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Good afternoon, and welcome to the Q2 2026 Financial Results Conference Call for Intelligent Protection Management Corp., better known as IPM, for the quarter ended on June 30, 2026. [Operator Instructions] Let me turn the floor over to Joe Diaz of Lytham Partners. Joe, please proceed.

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the second quarter ended June 30, 2026. As the operator indicated, my name is Joe Diaz. I'm with Lytham Partners. We are the Investor Relations representative for IPM. By now, everyone should have access to the earnings results press release, which was issued after the close of market today. This call is being webcast and will be available for replay.

During the course of this call, management will include statements that are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements about future results of operations, business strategies and plans, IPM's relationship with its customers as well as market and potential growth opportunities.

In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks, uncertainties and assumptions related to factors that may cause actual results to differ materially from those anticipated in the forward-looking statements. These expectations and beliefs may not ultimately prove to be correct.

A detailed discussion of such risks and uncertainties is contained in IPM's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2025. You should refer to and consider these factors when relying on such forward-looking information. The company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

On this call, management will refer to adjusted EBITDA, a non-GAAP measure that, when used in combination with GAAP results, provides investors with additional analytical tools to understand the company's operations. For adjusted EBITDA, management has provided a reconciliation to the most directly comparable GAAP financial measure in the earnings press release, which was posted on the Investor Relations section of the company's website at www.ipm.com.

I am joined today by Jason Katz, IPM's Chief Executive Officer; Jared Mills, IPM's President; and Kara Jenny, IPM's CFO. After Jason's remarks, we will hear from Kara, then we will conclude with investor questions that were sent in advance of today's call.

At this time, I'd like to turn the call over to Jason Katz. Jason, take it away.

Good afternoon, everyone, and thank you for joining us today. We delivered another quarter of solid execution and sustained momentum across our core business and strategic initiatives. The second quarter of 2026 reinforced what we believe is becoming increasingly clear. IPM is evolving into a higher-value enterprise infrastructure-focused company built around recurring managed services, enterprise cybersecurity and cloud infrastructure.

While this quarter's results reflected temporary supply chain disruptions that delayed revenue recognition and compressed margins on one large customer order, the underlying fundamentals of the business continue to improve. During the quarter, demand remained healthy. New customer additions remained robust. Our recurring revenue base continued to expand. Our customer pipeline continued to grow. And perhaps most importantly, the secular trends driving our business have never been stronger.

Today, organizations are facing three transformational technology priorities simultaneously. First, cybersecurity has become mission-critical. Second, enterprises continue migrating workloads into secure cloud environments. And third, artificial intelligence is fundamentally changing the enterprise computing landscape. We operate at the intersection of all three. As a result, we believe our position in the enterprise infrastructure landscape creates a compelling long-term growth opportunity.

During the second quarter, revenue increased nearly 13% to $6.5 million, while revenue in the first half of 2026 increased 14% to $12.8 million. This increase reflects sustained demand for secure, scalable managed technology solutions across highly regulated industries. Top line growth itself is extremely important, and the quality of growth continues to be driven by new customer additions and expanded services sold to existing clients.

It's important to remember that bookings, billings and GAAP revenue each measure different aspects of our business. Bookings reflect customer commitments and billings reflect amounts invoiced to customers. Under GAAP, however, revenue is recognized only when we satisfy our performance obligations and transfer control of the promised goods or services to the customer. As a result, there can be a timing difference between when we book or bill a customer and when that activity is recognized as revenue.

Those amounts are recorded as deferred revenue on our balance sheet and are recognized as GAAP revenue over time as the related services are delivered or contractual obligations are fulfilled. As of June 30, 2026, deferred revenue was $4.5 million compared to $3.9 million at December 31, 2025.

Our Managed Information Technology business, the foundation of our company, grew more than 8% year-over-year. We believe this recurring revenue business generates long-term customer relationships, predictable cash flows and multiple opportunities to expand wallet share over time.

At this point, let me turn the call over to Kara Jenny, our Chief Financial Officer, for a review of the 3- and 6-month financial results. Kara?

Thank you, Jason. For the 3 months ended June 30, 2026, total revenue increased by approximately 13% to $6.5 million from $5.7 million for the 3 months ended June 30, 2025. This increase was driven by increased management information technology revenue attributed to both new customers as well as the expansion of services sold to existing customers and an increase in procurement revenue related to the sale of AI-related equipment to customers, partially offset by decreases in professional services revenue and subscription revenue.

Total revenue by revenue component for the second quarter ended June 30, 2026, was as follows: Managed IT technology revenue, which consists of revenue from our managed IT security services and managed IT backup and disaster solutions as well as web hosting, was $3.8 million, an increase of 8.4% from Q2 2025. Procurement revenue was $2 million, an increase of 64% from Q2 2025. Professional services revenue was $363,000, a decrease of 47.3% from Q2 2025. Subscription revenue was $249,000, a decrease of 10.5% from Q2 2025.

Revenue from NewtekOne, a related party and a large customer, was impacted by its ongoing initiatives to reduce information technology spending. We partially offset this decline in revenue through growth in recurring revenue from customers who are not related parties, including the addition of new customer relationships and expanding service contracts during the period.

During the 3 months ended June 30, 2026, we experienced supply chain constraints affecting the availability of memory, CPU and GPU components. These constraints extended product lead times compared to historical levels, resulting in delays between customer bookings and product shipments. As a result, a portion of booked orders during the quarter remained unrecognized as revenue pending fulfillment and delivery, for which we expect to recognize in future quarters as the underlying products and services are shipped and installed.

In addition, during the quarter, a significant customer order was delayed and fulfilled across two reporting periods due to supply chain constraints affecting both our vendor and distribution channel. These constraints altered the cost structure associated with fulfilling the order. The initial shipment completed in the first quarter of 2026 was recognized at expected margins, while the subsequent shipment completed during the second quarter incurred a higher component in freight costs, resulting in a loss on that portion of the order.

As a consequence, the combined order resulted in a loss, which contributed to the increase in cost of revenue described below and negatively impacted our results of operations for the 3 months ended June 30, 2026. Net loss for the 3 months ended June 30, 2026, totaled $1.4 million compared to net loss of $1.1 million for the 3 months ended June 30, 2025.

Adjusted EBITDA for the 3 months ended June 30, 2026, totaled negative $0.6 million compared to negative $0.4 million for the 3 months ended June 30, 2025. Cash used in operations of $0.6 million for the 3 months ended June 30, 2026, compared to cash used in operations of $0.9 million for the 3 months ended June 30, 2025, primarily related to our sourcing of inventory in connection with the increase in procurement revenue.

Deferred revenue was $4.5 million as of June 30, which will be recognized as revenue in future quarters as product and/or services are installed. And at June 30, we had $7.5 million of cash and cash equivalents on our balance sheet and no long-term debt. For the 6 months ended June 30, 2026, total revenue increased by 14% to $12.8 million from $11.2 million for the comparable 6-month period in 2025.

The increase was driven by increased management information technology revenue attributed to both new customers as well as the expansion of services sold to existing customers and an increase in procurement revenue related to the sale of AI equipment to customers, partially offset by decreases in professional services revenue and subscription revenue.

For the 6 months ended June 30, 2026, revenue totaled $12.8 million compared to $11.2 million for the 6 months ended June 30, 2025, an increase of 14%, primarily attributed to an increase in our managed IT services of 9% compared to the prior period as well as an increase in procurement revenue of 70% compared to the prior year period. Net loss for the 6 months ended June 30, 2026, totaled $2 million compared to net loss of $0.2 million for the 6 months ended June 30, 2025.

Adjusted EBITDA for the 6 months ended June 30, 2026, totaled negative $0.8 million compared to negative $0.9 million, respectively, for the 6 months ended June 30, 2025. Cash used by operations of $0.8 million for the 6 months ended June 30, 2026, compared to cash provided by operations of $0.9 million for the 6 months ended June 30, 2025, primarily related to our sourcing of inventory in connection with the increased procurement revenue.

That concludes my review. I will turn the call back to Jason.

Our objective has never been simply to sell technology. The objective is to become a strategic technology partner that manages increasingly larger portions of our customers' IT environments. That creates recurring revenue, higher customer retention, stronger operating leverage and greater lifetime customer value. Those are the characteristics that build durable enterprise value.

Another major growth driver is infrastructure. We continue to see customers accelerate investments in compute infrastructure required to deploy applications. Procurement revenue increased 64% during the quarter compared to the prior year period, driven primarily by customers investing in servers, storage and infrastructure supporting business and AI applications.

Although procurement revenue is inherently project-based, it often serves as the entry point into long-term managed service relationships. As customers expand their technology footprint, they increasingly require ongoing cybersecurity, cloud management, monitoring, disaster recovery and managed IT support. // In other words, today's infrastructure deployment frequently becomes tomorrow's recurring revenue customer. That is exactly the type of customer life cycle we are building.

As Kara noted, one issue that impacted the industry during the quarter was supply chain availability. Demand significantly exceeded component availability for memory, CPUs and GPUs. The important point is that the customer demand did not weaken. Orders were booked, customers remain committed. Revenue recognition was simply delayed because products could not be delivered and installed before the end of the quarter. Those revenues remain in our pipeline and will be recognized as fulfillment occurs in the coming quarters.

We've already responded by broadening our supplier ecosystem, expanding relationships with distributors and manufacturers and improving procurement flexibility. These actions should reduce execution risk while improving our ability to respond as AI infrastructure demand continues to accelerate.

The quarter also included an unusual margin impact associated with one large customer order fulfilled across two reporting periods. Changes in component pricing and freight costs resulted in a lower-than-expected gross margin on that project. We view this as an isolated operational event, not a structural change in our pricing model or competitive positioning.

Our balance sheet remains another important differentiator. We ended the quarter with approximately $7.5 million in cash and no long-term debt. In today's environment, financial flexibility is a competitive advantage. It enables us to invest organically while simultaneously evaluating strategic acquisitions that can accelerate our growth strategy.

Capital allocation remains disciplined and focused on maximizing long-term stockholder returns. Our priorities are straightforward. First, invest in initiatives that expand recurring revenue and increase customer lifetime value; second, pursue strategic acquisitions that strengthen our technology platform, expand geographic reach or add complementary capabilities; and third, maintain a conservative balance sheet that preserves financial flexibility.

We believe this disciplined approach positions us to create stockholder value over time. As we've discussed previously, consolidation opportunities continue to emerge throughout the managed services, cybersecurity and cloud infrastructure markets. Many smaller providers possess attractive customer relationships but lack the scale, infrastructure and capital necessary to compete effectively.

With our strong balance sheet, proven operating platform and integration experience, we believe IPM is well positioned to act as a consolidator when attractive opportunities arise. We are interested in businesses that increase recurring revenue, enhance our technology capabilities and generate attractive long-term returns on invested capital. Our objective with acquisitions is not simply to become larger, but to become a higher-quality business.

Ultimately, we believe investors should evaluate IPM based on the long-term trajectory of the business rather than quarterly fluctuations. We believe IPM is positioned to generate sustainable growth, expand profitability over time and create meaningful long-term value for our stockholders.

Based on our current outlook and the execution plan we laid out at the start of the year, our goal remains to be positive adjusted EBITDA for the fourth quarter. I'd like to thank our employees for their outstanding execution, our customers for their continued confidence and our stockholders for their ongoing support. We are excited about the opportunities ahead and remain confident in our ability to build a significantly larger and more valuable company.

We will now answer a number of questions that have been submitted via e-mail by investors. The first question is, demand remains healthy and new customer additions were robust. Can you provide more detail on the types of customers driving that growth? Can you talk about your traction in developing new accounts in the highly regulated industries, including legal, health care and others? I'll send that to Jared.

Thank you, Joe. We are continuing our successful efforts of leveraging the customer we have to acquire customers. With our strength in highly regulated industries and our current repertoire of customers, we've leveraged customer case studies and referrals to go after additional accounts in each vertical area. During the reporting period, we had specific success in legal and finance and a strong pipeline in health care, energy, private equity, manufacturing and retail.

Question number two, revenue continues to grow, but it looks like there was a decrease in revenue from a related party. How should we think about that going forward? And what does that mean for the business? Again, I'll send it to Jason.

Well, revenue from NewtekOne, a related party, decreased for the quarter in connection with their ongoing initiatives to reduce their information technology spend. While they are a very important customer, they are just one piece of the business, and we demonstrated this quarter, we remain dedicated to not just meeting their evolving needs, but growing the overall business.

And it was mentioned supply chain constraints delaying revenue recognition. Have those constraints eased in Q3? And when do you expect normalization, Jason?

The constraints affected the procurement revenue, which, as we have mentioned previously, is by nature an unpredictable business with lower gross margins than the rest of the business. We have substantial capacity in every other area of the business and no concerns with supply chain from a services perspective. In addition, we recently diversified our distributor, vendor, partner and manufacturer relationships to better solve for any future constraints on the procurement side of the business.

As I also mentioned, it's important to remember that bookings, billings and GAAP revenue each measure different aspects of our business. Amounts recorded as deferred revenue on our balance sheet are recognized as GAAP revenue over time as the related services are delivered or contractual obligations are fulfilled. As of June 30, 2026, deferred revenue was $4.5 million, an increase of $0.6 million or $600,000 over December 31, 2025.

Professional services declined 47%. Is this structural or a timing-related issue? Jared?

Professional services bookings are strong and growing. However, customer timing and resource constraints can occasionally cause delays in customer engagements, which can have an impact on billing during any given period. The good news is IPM has a significant pipeline, and we expect the timing issues to ease as the summer months come to a close.

And Jared, the Phoenix data center agreement, which was extended through 2032, how much capacity does this provide? And what utilization levels do you expect?

Our data center in Phoenix is Tier 3, an institute certified with 100% uptime guarantee. IPM was able to negotiate a heavily discounted rate for significant capacity, of which we are seeing steady customer growth in private cloud, dedicated private cloud, private cloud AI and managed backup and DR segments of the business. IPM is able to leverage hyperconverged assets to maximize the use of our power and space, giving us significant leverage as a business for future client onboardings.

Okay. Well, that concludes our Q&A session for today. We will look forward to talking with you again after the conclusion of our third quarter. Have a great rest of your day.

Thank you very much. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Good afternoon, and welcome to the Q1 2026 Financial Results Conference Call for Intelligent Protection Management Corporation, better known as IPM for the quarter ended March 31, 2026. [Operator Instructions]

Let me turn the floor over to Joe Dorame of Lytham Partners. Joe, please proceed.

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the first quarter ended March 31, 2026. As the operator indicated, my name is Joe Dorame. I'm with Lytham Partners. By now, everyone should have access to the earnings results press release, which was issued after the close of the market today. This call is being webcast and will be available for replay.

During the course of this call, management will include statements that are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements about future results of operations, business strategies and plans, IPM's relationships with its customers as well as market and potential growth opportunities. In addition, management will make forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and assumptions related to factors that may cause actual results to differ materially from those anticipated in the forward-looking statements. These expectations and beliefs may not ultimately prove to be correct.

A detailed discussion of such risks and uncertainties is contained in IPM's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2025. You should refer to and consider these factors when relying on such forward-looking information. The company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

On this call, management will refer to adjusted EBITDA, a non-GAAP measure that when used in combination with GAAP results, provides investors with additional analytical tools to understand the company's operations. For adjusted EBITDA, management has provided a reconciliation to the most directly comparable GAAP financial measures in the earnings press release. which has been posted on the Investor Relations section of the company's website at www.ipm.com. I'm joined today by Jason Katz, IPM's Chief Executive Officer; Jared Mills, IPM's President; and Kara Jenny, IPM's Chief Financial Officer. After Jason's remarks, we will hear from Kara, and then we will conclude with investor questions that were sent in advance of today's call.

At this time, I'd like to turn the call over to Jason Katz. Jason, take it away.

Thanks, Joe, and good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. We are off to a good start in 2026 with solid top line growth as total revenue increased by over 15%. The increase in revenue was fueled by a 19% increase in our core managed information technology services and a 78.4% increase in procurement revenue in the first quarter of 2026. Managed IT revenue for the quarter was driven by a mix of new customers and the expansion of services sold to existing customers.

Procurement revenue can be uneven throughout the year as it is the result of our customers both replacing existing hardware as well as purchasing new hardware in connection with new projects, with projects are generally tied to customer budgets that are often higher early in the calendar year. We are gaining traction in our business development efforts as our team takes steps to become more efficient and effective in marketing our services in highly regulated businesses, particularly in the health care, legal, finance and banking markets, where we believe we have competitive advantages over our peers.

Loss from operations decreased by over 42% compared to the prior year period. The year-over-year change from net income to net loss of 182% was primarily driven by the absence of a nonrecurring tax benefit recognized in the prior year period. Management believes that adjusted EBITDA is another useful measure in assessing our performance, which improved year-over-year by over 65% due to stronger revenue and continued operational efficiencies. We remain focused on advancing the integration of our comprehensive portfolio of IT solutions for managed IT security services, secure private cloud hosting, managed backup and disaster recovery, professional services, web hosting and other managed services.

Additionally, we are expanding functionality through strategic partnerships that we believe accelerate our customers' AI capabilities and strengthening our long-term growth profile. We are collaborating with third parties to integrate artificial intelligence and predictive analytics capabilities into our platform, enabling IPM customers to leverage AI-driven insights within existing data environments.

In addition, our partnership with MASORI Therapeutics is designed to support advanced AI in order to provide accelerated results that enhance automation and system integration capabilities, improving workflow efficiency and scalability. These partnerships are intended to strengthen our technology offerings, accelerate scalable growth, strengthen customer retention and enhance the long-term value we deliver across our platform for our client base. We are highly focused on being a trusted adviser, delivering successful outcomes and creating value for our customers.

In addition to growing our business organically, we will continue to explore strategic opportunities, including potential mergers or acquisitions of other entities or assets that are synergistic to our businesses. We believe we are well positioned to integrate operations that are synergistic with our core operations that can be acquired at reasonable valuations to provide greater returns for our loyal stockholders. We look forward to building on our solid first quarter results throughout the rest of calendar 2026.

In other developments during Q1 2026, we executed an extension of our existing Phoenix data center colocation license agreement with an industry-leading data center provider through August of 2032. We entered into a strategic partnership with MASORI Therapeutics, an advanced AI platform that accelerates results by reducing cost, complexity and time for small and medium AI models, allowing organizations to save significantly by decreasing necessary code development and providing AI-related benefits. We successfully achieved SOC 2 Type 1 compliance, a key milestone in our commitment to safeguard customer data and deliver trusted cybersecurity and cloud infrastructure solutions.

I will now turn the call over to Kara Jenny, our Chief Financial Officer, for a review of the numbers. Kara?

Thank you, Jason. For the 3 months ended March 31, 2026, revenue totaled $6.4 million compared to $5.5 million for the 3 months ended March 31, 2025, an increase of 15.2%. This is attributed to an increase in core managed IT services of 19% compared to the prior year period as well as an increase in procurement of 78.4% compared to the prior year period. Total revenue by revenue component for the first quarter ended March 31, 2026, were as follows: Core managed information technology revenue, which includes revenue from our managed IT security services and managed backup and disaster recovery solutions was $3.4 million, an increase of 19% from Q1 2025.

Procurement revenue was $1.7 million, an increase of 78.4% from Q1 2025. Professional services revenue was $483,000, a decrease of 33.5% from Q1 2025, and subscription revenue was $254,000, a decrease of 9.7% from Q1 2025. Loss from operations for the 3 months ended March 31, 2026, was $0.8 million compared to $1.3 million for the 3 months ended March 31, 2025. Loss from operations for the 3 months ended March 31, 2026, included $0.5 million of noncash expense consisting primarily of amortization and depreciation compared to $0.9 million of noncash expense for the 3 months ended March 31, 2025.

Net loss for the 3 months ended March 31, 2026, totaled $0.7 million compared to net income of $0.8 million for the 3 months ended March 31, 2025. Net income in 2025 was attributed to recording an income tax benefit during the first quarter of 2025 of approximately $2.1 million in connection with the transactions. Adjusted EBITDA for the 3 months ended March 31, 2026, totaled negative $0.2 million compared to negative $0.5 million at March 31, 2025.

As of March 31, 2026, the company had $8.1 million of cash and cash equivalents, including $1.0 million of restricted cash on its balance sheet and no long-term debt. We had cash used by operations of $0.2 million for the 3 months ended March 31, 2026, compared to cash provided by operations of $1.7 million for the 3 months ended March 31, 2025. Deferred revenue was $4.7 million as of March 31, 2026, which will be recognized as revenue in future quarters as products and/or services are installed.

During the first quarter of 2026, the final 50,000 shares designated under the stock repurchase plan dated May 8, 2025, were repurchased for $83,491. As of March 31, 2026, all shares of common stock available for repurchase under the plan have been repurchased. That concludes my remarks.

At this time, we will open the call for investor submitted questions. Joe, please commence the Q&A.

Thanks, Kara. The first question, what differentiates your services offering in regulated markets such as health care, legal, finance and banking?

Joe, our DNA comes from having been the technology division of a bank, which means we were purpose-built to operate in highly regulated industries. Through our MSSP and vCISO offerings, we provide comprehensive 24/7 security coverage with oversight from teams that have deep experience operating in these environments.

In addition, our secure managed private hosting capabilities give customers great control and peace of mind around data privacy at a time when those concerns are top of mind. To add to that, we announced in January of this year that we achieved SOC 2 Type 1 compliance, a key milestone in our ongoing commitment to safeguard customer data and delivering trusted cybersecurity and cloud infrastructure solutions.

Thanks, Jared. Next question. Where do you see the most compelling opportunities to accelerate growth in the back half of the year?

In the first half of the year, we focused on laying the groundwork by evaluating AI technologies and partners that can help our customers realize value from these tools. In the back half, our focus shifts to execution, expanding our range of AI solutions through further strategic partnerships and working with customers to adopt these solutions and leveraging our AI data readiness service to give them a strong foundation for successful AI initiatives. We're also continuing to enhance our core managed services and hosting platforms to support customers as their technology needs to grow and become more complex.

Thanks, Jason. Last question. Can you break down the contribution from new customers versus existing customers and how that mix is trending?

Sure. Our focus on adding new logos in highly regulated industries like legal, finance, health care, manufacturing and energy continues to be a strong push to this growing the MSSP and private cloud business lines. In addition, we're putting a lot of energy into penetrating our existing customer base with offers for additional managed service and security-related solutions. Strong customer response to these efforts during the first quarter turned into managed services revenue growth for IPM.

Great. That completes our investor submitted questions. I'll turn the call over to our CEO, Jason Katz, for closing remarks. Jason?

I'd like to thank everyone for your support and for joining us today. We're very grateful for your interest in our business. We look forward to updating the market on our progress as we continue to execute on our business plan. We will talk with you again to review our second quarter 2026 results. Have a great day.

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

Hello, and welcome to the Intelligent Protection Management Corp. Annual Meeting of Stockholders. Please note that this meeting is being recorded. [Operator Instructions]. The meeting is about to begin.

Good morning. I am Jason Katz, Intelligent Protection Management Corp's Chief Executive Officer. The company's 2026 Annual Meeting of Stockholders is called to order. I would like to welcome the stockholders, guests and employees who are in attendance virtually today in the annual meeting. I will act as Chairman of the Annual Meeting.

At this time, I'd like to introduce my fellow members of the Board of Directors, Kara Jenny, who serves as our Chief Financial Officer; Yoram Abada, Lance Laifer, Sidney Rabsatt, John Silberstein and Barry Sloane. I would also like to introduce Rachel O'Donnell and Mike Haden from Haynes & Boone, LLP, our Corporate Counsel. Everyone in attendance should have access to a copy of the rules of conduct for the annual meeting. To access and view documents concerning the annual meeting, please click on the Documents tab at the top right side of your screen, then click on the document name to view. In the interest of maintaining an orderly meeting, we ask that you honor the rules of conduct.

The annual meeting is being held today pursuant to the notice that we mailed on or about April 15, 2026, to each stockholder of record as of March 27, 2026. The notice of mailing and all documents concerning the annual meeting will be filed with the minutes of the annual meeting. As required by law, for the last 10 days prior to the annual meeting, a certified list of the stockholders of record as of March 27, 2026, the record date for determining stockholders entitled to notice and vote at the annual meeting has been available for inspection. Such list will also be filed with the minutes of the annual meeting.

Our transfer agent, Equiniti Trust Company, LLC, or EQ, will act as Inspector of Election at the annual meeting. EQ has been instructed to receive, examine and tabulate the ballots and proxies and to report on the voting by ballot. EQ has received a certified list of the company's stockholders of record as of the close of business on the record date, which was March 27, 2026, and the respective number of shares entitled to vote at the annual meeting. There were 9,085,729 shares of common stock entitled to vote as of the record date. And the holders of a majority of the shares of common stock of the company outstanding and entitled to vote at the annual meeting are present in person or represented by proxy at the annual meeting.

Therefore, I declare that a quorum is present for the purpose of conducting business at the annual meeting, and I hereby declare that the annual meeting is legally convened and ready to transact business. A certified report of the Inspector of Election will be attached as an exhibit to the minutes of the annual meeting. Voting today will be online ballot and by proxy. Stockholders may vote in person online or by proxy. During the annual meeting, we will be following the agenda on the screen. There will be an opportunity for discussion immediately prior to voting. And in order to move through the order of business, we'd appreciate if you'd hold any questions until then.

As stated in the notice of annual meeting and the agenda, the principal items of business for this meeting are as follows: Proposal 1, director election proposal. The election of 7 directors to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are elected and qualified. The director nominees are myself, Yoram Rami Abada, Kara Jenny, Lance Laifer, Sidney Rabsatt, John Silberstein and Barry Sloane. Information about myself and the other members of the Board of Directors, including our respective biographical backgrounds is contained in the proxy statement.

Proposal 2, auditor ratification proposal. The ratification of the appointment of Grassi & Co., CPAs as our independent registered public accounting firm for the fiscal year ending December 31, 2026. Each of these proposals are described in greater detail and more information is available in the proxy statement. After careful consideration, the Board of Directors of the company has determined that each of the foregoing proposals is in the best interest of the company and its stockholders and has approved each proposal. The Board has recommended that you vote for each of the director nominees set forth in the director election proposal and for the auditor ratification proposal. If there's no further business, we will move to a discussion of the proposals.

Before we vote, if you are a stockholder of the company and you wish to submit a question regarding any of these proposals, please click on the questions box to the right of your screen, type your question into the text box, then click the submit button. Please note that in the interest of all stockholders, we will only address those questions that are pertinent to the business of the meeting. If there are no questions, we will move to the collection of the ballots. If you have already voted your shares and do not wish to change your vote, no action is required at this time. If any stockholder has not yet voted and would like to do so or if you would like to change your vote, you may do so by clicking the Vote my Shares tab at the top right side of your screen. Please deliver your ballot online at this time so that it will be counted by our Inspector of Election.

[Voting]

The formal voting segment of the annual meeting is now closed. At this time, all completed ballots should have been submitted. There being no further discussion of the proposals, I now declare the polls closed.

The ballots have been tabulated, and I will now report on the preliminary results of the voting. Each of the director nominees set forth in the director election proposal has received a plurality of the votes cast by holders of our outstanding common stock. I hereby declare that each of the director nominees set forth in the director election proposal has been duly elected. The auditor ratification proposal has received an affirmative vote of a majority of the votes cast by the holders of our outstanding common stock. I hereby declare that the auditor ratification proposal has been approved by our stockholders.

A final detailed count will be provided to the company shortly after this meeting. If there is no further business, this concludes our annual meeting. The annual meeting is adjourned. Thank you.

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

Good afternoon. and welcome to the Q4 2025 Financial Results Conference Call for Intelligent Protection Management Corporation, better known as IPM for the quarter and year ended on December 31, 2025. At this time, all participants have been placed on a listen-only mode. Let me turn the floor over to Joe Diaz of Lytham Partners. Joe, please proceed.

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the fourth quarter and year ended December 31, and 2025. As the operator indicated, my name is Joe Diaz, I'm a Lytham Partners. We are the Investor Relations representative for IPM. But now everyone should have access to the earnings results press release, which was issued after the close of market today. This call is being webcast and will be available for replay.

During the course of this call, management will include statements that are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. And including forward-looking statements about future results of operations, business strategies and plans, IPM relationships with its customers as well as market and potential growth opportunities.

In addition, management may make forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today, and are subject to certain risks, uncertainties and assumptions related to factors that may cause actual results to differ materially from those anticipated in the forward-looking statements. these expectations and beliefs may not ultimately prove to be correct.

A detailed discussion of such risks and uncertainties is contained in IPM filings with the SEC including its annual report on Form 10-K for the year ended December 31, 2025. You should refer to and consider these factors when relying on such forward-looking information. The company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

On this call, management will refer to adjusted EBITDA, a non-GAAP measure, that when used in combination with GAAP results, provides investors with additional analytical tools to understand the company's operations. or adjusted EBITDA management has provided a reconciliation to the most directly comparable GAAP financial measure in the earnings press release which has been posted on the Investor Relations section of the company's website at www.ipm.com.

As previously disclosed, on January 2, 2025, IPM completed its acquisition of Newtek Technology Solutions Inc. or NTS from NewtekOne Incorporated. The company also divested its Paltalk, Camfrog and lumbar applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings Inc. which are referred to as the transfer assets.

I'm joined today by Jason Katz, IPM's Chief Executive Officer; Jared Mills, IPM's President; and Kara Jenny, ITM's CFO. After Jason's remarks, we will hear from Kara then we will conclude with investor questions that were sent in advance of today's call. At this time, I'd like to turn the call over to Jason Katz. Jason, take it away.

Thanks, Joe. Good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. We completed our first year of operations following our acquisition of MTS. It was a very good first year operating as a managed technology solutions provider. .

During 2025, we streamlined our service operations and our technology vendor partner licensing and manufacturing cost centers. We made significant progress on a number of key metrics, including managed recurring revenue growth, expense optimization and risk management.

In the fourth quarter, revenue from our core business, managed IT, excluding web hosting, increased sequentially by 7%. Net loss narrowed by 42% and adjusted EBITDA was positive. Cash flow from operations was positive for both the quarter and the full year. And as of December 31, 2025, we had cash and cash equivalents totaling $8.4 million and no long-term debt. We have important differentiators that set us apart from our industry competitors, large and small and have significant competitive advantages of those peers that lack our level of expertise in highly regulated vertical markets, including legal, health care, finance and banking.

Our success in these markets represents a large opportunity in the coming years. From a customer service perspective, our managed clients benefit from a VIP high-touch experience with a dedicated technology manager as a single point of contact as opposed to competitors in our industry that use automated voice response to phone calls, telephonic menus and handing off service calls to agents and call centers in foreign countries all of which can be frustrating and can impact the customer experience.

We don't do any of that. Our clients speak directly to their IPM account team members who deeply understand the clients' needs and business goals. This is an important IPM customer service advantage that fuels our superior customer loyalty, so much so that in 2025, we retained all major clients while entering new markets with near 0 churn. Since the January 2025 acquisition of NTS, we have successfully integrated NTS into IPMs mission, vision and operations and service our customers without interruptions or downtime. We are well positioned to grow the company through the expansion of our service offerings to existing legacy NTS customers, new customers and our historical web hosting customer base. We continue to advance operationally with a focus on efficiency. And at the same time, we manage expense with the goal of driving value for all of our stakeholders.

For full year 2025, we extended our Phoenix data center license agreement with an industry-leading provider through August 31, 2032, reinforcing a long-standing strategic relationship supporting our continued focus on scalable, secure and highly reliable digital infrastructure. We successfully achieved SOC 2 Type 1 compliance A key milestone in our ongoing commitment to safeguard and customer data and delivering trusted cybersecurity and cloud infrastructure solutions.

We announced a collaborative growth initiative with AltiGen Technologies to refer integrated communications, AI-driven analytics and managed security and hosting solutions to their respective customers. We entered into a reseller agreement with MindsDB, a leading open source AI platform to provide its current and future customers with sophisticated AI capabilities. We initiated a collaboration with IT Ally, a trusted business technology services provider focused on lower middle market private equity firms and their portfolio companies. In May 2025, our Board of Directors approved a stock repurchase plan for up to $100,000 of outstanding common stock, which plan expires on the 1-year anniversary of such date.

Pursuant to the repurchase plan since inception, we have purchased 151,258 shares, an average price of $1.99. There were no shares repurchased in the fourth quarter of 2025. We commenced offering Aura, a leading AI-powered online safety solution for business, families and individuals designed to help me the impact of data breaches, scams and other online threats to businesses and consumers.

And finally, we initiated our Heroes program to provide a 10% discount on all IPM products and services to all existing and future military first responder, health care, teacher and veterinary business owners. Having our company transition to a pure play managed services technology provider over the course of the year has been gratifying. We look forward to many opportunities to dramatically expand our business in the coming years. With that, let me turn over the call to Kara Jenny, our CFO, for a summary of our financial results for the fourth quarter and full year 2025. Following Kara's remarks, we'll move into the Q&A and answer questions that were submitted by e-mail prior to this call. Kara, until yours.

Thanks, Jason. For the 3 months ended December 31, 2020, revenue totaled $6.1 million. On a sequential basis, total revenue decreased 1.7% from the third quarter of 2025. And Revenue for the full year ended December 31, 2025, totaled $23.6 million. Total revenue by revenue component for the fourth quarter and year-ended December 31, 2025, were as follows: Managed Information Technology revenue was $3.9 million and $14.8 million, respectively.

Procurement revenue was $1.5 million and $5.4 million, respectively. Professional services revenue was $0.4 million and $2.3 million, respectively, and subscription revenue was $0.3 million and $1.1 million, respectively.

Operating loss from continuing operations for the fourth quarter ended December 31, 2025, totaled $0.8 million, operating loss from continuing operations for the full year ended December 31, 2025, totaled $4.7 million. Net loss for the 3 months ended December 31, 2025, totaled $0.6 million. Net loss for the full year ended December 31, 2025, totaled $2 million.

We recorded an income tax benefit during the first quarter of 2025 of approximately $2.1 million in connection with our acquisition of NTS and the divestiture of our Auto, Camfrog and umber applications. Adjusted EBITDA for the 3 months ended December 31, 2025, was positive by $1,000.

Adjusted EBITDA for the full year ended December 31, 2025, was negative $1.1 million. As of December 31, 2025, IPM had no long-term debt and cash and cash equivalents totaled $8.4 million, which included $10 million of restricted cash. Cash provided by continuing operations for the full year ended December 31, 2025, was $1.1 million.

We reported deferred revenue of $3.9 million for the full year ended December 31, 2025, which will be recognized as revenue in future quarters as products and/or services are installed. We had more than 10,000 devices under management at December 31, 2025, representing the number of endpoints, servers and network devices that are outsourced to us under managed service agreements. That concludes my comments, and we will now move on to addressing online submitted questions.

Jason, this is a great first year for IPM as a managed technology solutions provider. What did you consider the highlights of the year? What were your biggest challenges? And what are your expectations for 2026 and 2027.

As I mentioned, we're very pleased with our performance in our first full year as a managed technology solutions provider following the acquisition. Some of the highlights include the continued growth in the managed IT portion of our business a meaningful reduction in our net loss and the progress we've made at the EBITDA line. Notably, we reported positive adjusted EBITDA in the fourth quarter of 2025, which we view as an important milestone for the company. In terms of challenges, much of the uncertainty facing our industry comes from the evolving threat landscape and broader macroeconomic factors. Cybersecurity threats from bad actors overseas continue to target trickle infrastructure, and there are also uncertainties around issues such as tariffs and other policy developments. .

While we have not been directly impacted by these factors, our team remains very focused on proactively managing risk and ensuring that we are all well positioned to respond to potential changes in the operating environment. Looking ahead to 2026 and 2027, our team is highly focused on continuing to grow the business, both organically and where appropriate, through strategic acquisitions that we believe will be accretive to our long-term growth strategy.

We are also very excited about the opportunities to incorporate various aspects of AI into our operations and product offerings. We believe these technologies will allow us to deliver greater value to our customers by helping them operate more efficiently, accelerate their growth and stay ahead in an increasingly dynamic technology landscape.

Jared as President of the company, IPM customer churn is nearly nonexistent. How does IPM do that?

This is a great question because it speaks to the heart of who IPM is as a company. We're just as passionate about customer service and the overall customer experience as we are about reliability and security. It's what made this company great and it's our David and Goliath story.

Not as a small American microcap public company earned a business we earn and keep the business we keep. It's good old-fashioned customer service. We invest heavily into the idea that people want to talk to people and ideally the same people they talked to yesterday.

That means we build relationships, and that means we're high touch. And the result of that is a white glove VIP experience that, quite frankly, you can't get anywhere else. We care about the customer more than the technology here. And for that reason, our churn is nearly nonexistent.

Jason, can you give us an update on how you think about the company's excess lease data center capacity and how best to exploit it.

Sure. We're very pleased to have renewed our lease agreement with one of the premier data center partners in the country, extending that relationship through 2032. That long-term partnership gives us the stability and capacity we need to support our growth plans. Their state-of-the-art facility not only enables us to scale our infrastructure as demand increases, but it also allows us to leverage their operational expertise and reliability in servicing our customers. .

From a strategic standpoint, this capacity gives us flexibility to support both organic growth and new opportunities within our managed services offerings. Overall, we believe the partnership positions us very well to deliver continued value to our customers while supporting sustainable growth for the business.

Okay. That concludes our Q&A session. Let me turn the call over to Jason for closing remarks. Jason?

Thanks, everyone, for your support and for joining us today. We're very grateful for your interest in our business. We look forward to updating the market on our progress as we continue to execute on our business plan. We will talk with you again to review our 20,261st quarter results. Have a great day.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Good afternoon. Welcome to the Q3 2025 Financial Results Conference Call for Intelligent Protection Management Corporation, better known as IPM for the quarter ended on September 30, 2025. [Operator Instructions]

Let me turn the floor over to Joe Diaz of Lytham Partners. Joe, please proceed.

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the third quarter ended September 30, 2025. As the operator indicated, my name is Joe Diaz. I'm with Lytham Partners. We are the Investor Relations representative for IPM. By now, everyone should have access to the earnings results press release, which was issued after the close of market today. This call is being webcast and will be available for replay.

During the course of this call, management will include statements that are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements about future results of operations, business strategies and plans, IPM's relationship with its customers as well as market and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today, and are subject to certain risks, uncertainties and assumptions related to factors that may cause actual results to differ materially from those anticipated in the forward-looking statements.

These expectations and beliefs may not ultimately prove to be correct. A detailed discussion of such risks and uncertainties are contained in IPM's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2024. You should refer to and consider these factors when relying on such forward-looking information. The company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

On this call, management will refer to adjusted EBITDA, a non-GAAP measure when used in combination with GAAP results, provides investors with additional analytical tools to understand the company's operations. For adjusted EBITDA, management has provided a reconciliation to the most directly comparable GAAP financial measure in the earnings press release, which has been posted on the Investor Relations section of the company's website at www.ipm.com.

As previously disclosed on January 2, 2025, IPM completed its acquisition of Newtek Technology Solutions from NewtekOne, Inc. The company also divested its Paltalk Camfrog and Vumber applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings, Inc., which are referred to as the transferred assets.

At this time, I'd like to turn the call over to IPM's Chief Executive Officer, Jason Katz. After Jason's remarks, we will hear from IPM's CFO, Kara Jenny, and we will conclude with investor questions that were sent via e-mail. Jason, take it away.

Thanks, Joe, and good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. We are pleased with the sequential progress made during our first 3 operational quarters after the acquisition of Newtek Technology Solutions and our successful rebranding to Intelligent Protection Management Solutions or IPM. We continue to advance all components of the company from sales, marketing, accounting and human capital. We have clearly stated that our focus is to position IPM to be consistently performing company for the benefit of our customers, employees and shareholders.

Since the January 2 transactions, we have successfully integrated our operations and serviced our existing customers without interruption and downtime. Looking ahead, we are well positioned to grow the company through the expansion of our service offerings to existing legacy MTS customers while cross-selling our ManyCam software and varying new services to our historical web hosting customer base.

Operational efficiencies continue to be advanced and expenses optimized with the goal of driving value for all our stakeholders. Cybersecurity and cloud infrastructure are even more critical to protecting sensitive data, ensuring business continuity and securing a digital economy in an era of growing cyber threats. We are dedicated to becoming one of the leading managed technology solutions providers with a focus on cybersecurity and cloud infrastructure.

As we see it, our job is to protect the heart and soul as it were of virtually all businesses today, their data, client information, intellectual property and financial data, among other things. There are a load of bad players out there, individual hackers, organizations and even governments looking to attack corporations as well as American citizens.

I've spent the better part of my career in the technology services business and some of the rest of the IPM senior management team. That deep industry experience has led us to provide a white-glove high-touch service to our clients. Every one of our clients has a dedicated technology manager as a single point of contact. We do not use voice response, telephonic menus or hand-off service calls to agents and call centers in foreign countries.

Our clients speak directly to their IPM account team in the United States, people that are familiar with their needs of their business and the history of their account. This is an important IPM advantage. We have significant technological expertise, and we operate in large and growing markets where IPM is industry certified in critically important markets, including legal, health care and finance, giving us another significant competitive advantage versus our peers. Those advantages will become more apparent in the quarters and years to come.

For the 9 months, IPM entered into a reseller agreement with MindsDB, a leading open source AI platform to provide to its current and future customers sophisticated AI capabilities. We initiated a collaboration with IT Ally, a trusted business and technology services provider focused on lower middle market private equity firms and their portfolio companies. In May 2025, our Board of Directors approved a stock repurchase plan for up to 400,000 of our existing common stock, which plan expires on the 1-year anniversary of such date.

Pursuant to the repurchase plan, we purchased 46,658 shares of common stock during the third quarter of 2025 for an aggregate amount of $88,250. From inception, we have purchased 151,258 shares at an average price of $1.99. We also commenced offering Aura, a leading AI-powered online safety tool for individuals and families designed to help minimize the impact of data breaches, scams and other online threats to consumers.

Subsequent to the end of the quarter, we initiated our Heroes program to provide a 10% discount on all IPM products and services to all existing and future military first responder, health care, teachers and veterinary business owners.

Regarding our patent litigation, on August 29, 2024, the jury awarded the company $65.7 million in a jury verdict in connection with the lawsuit against WebEx Communications, Cisco WebEx and Cisco Systems in the U.S. District Court for the Western District of Texas.

On October 8, 2024, an order granting a motion for final judgment was entered into by the court in connection with the lawsuit. The final judgment was entered in our favor in the amount of the award and started the time for filing any post-trial motions or appeals. The exact amount of the award proceeds to be received by us will be determined based on a number of factors and will reflect the deduction of significant litigation-related expenses, including legal fees.

As we previously indicated, we estimate that we would receive no more than 1/3 of the gross proceeds in connection with the awards, subject to post-trial proceedings, including any potential appellate proceedings by Cisco. We have not recorded any gain contingency in connection with the award.

Having our NTS assets transition from being a division of a larger banking company to an independent publicly traded managed services technology company over the course of the first 9 months of 2025 has been gratifying. We look forward to many opportunities to dramatically expand our business in the coming years.

With that, let me turn the call over to Kara Jenny, our CFO, for a summary of our financial results for the third quarter and the 9 months. Following Kara's remarks, we'll move into the Q&A portion and answer questions that were submitted by e-mail prior to this call. Kara?

Thank you, Jason. As Jason indicated, we acquired the operations of NTS on January 2, 2025, and rebranded the operations to Intelligent Protection Management Corp., or IPM. The quarterly financial comparisons of IPM and the former NTS as a division of NewtekOne are not comparable from a GAAP perspective. IPM financials will become comparable on a GAAP basis as of the first quarter of 2026.

For the 3 months ended September 30, 2025, revenue totaled $6.2 million compared to $0.3 million for the prior year period. On a sequential basis, revenue increased 9% from the second quarter of 2025. Revenue for the 9 months totaled $17.5 million compared to $0.8 million in the prior year period.

Revenue by product for the 3 and 9 months period ended September 30, 2025, was as follows: Managed Information Technology revenue was $3.8 million and $10.9 million, respectively. Procurement revenue was $1.7 million and $3.9 million, respectively. Professional services revenue was $0.5 million and $1.9 million, respectively. Subscription revenue was $0.3 million and $0.8 million, respectively.

Operating loss from continuing operations for the 3 months ended September 30, 2025, totaled $1.4 million compared to an operating loss from continuing operations of $1.5 million for the 3 months ended September 30, 2024. Operating loss from continuing operations for the 9 months ended September 30, 2025, totaled $3.9 million compared to operating loss from continuing operations of $3.5 million for the prior 9 months ended September 30, 2024.

Net loss for the 3 months ended September 30, 2025, totaled $1.1 million compared to a net loss of $1.5 million for the 3 months ended September 30, 2024. Net loss for the 9 months ended September 30 totaled $1.3 million compared to a net loss of $2.9 million for the 9 months ended September 30, 2024. The reduction in net loss was attributed to IPM recording an income tax benefit during the first quarter of approximately $2.1 million in connection with the transaction.

Adjusted EBITDA for the 3 months ended September 30, 2025, was negative $0.3 million compared to negative $1.5 million for the 3 months ended September 30, 2024. Adjusted EBITDA for the 9 months ended September 30, 2025, was negative $1.1 million compared to negative $2.9 million for the 9 months ended September 30, 2024.

As of September 30, 2025, we had no long-term debt and cash and cash equivalents totaled $8.3 million, which included $1.0 million of restricted cash. Cash provided by continuing operations for the 9 months ended September 30, 2025, was $1.0 million compared to cash used in continuing operations for the 9 months ended September 30, 2024, of $0.9 million.

IPM reported deferred revenue of $3.5 million for Q3 2025, which will be recognized as revenue in future quarters as products and/or services are installed. The company had over 9,000 devices under management at September 30, 2025, representing the number of endpoints, servers and network devices that are outsourced to the company under managed service agreements.

That completes my comments, and we'll now move on to addressing online submitted questions.

Okay. Thank you, Kara. We will now move into the question-and-answer section. One question submitted by investors was, are there any bolt-on acquisitions that would make sense to expand the business or new service offerings that you would like to see added to IPM in the coming years?

Sure. Acquiring sole proprietor or lifestyle-type managed service provider businesses with attractive EBITDA multiples would be strategic and that we would be acquiring customer contracts with term agreements. This has the potential of immediately adding devices under management and monthly recurring revenue and would offer upside potential in other service lines. So in the short term, our focus would be to grow our existing customer base with more of the same types of services so that we leverage our existing infrastructure.

Another question is, can you comment briefly on the recent AWS outages? What does IPM bring to the table that others can't?

That's a great question. We offer potential solutions that mitigate the recent public cloud outages. IPM's use of private data centers and private cloud means that our customers were generally not affected by the recent AWS outages, which impacted many public cloud users. We like to say that at IPM, we don't just try harder, we protect smarter.

Can you please comment on the capital structure of the company right now? Will there be a need to raise additional capital in the next couple of years? 2026 or '27 going forward?

We have a very clean capital structure and sufficient cash to run our business for at least the next 12 months. If we found an acquisition that was accretive and required financing, we would definitely consider doing that.

All right. Thank you, Jason, and that concludes the Q&A section. Let me turn the call back over to Jason for closing remarks. Jason?

Thanks, everyone, for your support and for joining us today. We are very grateful for your interest in our business. We look forward to updating the market on our progress, and we continue to execute on our business plan. We will talk with you again to review our fourth quarter and full year financial results in the first quarter of 2026. Have a great day.

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your lines at this time, and thank you for your participation.