GSIT

Welcome to GSI Technology's fourth quarter and fiscal year 2026 results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. At that time, we will provide instructions for those interested in joining the Q&A queue. Before we begin today's call, the company has requested that I read the following safe harbor statement. The matters discussed in this conference call may include forward-looking statements regarding future events and future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission. Additionally, I have also been asked to advise you that this conference call is being recorded today, May 7, 2026, at the request of GSI Technology.

Lee-Lean Shu, the company's Chairman, President, and Chief Executive Officer, will be hosting the call today. With him are Douglas Schirle, Chief Financial Officer, and Didier Lasserre, Vice President of Sales. I would now like to turn the conference over to Mr. Zhu. Please go ahead, sir.

Good afternoon, thank you for joining us to review our fourth quarter and fiscal year 2026 financial results. Fiscal 2026 was a year of meaningful progress for GSI, marked by strong performance in our SRAM business, continued advancement of Gemini-II toward commercialization, and the initiation of the Plato design. While I am pleased with the progress we have made on several fronts, significant work remains. Our team is executing our key milestones and advancing business development for the APU, and I have had several encouraging conversations on numerous fronts in recent months. We end the fiscal 2027 with continuous momentum, promoting the APU and building on our customer traction. With that, I will now hand the call over to Didier Lasserre.

Thank you, Lee-Lean. Let me start by stepping back and framing where we are today because I think the context is important. Our SRAM business performed well in fiscal 2026 and remains the revenue foundation of the company, providing cash for APU development. For the full year, the SRAM business grew 22% year-over-year, and gross margins rose to 55% from 49%. The SRAM business has benefited from increased demand from our customers that support high-performance AI chip development and manufacturing. We recently announced that we concluded our strategic review and determined that continuing to execute our standalone strategy is the best path forward for delivering long-term shareholder value. The stronger SRAM business and a strengthened balance sheet, along with non-dilutive R&D funding, are providing the resources to support our go-forward plan.

With this financial foundation in place, we are now seeing real progress with Gemini-II and Plato. Over the past several months, we've reached a point where we are seeing both technical validation and early program-level engagement of Gemini-II, including the Sentinel Drone Surveillance POC, the U.S. Army SBIR Award, and a new Phase 1 smart city project, which I'll discuss in a minute. On the technical side, in a bake-off for the Sentinel POC, Gemini-II's performance contributed to winning the contract award by achieving a time to first token of roughly 3 seconds at 30 watts of system power on Gemma 3.12B multimodal workloads at the edge. In this use case, time to first token is a critical metric for a drone surveillance system because it reflects how quickly a system can respond in real-world applications where response time directly affects critical decision-making.

We are working closely with the G2 Tech team on the Sentinel program. We have completed the software deliverables and continue to target a June demonstration of the Gemini-II-powered drone. This demonstration is planned for the Department of Defense and an international defense agency. In mid-April, we were notified that we had been awarded phase 1 of a smart city project. The project leverages our work done for the drone-based surveillance POC and marks an important step forward towards commercial deployment. In this application, Gemini-II will process inputs from distributed camera systems to provide near real-time detection of events such as fires and other public safety risks. This project demonstrates how our platform can scale across real-world infrastructure. We expect to share additional details on the smart city program around the time of a planned media event in late May hosted by the municipality.

Currently, we are working on several projects in tandem. What matters most for GSI Technology at this time is not just the number of early-stage trials and demonstrations we have, but also how these early-stage engagements are helping us identify where our APU architecture provides a clear advantage, particularly in delivering low latency performance with a constrained power envelope. We are also leveraging our deployment work in two ways. First, we are applying what we have developed for a drone security application to a smart city application. While the end markets are different, the underlying development carries over, giving us meaningful head start in each in a new case rather than starting from scratch. Secondly, as we complete the Sentinel POC and phase 1 of the smart city program, we can build on those results to pursue additional opportunities with new customers in those markets.

We view this as a repeatable model where each engagement helps accelerate the next. What's exciting for us is that we see the end markets for low latency, low power AI edge and expanding as AI workloads continue to move closer to where the data is generated. These applications favor the APU architecture that can deliver higher compute per watt. Gemini-II is ideal for these power latency constrained edge deployments, where real-time response and energy efficiency are critical. Where we are winning is where Gemini-II is tested against conventional architectures requiring significantly higher power, excuse me, higher system power for similar or slower responsiveness. We believe Gemini-II best addresses this gap and positions us well to win as more AI loads shift towards distributed power constrained environments.

Consistent with this, we are encouraged by our progress within defense agency programs, as evidenced by our recent U.S. Army SBIR progressing from phase I into phase II. This project is about enabling real-time in-field AI deployment on small, low-powered systems, typically operating in challenging conditions. As part of this program, we will build and test a ruggedized node containing the Gemini-II for real-world mission critical environments. This SBIR positions us within a broader shift in defense spending, with approximately $13 billion proposed in fiscal 2026 budgeted for AI and autonomous systems, and creates a potential pathway to follow on programs and future opportunities to supply Gemini-II-based systems. How do we move from where we are today to design wins and ultimately revenue? From a commercial standpoint, we are still in the early stages.

Our focus is on advancing our current engagements and working closely with partners to integrate Gemini-II into their systems with the goal of moving into design level discussions. Given the complexity of these deployments, we are focusing our resources on a small number of high value opportunities where we believe we have a clear advantage. The number of engagements remains limited, we are seeing a meaningful increase in the depth of these engagements and our ability to leverage our prior Gemini-II deployment work for new related applications. Looking ahead, our priorities are to advance current POCs and awarded programs and to leverage what we've learned from each of these engagements to drive additional design opportunities. At the edge, performance matters most when it can be delivered within real-world power and latency constraints. That is where we believe Gemini-II's advantages lies.

With that, I'd like to hand the call over to Doug. Go ahead, Doug.

In earnings release issued today after the close of the market, you'll find a detailed summary of our financial results for the fourth quarter and full fiscal year 2026. Rather than walking through the numbers again, I'll focus my comments on the key drivers behind the results and provide more context and explanation to help you better understand the business. Let me start with the results for the fiscal year 2026, ended March 31st, 2026. As Didier mentioned, fiscal 2026 revenue increased 22.4% to $25.1 million, reflecting continued strength in our SRAM business, particularly with customer-supported chip design and simulation for AI applications. We experienced solid growth in this customer segment throughout fiscal year 2026. We do see variability in customer orders, and sales can fluctuate from quarter to quarter.

However, barring any significant change in underlying AI chip demand that would affect SRAM orders from these customers, we expect this business to remain relatively stable in fiscal year 2027. The higher level of revenue and product mix helped to lift fiscal year 2026 gross margin to 54.5%, a notable gain from the prior year gross margin of 49.4%. Operating expenses in fiscal 2026 rose to $31.2 million, compared to $21 million in fiscal 2025. Operating expenses increased year-over-year, primarily driven by higher R&D spending on the Plato chip design. It's also important to note the prior year included a $5.8 million gain from the sale of assets, which makes the year to year or year-over-year comparison appear more pronounced.

We also continued to offset a portion of our R&D expenses through non-dilutive funding, SBIR contract funds, and POC related funding. Majority of our R&D is dedicated to the APU. The R&D offset in fiscal 2026 and fiscal 2025 was $1 million and $1.2 million, respectively. Higher operating expenses increased the total operating loss for fiscal 2026 to $17.5 million, compared to an operating loss of $10.8 million in the prior year.

The fiscal 2026 net loss included interest and other income of $4.1 million, primarily from interest payments on the increased cash balance from the capital raise completed in October 2025, and $3.4 million of other income, consisting of a $6.2 million non-cash gain from the change in fair value of pre-funded warrants. Partially offset by $2.8 million in issuance costs associated with a registered direct offering in October 2025. Switching now to the fourth quarter. Revenue was $6.3 million, with a gross margin of 52.4%. As we've seen in prior periods, quarterly gross margin can fluctuate with the product mix and revenue levels. The fourth quarter gross margin reflects slightly lower SigmaQuad sales sequentially compared with the prior year quarter.

From a customer perspective, we did see some variability across accounts during the quarter, including lower shipments to certain customers and no shipments to others. At the same time, defense-related sales increased to approximately 46% of total shipments, reflecting continued demand in that segment. Again, you'll find a full breakdown of sales in today's earnings release. Operating expenses increased from the prior year, primarily due to continued investment in our Gemini-II and Plato development programs. These investments align with our strategy to advance our APU roadmap while maintaining discipline to cost management. Last quarter, we expanded quarterly earnings disclosures to help investors better understand the company's cash consumption and cash generation. This information will complement the condensed consolidated statement of cash flows included in our forms 10-K and 10-Q.

Cash flows for the quarter ended March 31, 2026, were cash and cash equivalents as of December 31 were $70.7 million. Net cash used in operating activities in the quarter was $5.5 million. Net cash used in investing activities was approximately $100,000. Net cash provided by financing activities was $2.1 million. Cash and cash equivalents as of March 31, 2026, were $67.2 million. From a cash flow standpoint, spending in the quarter continued to reflect our investment in Gemini-II and Plato development. We expect cash usage to remain elevated as we progress through this development phase.

As a general reference point, we expect the cash usage to be approximately $4 million per quarter or about $16 million annually, although this may vary depending on development timing and program activity. We ended the quarter with $67.2 million in cash and no debt. This is a notable improvement from the prior year-end cash balance of $13.4 million and is associated with the $46.9 million net of fees registered direct offering proceeds that closed in October 2025. The absence of debt and the improved cash balance provide us with the flexibility to continue investing in the APU while maintaining a disciplined approach to capital allocation. We believe our current cash position provides sufficient runway to support the initial commercialization of Gemini-II and the completion of the Plato tape-out, both expected in late fiscal 2027.

Before I hand the call over to the operator for Q&A, I'd like to provide the first quarter fiscal 2027 outlook. For the upcoming quarter, we expect net revenues in the range of $5.9 million-$6.7 million, with gross margin of approximately 54%-56%. Overall, our strong cash position and continued support from non-dilutive funding give us a runway to advance Gemini-II into early commercialization and the completion of the Plato chip design. Operator, at this point, we will open the call to Q&A.

Thank you. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Once again, it's star one to ask a question. The first question is from Tony Brainard, retail investor.

Hello, gentlemen. How are you?

Good, thank you.

Yeah. Can you share some color on the size, like if you do get the design wins, the size of the market we're looking at?

On which market?

On, on the Gemini Two.

Okay. That's pretty broad, pretty broad question. You know, the markets we're going after initially, you know, some of them are government, military-based, specifically these drone programs. As we talked about, you know, we're limited detail now. We'll give you more detail on the smart city at the end of May. Both of those markets are multi-billion-dollar markets.

Okay. Yep. That's fair enough. Yeah, that's my only question for today. Thank you very much.

All right. Thanks, Tony.

Thank you.

Once again, that's star then one to ask a question. The next question comes from Robert Christian, private investor.

Yes, I'd like to know why the Plato project has moved up from the first half of 2027 to late fiscal 2027.

Actually, it hasn't been pushed out, so it might have been a mixture of calendars and fiscal quarters. When we had first talked about it, we were targeting the beginning of.

Calendar 2027 to have the Plato taped out, and we're still on schedule for that. The tape out means that the design will be done in the first quarter, and that would give us silicon 'cause we have to make the mask sets that are used from the wafer fabs at TSMC. We'll see our first wafers in hand in the summertime of calendar 2027, and I believe that has been always our schedule.

Yeah, I think we mentioned the fiscal year 2027. That's the beginning of the 2027 calendar year.

Right. That's a good point. The end of fiscal 2027 is March of calendar 2027.

Okay, that'd be great. The second question I have is, Gemini-II taped out over two and a half years ago. Is it gonna take that long to see expected sales, say, of Plato?

That's a great question. You have two components to sales. You have the hardware component, which is the chip and any kind of a board, and you have, you know, the software side. The software side actually lagged the hardware on Gemini-II. With Plato, we're trying to align the two of those more closely. The good news is some of the software work that's being done for Gemini-II can be used for Plato, while with Gemini-I, it was a completely new effort. In that respect, we can leverage some of the work from Gemini-II for Plato, and then we're also lining up the resources to be able to bring in the software with Plato.

Well, the chip is genius, and I wish you guys Godspeed. Thank you.

Thank you.

At this time, we show no further questions, and this concludes our question and answer session. I would like to turn the conference back over to Mr. Lee-Lean Shu for closing statements.

Thank you again for joining today's call. As a reminder, DDA will be at the LD Micro conference on May 19th. Contact LD Micro if you would like to attend this presentation or take a 1-on-1 meeting. We are encouraged by the progress we are making with Gemini-II, we remain focused on successfully executing against the opportunities in front of us. We look forward to speaking with you again on our fiscal 2027 first quarter earning call. Thank you.

This concludes today's conference. Thank you for attending. You may now disconnect.

Welcome to GSI Technology's Third Quarter Fiscal 2026 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. At that time, we will provide instructions for those interested in entering the queue for the Q&A. Before we begin today's call, the company has requested that I read the following safe harbor statement. Matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission. Additionally, I have also been asked to advise you that this call is being recorded today, January 29, 2026, at the request of GSI Technology. Lee-Lean Shu, the company's Chairman, President, and Chief Executive Officer, will be hosting the call today. With him are Douglas Schirle, Chief Financial Officer, and Didier Lasserre, Vice President of Sales. I would now like to turn the conference over to Mr. Shu. Please go ahead, sir. Good afternoon.

And thank you for joining us to review our third quarter fiscal 2026 results. I am encouraged by our overall progress this quarter. Revenue in the third quarter increased by 12% year over year and 28.5% on a fiscal year-to-date basis. Demand for our excellent products remains solid, and we expect strong sales from our largest customers. In 2026, after completing all financials in fall 2025, we will defend our APU roadmap. We begin PLATO hardware development after purchasing the required IP. We have also added contract engineers to support our hardware design team, keeping us on track to take operation in early 2027. We finalized the agreement with G2 Tech, the Israel-based AI company, for our recently announced proof of concept. We are partnering with G2 Tech on Sentinel, a program for autonomous perimeter security using drones and cameras. The project is backed by the US Department of War and a foreign government agency. This government funding will offset our cost to build a software stack and the libraries needed for this project. Didier will share more details shortly. Another recent milestone is Gemini II's time to first token benchmark, announced in the press release earlier today. For those who have not reviewed it, please see today's release for the full detail on the benchmark result and the methodology. Accordingly, we reported three-second time to first token, or TTFT, performance for HLON with text and video input, consuming approximately 30 watts of system power. Compared to third-party testing of competitive platforms, Gemini II's TTFT delivered up to three times faster first token at a lower power than the competitive chip on the same workload. We believe these test results validate Gemini II's fast response for edge use cases that need low power and low latency. In his comments, Didier will expand on the benchmark results. We are making steady progress for the Benzene pretzel, continue to improve Gemini II performance, and completing the 17 of watches. We are also pursuing early proof of concept and prototyping opportunities for Gemini II in systems in different programs, including zone and unmanned systems, and in selected commercial edge deployments. In parallel, we continue to pursue long-diluted R&D funding through government defense programs and strategic partners. With that, I hand the call over to Didier Lasserre.

Thank you, Lee-Lean. I will start by expanding on some of Lee-Lean's comments. On the Sentinel POC, we expect to receive more than $1 million in government funding. We will record this as an offset to R&D expenses. We plan to use it to complete key software milestones for the project, including software development for GEMMA 312B on our Gemini II ahead of the planned demonstration to the government agencies later this year. Our POC partner, G2 Tech, is receiving additional funds to develop the drone platform for this demo. I am pleased to share that G2 Tech conducted a competitive evaluation, and GSI was selected based on Gemini II's performance, delivering the lowest TTFT at 30 watts. If the government evaluation later this year is successful, it could lead to a potential Gemini II design win with G2 Tech, and we would move to pursue additional opportunities with other drone and unmanned system customers beyond the POC sponsors. Turning to today's press release, our Gemini II TTFT benchmarks discussed preliminary results showing a three-second time to first token for a multimodal model at the edge using video and text inputs at approximately 30 watts of system power. TTFT is how long it takes the system to produce the first response, which is critical for drones and unmanned systems. The threshold for a useful TTFT in video surveillance to ensure nothing is missed is three seconds. That means we are sampling the video image every three seconds. If the TTFT is ten seconds, it takes too long, so the surveillance video could miss something. In preparation for the Sentinel demo, we will continue improving TTFT over the next five months to further reduce Gemini II's first time to response. What's exciting for GSI about these Gemini II preliminary benchmark results is that they demonstrate what compute and memory can provide for physical AI: faster time to first token and materially lower chip power. This will help enable a broader set of viable, cost-effective deployments. For added color, at CES 2026, there was a clear shift towards edge AI and physical AI systems that must make real-time decisions under tight power constraints. In that context, Intel noted that TOPS, the number of operations per second, does not tell the whole story. What matters more in edge AI and physical AI is real-world workload performance and efficiency. That is the takeaway for us as well. For edge inference, performance per watt and responsiveness matter more than peak training metrics. We are confident that our compute and memory APU architecture, designed to reduce data movement, is well-suited for power-constrained edge inference. Our near focus is to continue validating this with additional benchmarks and customer proof of concepts and convert that progress into design wins for Gemini II. To be clear, we are not trying to compete with folks at training and data centers. Our goal is to be a strong option for fast, low-power edge AI applications. Switching to the customer and product sales breakdown, in 2026, sales to KYEC were $1.1 million or 17.9% of net revenues, compared to $1.2 million or 22.7% of net revenues in the same period a year ago, and $802,000 or 12.5% of net revenues in the prior quarter. Sales to Nokia were $675,000 or 11.1% of net revenues compared to $239,000 or 4.4% of net revenues in the same period a year ago, and $200,000 or 3.1% of net revenues in the prior quarter. Sales to Cadence Design Systems were $233,000 or 3.8% of net revenues compared to $971,000 or 17.9% of net revenues in the same period a year ago, and $1.4 million or 21.6% of net revenues in the prior quarter. Military defense sales were 28.5% of third-quarter shipments compared to 30% of shipments in the comparable quarter a year ago, and 28.9% of shipments in the prior quarter. SigmaQuad sales were 41.7% of third-quarter shipments fiscal 2026 compared to 39.1% in 2025 and 50.1% in the prior quarter. I would now like to hand the call over to Douglas Schirle. Go ahead, please.

We reported net revenues of $6.1 million for 2026, compared to $5.4 million for 2025 and $6.4 million for 2026. Gross margin was 52.7% in 2026 compared to 54% in 2025 and 54.8% in the preceding 2026. The decrease in gross margin in 2026 was primarily due to product mix. Total operating expenses in 2026 were $10.1 million compared to $7 million in 2025 and $6.7 million in the prior quarter. Research and development expenses were $7.5 million compared to $4 million in the prior year period and $3.8 million in the prior quarter. The increase in research and development spending compared to the prior quarter is primarily due to the purchase of IP for the development of PLATO and associated consulting expenses. Selling, general, and administrative expenses were $2.6 million for the quarter ended December 31, 2025, compared to $3 million in the prior year quarter and $3 million in the previous quarter. Third-quarter fiscal 2026 operating loss was $6.9 million compared to an operating loss of $4.1 million in the prior year period and an operating loss of $3.2 million in the prior quarter. Third-quarter fiscal 2026 net loss included interest and other income of $3.6 million reflecting a non-cash accounting adjustment of $6.2 million for the change in fair value of the prefunded warrants and issuance costs of $2.8 million in the recent registered direct offering, and a tax benefit of $251,000 compared to $70,000 in interest and other income and a tax provision of $44,000 for the same period a year ago. In the preceding second quarter, net loss included interest and other income of $43,000 and a tax provision of $41,000. Net loss in 2026 was $3 million or $0.09 per diluted share compared to a net loss of $3.2 million or $0.11 per diluted share in 2026. For the prior year 2025, net loss was $4 million or $0.16 per diluted share. Total third-quarter pretax stock-based compensation expense was $783,000 compared to $429,000 in the comparable quarter a year ago and $856,000 in the prior quarter. Beginning this quarter, GSI is expanding the cash disclosures in its quarterly earnings release process to help investors understand the company's cash consumption and cash generation. Going forward, we will disclose the beginning cash balance, net cash used by operating activities, net cash used by investing activities, and net cash provided by financing activities. This will complement the condensed consolidated statement of cash flows included in our Forms 10-K and 10-Q. Cash flows for the quarter ended December 31, 2025, in thousands of dollars: Cash and cash equivalents as of September 30, 2025, were $25.3 million. Net cash used in operating activities was $7.9 million. Net cash used in investing activities was $296,000, and net cash provided by financing activities was $53.5 million. Cash and cash equivalents as of December 31, 2025, were $70.7 million. The increase in cash and cash equivalents as of December 31, 2025, primarily reflects $46.9 million in net proceeds from the company's October 22, 2025, registered direct offering. Cash used in operation activities includes spending for the development and commercialization of Gemini II and PLATO. As of December 31, 2025, we had $70.7 million in cash and cash equivalents compared to $13.4 million as of March 31, 2025. Working capital was $71.7 million as of December 31, 2025, versus $16.4 million as of March 31, 2025. Stockholders' equity as of December 31, 2025, was $83.6 million compared to $28.2 million as of the fiscal year ended March 31, 2025. Before I hand the call over to the operator for Q&A, I would like to provide the fourth quarter fiscal 2026 outlook. Current expectations for the upcoming fiscal fourth quarter are net revenues in the range of $5.7 million to $6.5 million with a gross margin of approximately 54% to 56%. Operator, at this point, we will open the call to Q&A.

Thank you. Please press 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. It may be necessary to pick up your handset before pressing the star keys. In the interest of time, we ask that you limit yourselves to one question and one follow-up and then return to the queue for any other follow-ups. Thank you. Our first question comes from the line of Quinn Bolton with Needham and Company. Please proceed.

Hi, guys. This is Robert Christian on for Quinn here. Congrats on all of the progress on Gemini II. I just wanted to ask, you also announced during the quarter a partnership with G2 Tech as well. You know, and you know, that application for defense. Maybe how important is kind of the defense applications for Gemini II? You know, how does that establish the capabilities of Gemini in sort of real-world applications? And can you speak to potential commercial uses beyond kind of drones and defense and how this may impact the business going forward?

Sure. So certainly, the military and defense area have been, you know, the sectors that we have had our early successes in. We have talked about it in the past. You know, we have had some of the SBIR wins with entities under the DOD or DOWS as it is called today, specifically with the Air Force, Space Development Agency, and US Army. We certainly have had some successes there in, you know, getting the message out. We have also talked about a SAR application, a board that we sent out to an offshore defense contractor for a Leo satellite for SAR in which they are, you know, doing their evaluation now. So, certainly, this is the area that has adopted our technology most quickly. And as you mentioned, with G2 Tech, it is really a nice partnership because they are able to actually bring a product using our subsystem APU to create a true product. In this case, like you said, a drone and camera surveillance system. Can you repeat the last part of the sentence or the question, though?

Yeah. I guess how much will be...

Yeah. Yeah. So good point. So the effort we are doing right now with this POC, you know, this time to first token and the whole GEMMA 312B, you know, lends itself to other applications outside of drones and unmanned vehicles, things like smart cities, things like robotics. And so, certainly, we will be able to leverage all the work we are doing now for this current POC with G2 Tech for these other markets as well.

For sure. Thanks for that. And just one more on you mentioned that government funding as a catalyst for 2026. Can you talk through maybe potential timelines of when you expect this funding to come in? Any other details that you have on that front would be great.

Yes. So for SBIRs, we have a continuous pipeline of submittals. So we have, you know, a handful right now that have already been submitted, and we are waiting for word on whether we have been awarded or not. And we have others that we are putting together. This is an ongoing process, and there are different levels. They fall under, you know, the classic SBIRs. There are also other areas like BAA, which stands for Broad Agency Announcement, I believe. It is trafficified. There are other programs where other fundings are involved. We are active in all those areas. Again, the benefit of this funding is it is non-dilutive. First and secondly, it allows us to get more exposure within the DOD elements for future business.

Great. Thanks. That is all for me for now. Thank you.

If you would like to ask a question, please press 1, and a confirmation tone will indicate your line is in the question queue.

Seems like there are no more questions from the investors. Thank you all for joining us. We look forward to speaking with you again for our fourth quarter and the full year fiscal 2026 results. Thank you.

Thank you. This concludes today's conference. You may disconnect your lines at this time. And thank you for your participation.