LightPath Technologies Inc (LPTH) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Light Path Technologies fiscal first quarter 2026 earnings conference call.

During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, November 11th, 2025, and the earnings press release accompanying this conference call was issued after the market closed today. I'd like to remind you that during the course of this conference call, the company will be making a number of forward-looking statements that are based on current expectations. Involve risks and uncertainties as discussed in its periodic SEC filings. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate, and there could be no assurances that the projected results will be realized.

In addition, references may be made to certain financial measures that are not in accordance with generally accepted accounting principles or GAAP. We refer to these non-GAAP financial measures. Please refer to our SEC reports in certain.

In certain of our press press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers, CEO Sam Rubin will begin today's call with a strategic overview of the business and recent developments for the company, while CFO Al Miranda, will then review financial results for the quarter. Following the prepared remarks, there will be a formal question-and-answer session. I would now like to turn the conference over to CEO Sam Rubin. Sam, the floor is yours.

Thank you, operator. Good afternoon to everyone, and welcome to another exciting quarterly update from LightPath Technology for our fiscal first quarter 2026 financial results.

LightPath is entering a clear inflection point. After several years of disciplined execution to transform our business from a component supplier into a vertically integrated provider of high value infrared optics and camera systems, we are now seeing that strategy translate into measurable commercial success.

The progress we have made is reflected in record orders, a growing systems backlog and increased customer adoption of our technologies. Since we likely have a growing base of shareholders and with them likely more new listeners on this call, I will take some time to describe where we have come from, which will help put in context the recent developments. Then I will talk about specific programs that are driving our record backlog, the strategic investment from ONDAS and Unusual Machines and upcoming growth drivers.

For decades, LightPath was known primarily for its precision optical components. As the photonics industry matured, the dynamics shifted, margins compressed, competition intensified, and value migrated up the food chain towards engineered subsystems and full systems particularly in infrared imaging, Recognising this, we realigned our strategy, beginning in late 2020, to move up the value chain, integrating our proprietary materials and design expertise into complete imaging systems where we could capture more of the value we create. At the center of this strategy is our proprietary black diamond chalcogenide glass, which we license exclusively from the US Naval Research Laboratory as a domestic alternative for germanium for use in infrared imaging. Black diamond enables us to produce infrared optics that are lighter, more affordable and and most importantly, secure from supply chain disruptions following China's restrictions on germanium export earlier this year.

By pairing this material leadership with the advanced infrared camera technologies gained through acquisitions of G5 infrared and Visit technologies, LightPath has become the only pure play company offering fully integrated infrared systems designed and manufactured in the West. Light Path has a sweet spot of going into subsystems or small systems, which we often call engineered solutions. Those do not require a large infrastructure of service and support as full systems do, but still allow us to capture much more value.

The combination of light paths materials and optics with our recently acquired subsidiary of G5 Infrared, which is an industry leading in cameras, is a case in point. G5 is known as the industry leader for long range infrared cameras. That was the case before we acquired them, not something we created. But, like all of their competitors, the G5 was facing supply chain challenges due to global geopolitics and primarily germanium and gallium, which are critical materials in their systems.

After acquiring G5 in conjunction with their team, we began an effort to redesign the systems to use our proprietary black diamond materials. By doing so, we are positioning ourselves now not only as offering the best cameras, but as the most reliable provider of cameras with supply chain resiliency that no one else can offer. And in August, we introduced the first Germanium 3G5 camera variant utilizing our black diamond glass.

These redesigned systems represent the first wave of a broader transition across our G5 camera portfolio and addresses a critical need among defense and industrial customers to eliminate reliance on Chinese controlled materials. Around the same time, we announced two significant orders for for our advanced infrared cameras an $18.2 million order for deliveries in calendar 2026 and shortly after a follow-on order for $22.1 million for deliveries in calendar 2027. Combined, these represent more than $40 million in contracted revenue. Reflecting both the strength of the underlying demand and the growing confidence in our ability to deliver.

G5 is a prime example of the values that we can derive from thoughtful acquisitions, being on track to double in size since the acquisition, with several strategic benefits, such as the implementation of Black Diamond in their canvass. Viamid was another fantastic example, bringing up the NGSRI missile program with Lockheed. I continue to believe that leveraging our strong industry knowledge and expertise for strategic M&A will continue to be an important tool in our arsenal going forward. And when we acquire a company, the resulting value is often far more than the sum of the parts.

Last quarter, we also announced a strategic $8 million equity investment from Hondas Holding and unusual machines during the quarter, two key partners driving the domestic drone ecosystem. Their investments are intended to help accelerate our commercialization roadmap, particularly focusing around uncalled infrared solutions for drone applications.

Beyond the financial contribution, this partnership also underscores Light Path's strategic relevance in the reshoring of advanced optical and imaging technologies to the US and Europe.

Altogether, these developments have driven our backlog to approximately $90 million more than 4 times the levels of just a few short quarters ago. Importantly, more than 2/3 of this backlog is now in systems and subsystems, validating the success of our move up the value chain. Mixed shift towards systems not only expands our margins but also deepens our relationship with customers who rely on Light path for critical capabilities and supply assurance.

With this background behind us, I would like to dive into some of the most recent wins and add some color and background on the announcements we have recently made. Several programs continue to anchor our near term growth, border surveillance and counter UAS applications, our long range zoom cameras are being deployed where our long range zoom cameras are being deployed across a wide variety of platforms, including mobile and stationary systems. And stationary systems designed to detect, classify, and tracks.

In fact, more than 15 million of our current backlog is for counter UAS applications. Turning to border surveillance, we now expect that there will be over 1000 new border surveillance towers installed, and we ultimately expect to win placement in the majority of those.

With prices of 150,000 to 250,000 per camera, one camera goes on each border tower. And like servicing two of the three border tower vendors, this could be an extremely material business for us in the coming 2 to 3 years. In the naval domain, the US Navy's SPAR program, for which we supply key infrared cameras to Elfre Harris, is advancing towards low rate initial production, positioning us for long-term revenue streams as the system is installed across surface vessels.

Also, our collaboration with Lockheed Martin on the Next Generation Stinger Replacement initiative also remains an important future opportunity, and I will talk a bit more about this in a second. That program is currently in testing and, if selected, could represent as much as 50 to $100 million of annual revenue while in full rate production.

Beyond those specific programs, we have a number of additional programs with potential for over 10 million in annual revenue from each, and we of course continue to see growing demand for our engineered lens assemblies designed to replace legacy germanium optics in thermal cameras and drone payloads.

While that part of the business cannot point to one specific program like we have with the long range cameras, there are a multitude of customers and programs that are continuing to drive very strong growth for the assemblies and optics part of the business. Also based on our black diamond glass technology.

With this rapidly scaling backlog and prospective customer list, scaling production will prove to be paramount. To that end, we are taking several strategic measures to position ourselves better for the robust growth that we believe our future holds.

Looking at our Texas facility, just next week we will be moving our team into a much larger facility intended to support the immense production volumes needed for the LOCEed NG SRI program, which we continue to be very bullish about. In parallel in Orlando, we are adding capacity for additional black diamond glass manufacturing, as well as for the first time, building, integrating and testing complete G5 cameras in Orlando, supporting the robust demand growth G5 is realizing. To oversee this, we've appointed Israel, Pierre Giovanno is vice president of manufacturing, a former luminal manufacturing veteran who will oversee the production scale up across our global footprint.

We also recently strengthened our corporate governance with the appointment of Mark Kahlo to the board of directors. Mark is a veteran defense industry executive with over 35 years of experience driving profitable growth and leading large organizations.

He recently retired as president of the Norop Grumman Mission Systems sector, a supplier of advanced sensing, processing and communication technologies for defense and intelligence customers with operations in the US and Europe. His guidance, leveraging an extensive background across government, military, private and public sectors and the relationships on the side of the defenses will help guide our vision forward.

In summary, the transformation of Light Path is now well under way. We are moving from components to systems and from commoditized supply to strategic technology leadership. We are replacing constraint China-linked materials with domestic scalable and proprietary alternatives. We are converting that differentiation into multi year contracts, strategic investments and long-term relationships with some of the most sophisticated defense and industrial customers in the world. With a record backlog, a growing portfolio of germanium free systems, and a recent strategic investment to help scale production, we believe LightPath is positioned to sustain growth and expand it profitability. The strategic work over the past several years is now delivering tangible assets, and we are expected to continue momentum through fiscal 2026 and beyond.

Now I'd like to turn the call over to our CFO Al Miranda to talk about our first quarter fiscal 2026 financial results. Al, please go ahead.

Thank you, Sam. I'll keep my review to a succinct highlight of the financials this quarter. As a reminder, much of the information we're discussing during this call was also included in our press release issued earlier today and will be included in the 10-Q for the period. I encourage you to visit our investor relations webpage to access these documents.

Revenue for the first quarter of fiscal 2026 increased 79% to 15.1 million as compared to 8.4 million in the same year ago quarter. Sales of infrared components were 4.3 million or 28% of the company consolidated revenue. Revenue from visible components was $3.8 million or 25% of consolidated revenue. Revenue from assemblies and modules were $5.9 million or 39% of consolidated revenue. Revenue from engineering services was 1.1 million or 7% of consolidated revenue. Gross profit increased 58% to 4.5 million or 30% of total revenues in the first quarter of 2026, as compared to 2.8 million or 34% of total revenues in the same year ago quarter.

The difference in the gross margin as a percentage of revenue was primarily due to certain non-recurring or end of life orders in the prior year period that had higher margins. Operating expenses increased 66% to $7 million for the first quarter of fiscal 2026, as compared to $4.2 million in the same quarter of the prior fiscal year.

The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spending to promote new products. Net loss in the first quarter of fiscal 2026 totaled 2.9 million, or $0.07 per basic and diluted share as compared to 1.6 million or $0.04 per basic and diluted share in the same quarter of the prior fiscal year. Adjusted EBITDA for the first quarter of fiscal 2026 was 0.4 million positive compared to an adjusted EBITDA loss of 0.2 million for the same period of the prior fiscal year. Although not perfect, we believe that adjusted EBITDA is a better indicator of core operating performance by excluding non-core, non-cash items. Cash and cash equivalents as of September 30th, 2025, total 11.5 million as compared to 4.9 million as of June 30th, 2025. As of September 30th, 2025, total debt stood at 5.6 million and backlog totaled $86 million.

Looking forward, our focus for fiscal year 2026 supports the business opportunities that SAM described. We have a detailed go to market strategy that we are funding to target key high growth areas. Our prior year investments in manufacturing are bearing fruit in terms of quality and on-time delivery, and in the coming quarters, I expect we'll see margin expansion as a result.

But with all the interesting accounting around acquisitions, we will continue to report adjusted EBITA in fiscal year 2026 as a helpful measure of financial success. Also, as Sam noted, we recently secured an $8 million strategic investment from Onus Holdings and Unusual Machines at $5 per share. We are truly fortunate that the quality of investors in the company and Ono and Unusual Machines are not only a continuation of quality investors, but in addition, they're a great strategic fit.

With that, I'll turn the call back to SAM.

Thank you everyone for joining us today. Before we move on to Q&A, just some closing remarks.

We are entering the next phase of execution and growth. The G5 integration is progressing, our record backlog provides visibility and we are scaling production to meet demand across defense, public safety and industrial markets. Our black diamond glass strategy is moving customers off germanium, improving supply assurance and total system value.

The strategic investment we received from Hondas and Unusual Machines supports increased capacity, focused hiring and the tools we need to deliver reliability at scale.

We see a real inflection point as our mix continues to shift from components to higher value systems and subsystems. The priorities are clear for the coming quarters shift on time and quality. Expand germanium-free product variants, harden the supply chain, and convert the backlog into revenue at healthy margin profile.

With the team additions we have made in the areas of manufacturing and engineering, we are set up to execute against a robust multiyear opportunity set. With a differentiated technology position and strong customer engagement, we are confident in our path to durable growth and increased profitability.

With that, I will now hand the call over to the operator to begin the Q&A questions session operator.

Thank you. We'll now be conducting a question-and-answer session. If you'd like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the keys. One moment please while I pull for questions.

Richard Shannon, Craig Hallam.

Well, Hi Sam and Al. Thanks for taking my questions. Congrats on a very nice quarter. Audio on my end here is a little tight or a little, dicey, so hopefully it's okay for you there. That said, I'll start with my first question here. Wanted to ask, about germanium and black diamond glass. Seeing some reports that maybe, China is opening up the window for acquisition of germanium outside the country. Want to see if you're seeing that and whether there's any different reaction or approach to germanium given that. And then also maybe as a follow on here, maybe you can talk to us about how fast You're converting your portfolio of cameras and subassemblies to black diamond and how fast you expect the customers to transition there.

Yeah, thank you. So, the germanium situation changes by the day, it's definitely very interesting, and we're following it. As far as we can tell, China is making it very clear that they will put a lot of effort to make sure it will not end up in defense applications. And so we don't think it will be very freely available. I can say this, pretty much every customer that has switched over from germanium to our black diamond or is in the process too.

Including a key customer that was just visiting here yesterday, mentioned that from their point of view, the disruption in supply chain was so big that they will not take a chance again with that. And so we believe that, people burnt once, so obviously far more careful. And even if China makes the material available now, everyone understands that the faucet could close at any point in time, at any moment, notice, and so people are already very careful. Additionally, I'll just emphasize again that our materials perform far better than germanium in many use cases. And so our struggle has always been convincing customers, getting them to the point of redesigning to use our materials instead of germanium, because once they did, the performance is much better, lighter, smaller systems, better throughput, you name it, lots of different reasons. Absolutely, germanium is still needed in many places, and there's room for both materials to coexist, but from what we can tell, most customers that have been switching over to black diamond will remain in black diamond even if the material is freely available.

In terms of our transition of our own cameras, it is more a question of resources. So we have many projects going on, and as you can imagine with the $90 million dollar backlogs we have comes also some engineering work and some modifications and so on, which oftentimes happen to overlap with the same resources that would redesign cameras. So I think our team is nearly done with one more redesign and working on some others. But until we hire more people for that, and we have quite a number of open positions that we're planning to fill for those kinds of areas, until we fill those positions, the priority is first of all on the short-term revenue delivering what we have now here and now before we put more resources into converting the cameras over.

Okay, that is helpful to hear. Thanks for that, Sam. Maybe just addressing the supply chain resiliency and capacity. You mentioned a couple, dynamics, specifically regarding Visumid. If you can describe where else you're having to work to improve capacity either from an internal capability or equipment point of view or with external suppliers and over what time frame do you expect that to be, improved or resolved?

Yeah, pretty much across the board. I mean, the growth we're seeing is in almost every aspect other than the old technology of molded optics that, we have a lot of capacity for and was sort of the, what light path used to do until a few years ago. Everywhere else we need to add capacity, so we need to add capacity of fabrication in our lattery operation and in Orlando. We're putting an enormous investment into glass capacity, and even the investment we're making, I feel sometimes is not enough. We're already getting booked as soon as we have capacity.

We have seen some constraints on some of our vendors, primarily the detector companies are making the focal plane arrays that go into cameras. Some of them depend on germanium and And we worked with them to either replace the germanium or solve some of their problems, and some of them are just seeing a very high growth in some of their new products which are what we're using oftentimes. So we work with our vendors for the focal plane when needed, but other than the focal plane, pretty much everything else is vertically integrated and we controlled internally or we kill it.

Okay, perfect. Good to hear. Maybe one or two quick, numbers questions and I'll jump out of line here. I guess, September quarter results here, sales are very nice, well above what we had in our model. Obviously you didn't give any guidance there, but any thoughts as to how you'd like us to think about, sales progression in the December quarter would be a great help here. And then, well, how do we think about the EBITDA to follow through on that as well?

So Richard, obviously we're not going to give any guidance, we're happy to see where we came in this quarter. We would like to see that number again, so, that's what we're shooting for in Q2. But I think from an EBITDA perspective, we were positive this quarter. It's a good sign, and that will continue.

Okay, perfect you know guys, I will jump on the line. Congratulations keep up the good work.

Thank you.

Thank you.

Glenn Mattson, Laydenberg Thalman.

Yeah, hi, thanks for taking the questions. Sam, I think in the past you said that NGSRI would be like potentially a fall of 2025 award or maybe first Q calendar 26. Is that still your expectation? And I guess you the second quarter that that you talked about the, upgraded Texas facility that that services that contract. So I don't know if you're if you're trying to signal high confidence there or if you can clarify that, that'd be helpful as well.

Sure, so, nothing has changed other than the government shutdown continues, or any timeline related to anything government is up in the air. There was hoped that early fall or in fall 2025, there will be a down selection. However, quoting just what it said publicly, In different publications, Lockheed has been ready for flight tests, and Raytheon was saying that it would be in late November or December that the units will be ready for flight tests. So this was said publicly and by both companies. So clearly a down selection cannot happen if both units aren't ready for full testing yet.

We are making that investment in conjunction with our customer with Lockheed Martin. For a few reasons. One, they're very bullish about this, and so are we. Secondly, these, systems of what will be building there can be and is used in more programs other than just NGSRI. And actually in Lockheed, we're already in a few, a couple of other programs that are needed. Thirdly, most importantly, if, or hopefully when Lockheed Martin wins, everyone is going to want to scale up as quickly as possible. So making a small bet now, and the bet is both by Lockheed and us, shared costs, making a small bet now could pay off big time later on if we are awarded. If we don't do that, then we'll be at a pretty stressful point come the award.

Oh yeah, it makes sense. On the gross marginal you talked about it being. Impacted year over year, but, also just given the growth in systems and modules and that being a high margin business, can you say, just perhaps. It maybe it could have been even stronger this quarter or or you know with the 2/3 backlog and systems and modules maybe just directly you know can you remind us of where you think that's going medium and long-term.

Yeah, so I mean we want to step up from here, Glenn, to, 35 by the end of the fiscal year march up that ladder this quarter we sold a lot of IR components. It was a high sales number which is typically lower margin, so we had a sales mix that sort of brought down what would have been, a higher than 30%, gross profit. I'm. When that kind of event happens, I'm not terribly worried in terms of the percentage, I flip back and I look at the dollar and I think, okay, we did well because we exceeded where we thought we were going to be from a revenue perspective on the IR side so I'm like, alright, that works for us, the we budget sort of a mix and then, this the mix changed a little bit compared to budget, but, pretty satisfied, where we are at Q1.

Okay, thanks, and the last thing for me is a couple of times the call you mentioned. Scaling operations and, just wonder what that means in terms of OpEx, if you're trying to signal some increased investment there.

No, I don't think we're going to have a major impact to OpEx. We'll continue, more or less like we thought for fiscal year '26. The OpEx is basically for moving things around. The capacity in some areas like SAM mentioned in Glass, for example, that's more CapEx, right? We already have the space, so. It's not, we don't have to do a build out or or anything like that, so we have the room, but we just have to buy, more furnaces, for example, to produce more glass. We already have molding capacity so we don't have to spend a tremendous amount there and then when we talk about cameras, systems, subsystems. Those workstations and work lines are to expand them are relatively inexpensive.

It doesn't cost millions of dollars for capital equipment. It's tens of thousands of dollars for assembly stations, and we are going to rationalize the footprint in the United States. We're going to move things around a little bit, to maximize the entire footprint on the assembly modules and, systems.

Okay, great, thanks for all that color.

As a reminder, if you'd like to ask a question, please press star one on your telephone keypad.

Jaeson Schmidt, Lake Street Capital Markets.

Hey guys, thanks for taking my questions. Sam, just want to follow-up on your comment on these, $10 million dollar plus annual revenue opportunities. Curious how many of these sort of eight-figure deals you have in the pipeline.

That's a great question. I need my fingers now to count them, but, I'd say, probably about 7 now. We've been at a steady 6 for a while, but I think we have, 1 or 2 being added, maybe a bit early stage on some of them.

The counter UAS expects that to grow quite a bit, and we are at least in two different counter UAS programs. Only one of them is currently in the backlog. So I'd say 7 or 8 programs like that.

Okay, that's helpful. And then just, going back to gross margin, I mean, would we expect any sort of noise in the gross margin line with these capacity expansion plans here in the December quarter?

I don't think so. I don't think so. The way we modeled it out, it should not be. We should still see, we should see improvement in margins.

Got you. That's helpful. And then just the last one for me, and I'll jump back into queue looking at that backlog number, obviously really impressive. I think, at one point, G5 was about 2/3 of that backlog. Is that still the case?

Pretty much, I think. I mean, it's ebbs and flows And comes up and down, and I think G5 part is pushing product out much more aggressively now, so, but still about 2/3, yeah.

Okay perfect. Thanks a lot. Guys.

Thank you. Technically it's like. 60.

Oren Hirschman, AIGH Investments.

Hi, congratulations on another quarter of tremendous progress.

Thank you.

Let's see, in going back to the question on those other potential awards, of decent size awards, can you just go back and just what's go through what's really driving it? Is it the, the long range infrared cameras? What are behind most of those deals if there is, if there are one or two trends that are noticeable?

Yeah, most of them are around the black diamond glass. So whether it's the Apache program or whether it's an additional defense airborne program that we recently talked about, all of them are around the uniqueness of the black diamond glass, not even replacing geomania, but just improving, drastically improving the performance of existing systems. So this is sort of the, has always been the major selling point of those materials is you can improve performance even of existing systems. So with things that come to fruition now. Others that are a bit earlier stage of, no, sorry, the counter UAS is also at a fairly advanced stage. And those are pretty big ones. They come in in big numbers because they are the long range cameras at times, mid and long range cameras. And then, earlier stage ones are much bigger system programs like related to Golden Dome or satellite programs or things like that will take a long time but have very large numbers tied to them.

In terms of, the long range cameras for spotting drones and UASs, yeah, has, is there any other technology that's crept up that could spot? Them from the same distance or without using, without having to use, frequency, radio frequency.

So even if you can use radio frequency, you still need the visual part for validation. So, the key here is, you, you're about to shoot something down, you have to be a million% sure that you're shooting the right thing down and not just something because it's flying there. So, a visual validation has, is becoming a must for any system that needs to kinetically or otherwise take down something. And so even when you can use the radar and you would have no problem turning it on because, you're in your own territory or whatever, you still have to have that visual validation. Visible cameras are very limited in range, but also, of course, can't work at night, can't work in certain weather conditions, and so on. So I don't know of anything other than a thermal camera that can give you that absolute validation when you see something using any other system, whether it's radar, acoustic, electronic signals, and so on, to validate that you're going to shoot down the right.

This is a question I've never asked you as a company. The systems that are being shipped, are they primarily just to the military directly, or to the, are they actually to customers that are integrating them into systems that actually do the defense and try and take always.

Always to integrate it. I don't think we've shipped systems directly to military, definitely not on the long range cameras. We have some direct military programs on. Optical assembly side, but not on cameras. Cameras currently all go to integrators. They could be defense primes like Lockheed Martin, Raytheon, Booz and Booz Allen. They could be much smaller companies that are integrating. They could be remote weapons systems where, sort of automated systems to shoot drones down, but there's always some level of integration afterwards.

Okay, just two more questions if I may. Those systems that do the integration, do they actually integrate in such a way that the drone is kept under surveillance from your system and it actually has to do the calculations and help in terms of the countermeasure that's being done?

Yes, absolutely. Systems are integrated into pan tilts or moving controls that are then tracking the drone, and oftentimes from the data you collect from the cameras, there's quite a bit of calculations you can do. Simplest is the Azimuth and even distance. In other extremes, you can calculate some atmospheric conditions, including even wind speed in some cases, using the information from the camera. And our customers, the integrators do exactly that.

Okay, and the last question is, the, on the missile program, are there other missile programs that need the same level of sophistication that are in any stage of discussion or anything moving along through the pipeline?

Yes, we have two more missile programs that our, technology is being integrated into.

Are are those actually clear that those programs are going to go into production? Have you talked about those programs?

No, it's a bit, they're much earlier on than than the NGSR program, but on the other hand, we don't, the last two years in which we spent developing a product that passes all environmental and and G force acceleration and all of that, that's behind us. So now we come to every program, every new program like that with the credibility already of having developed something that passes all of that. So, the earlier stage, but our time in those programs will be much faster.

And one last question if I may, just a housekeeping question, is there, do you happen to have handy a non-GAAP OpEx number? Pulling out the Christian related charges.

No, we don't.

We don't.

Okay, I'll do that offline.

Okay. Thank you all.

Thank you. There are no further questions at this time. This does conclude today's conference. We thank you again for your participation. You may now disconnect your lines.