increase in stock-based compensation is related to initiatives to offer talent a larger component of compensation [25][27] Question: Benefits from the Art19 deal - Management reported operational efficiencies and cost savings from the Art19 deal, with revenue generation exceeding expectations [30][32] Question: Cost of sales as a percentage of revenue - Management indicated that cost of sales improved and is expected to hold steady or improve further [34][35] Question: Advertising environment and advertiser appetite - Management noted a positive advertising environment with higher CPMs and more advertisers entering the space [40] Question: Talent acquisition environment - Management stated that there is still good talent available and the company is in a strong position to negotiate favorable terms [44][46] Question: Terms of the Amazon deal - Management explained the minimum guarantee structure based on impressions, with specific thresholds to meet for revenue increases [49][50] Question: Rationale for entering the crypto space - Management highlighted the passionate community in the crypto space and the potential for new advertisers and content opportunities [53][55] Question: Growth compared to the industry - Management expressed confidence in their growth strategy and emphasized the importance of maximizing current partnerships while acquiring new content [59][61]