TOMI Environmental Solutions Inc (TOMZ) 2025 Q4 法說會逐字稿

Good day and welcome to the TOMI Environmental Solutions, Inc., 2025 financial results conference call.

(Operator Instructions)

It is now my pleasure to turn the floor over to your host, Zach Nevas from IMS Investor Relations. Zach, the floor is yours.

Thank you for joining us today for the TOMI Environmental Solutions investor update conference call.

On today's call is TOMI CEO and Chairman, Dr. Halden Shane; EJ Shane, our Chief Operating Officer; and our Chief Financial Officer, David Vanston.

A telephone replay of today's call will be available, April 7, 2026. The details of which are included in the company's press release, dated March 31, 2026.

A webcast replay will also be available at TOMI's website, www.steramist.com.

Certain written and oral statements made by TOMI may constitute forward-looking statements, as defined in Private Securities Litigation Reform Act of 1995. These forward-looking statements should be evaluated, in light of important risk factors that could cause our actual results to differ materially from our anticipated results.

The information provided in this conference call is based on the facts and circumstances known at this time. Please refer to our filings with the SEC, including our 10-K for the year ended December 31, 2025, for a discussion of these risk factors.

The company undertakes no obligation to update these forward-looking statements after the date of this call.

I will now turn the call over to TOMI CEO and Chairman of the Board, Dr. Halden Shane.

Thank you, Zach. Thank you for joining us for our 2025 earnings report today.

I am pleased to share our full-year 2025 results and, more importantly, our perspective on where TOMI Environmental Solutions is headed.

While 2025 was a year that tested our patience, it was also a year that validated our technology; deepened our customer relationships; and positioned us to execute on a meaningful revenue opportunity in 2026 and beyond.

I want to walk you through the highlights with optimism I generally feel, as I review the progress our team has made:

The SteraMist Integrated System, which is our SIS platform, achieved its first commercial installation at a leading CDMO in June 2025. The milestone proved our concept. By year end, we had four fully operational SIS-enclosure installations.

We closed the year with a signed purchase contract of $500,000 for a global biopharmaceutical leader in December for integration into sterile manufacturing pass-through fill boxes. In the same month, a leading cell-and-gene therapy manufacturer adopted SteraMist iHP for a commercial-scale pharmaceutical facility, a landmark win in one of the fastest-growing sectors of life-sciences manufacturing.

We were selected by NASA Johnson Space Center for a biosecurity operation. They have continued to express satisfaction with our technology's performance.

We deployed critical resources to support wildfire recovery efforts in the California communities, demonstrating both our civic commitment and our operational agility.

We secured a bid from a leading university in Rhode Island for our CES technology. That project has been completed and awaits factory testing.

In the eye-health sector, one of our most prominent new platinum customers onboarded in Q1 2025 has grown to two active facilities, each using five SteraMist machines for sterilization procedures. A third site in Berlin, Germany is set to commence trials in June of 2026. This customer also operates under an open monthly-bid solution order, exactly the recurring revenue model we are building.

Our OEM partnership strategy is gaining serious momentum. Relationships with PBSC, ESCO, and Steelco are embedding iHP directly into clean-room enclosures, pass-through hatches, and biosafety cabinets at the point of manufacture, creating a scalable distribution channel that expands our reach without proportionally increasing our direct sales cost.

We successfully completed our first collaboration project with partner PBSC, the iHP pass-through, which exceeded decontamination cycle-speed expectations and generated strong customer feedback. We have already begun a second PBSC project.

We expanded into the agriculture industry through our partnership with AlgaFeed, who has committed to acquiring additional handheld units before the end of 2026 in food safety.

The FDA's late 2025 approval of hydrogen peroxide as a direct food additive for multiple uses, including as an antimicrobial and bleaching agent, is a watershed regulatory moment for us. We are now engaged with significant partners, including Danone and Nestlé; and are actively winning bids, both directly and through service providers.

SteraMist iHP is demonstrating real-world efficacy across a wide range of food-processing environments. We are actively pursuing a food contact notification, or FCN, and have identified two specific opportunities to enhance our efforts on a tailored FCN for powdered infant formula, which comes at the request of an existing customer.

Additionally, we are awaiting approval of our [Dash four] label from the EPA for our cannabis industry and other requested markets in our Food Safety division. We also plan to submit a [Dash five] EPA label, based on the studies conducted with Plum Island, as previously announced.

A landmark USDA study confirmed BIT's efficacy against deformed wing virus for agricultural biosecurity in honeybees.

In 2025, SteraMist was honored with the Disinfection Decontamination Products Company of the Year Award by MedTech Outlook.

We achieved compliance recognition across three safety vendor-management platforms and are in the process of adding a fourth to support two ongoing integration projects at a well-known Baltimore hospital.

Our customer service team is actively transitioning our larger base to open-order policies for support-service offerings and BIT Solution orders.

The backlog of our orders for support services is up 16%.

BIT Solution is up 24% in the first quarter of 2026 compared to the same period last year, providing early and compelling indicators of increasing recurring revenue trajectory we are building.

To our long-term supporters of our technology and company, we are pleased to announce that we're finally receiving approvals from the HSE and the BPR submissions. We are now officially recognized in the United Kingdom, including Wales and Northern Ireland, as well as in the Netherlands. The recent approval in the Netherlands strengthens our confidence that other EU countries will soon follow suit.

Our heart-monitoring device project is nearing completion and is scheduled for factory testing next month.

We are preparing to introduce our iHP device to the US markets through the appropriate regulatory pathways, including the FDA 510(k) pre-market notification process, once testing is finalized. The success of receiving the FDA 510(k) means that we'll finally be able to go after the entire ethylene oxide-sterilization market.

The global ethylene oxide market was a $5.29 billion market, last year. Key growth factors is a rising demand for sterilized medical consumables and improved healthcare infrastructure, particularly for hospital, labs, and surgery centers.

Our technology is protected by more than 30 utility and design patents through 2038; and is deployed in over 40 countries.

We are entering 2026 with operational momentum, growing recurring revenue, expanding global customer base, and a clear strategy to drive sustainable growth.

Our focus remains on execution: converting our pipeline into recognized revenue, while continuing to advance the technology platform that makes all of this possible.

The pipeline that we have is the strongest we've ever had. Our first-quarter 2026 revenue is greater than our first quarter of 2025.

I will discuss some details in my conclusion today. But our entire opportunity book for integration projects remains at $16 million. The entire SteraMist iHP opportunity book is currently at $20 million.

However, first, I will now hand the call over to our Chief Financial Officer, David Vanston, who will provide an overview of the financial results for the full year ended December 31, 2025, compared to the same period in 2024. David?

Thank you, Dr. Shane.

I will now walk you through our full-year '25 financial results.

Our complete audited financial statements are included in the Form 10-K we filed with the SEC and in today's press release.

Revenue for the year ended December 31, 2025, was $5.6 million compared to $7.7 million in '24. The decline was driven primarily by the timing of customer equipment purchases. Service revenue remained relatively stable year over year, which we view as an indicator of the durability of our installed base.

Gross margin improved to approximately 55%, up from 46% in '24, reflecting lower cost of sales and a reduction in inventory reserves compared to the prior year.

Total operating expenses were $6.9 million, down approximately 10% from '24, reflecting disciplined cost management.

The net loss was $3.7 million or $0.19 per share, an improvement from a net loss of $4.5 million or $0.22 per share in 2024.

We ended the year with approximately $88,000 in cash.

Working capital was approximately $1 million.

We used $1.2 million in operating cash during '25, an improvement from $1.4 million in '24.

We have taken steps to address our liquidity position, including a $535,000 convertible note raise during '25; a $20 million equity line of credit with Hudson Global Ventures entered into in November '25 -- from which, we have made our first draw, approximately $94,000 in February '26.

We've done an effective S-3 shelf registration for up to $50 million. We've engaged Bancroft Capital to explore additional financing options. I encourage investors to review our Form 10-K in full.

I will now turn our call over to our Chief Operating Officer, Shane, to discuss upcoming business highlights.

Thank you, David.

As Dr. Shane highlighted earlier in the call, we are actively focusing on open BIT Solution orders and annual service offerings, leading to a higher open-sales book metric.

This initiative stems from our growth in personnel and operations, along with our enhanced comprehensive training program that prioritizes continuous recertification. This strategy not only elevates customer standards for implementation and safety; but also has the potential to drive additional revenue and foster deeper product adoption in the future.

The sales performance of support services and BIT Solution sales are expected to exceed 2025 levels, as evidenced by the increase of 16% in the backlog of orders for TOMI support services and an increase of 24% in BIT Solution backlog of orders for the first quarter of 2026 compared to the same period last year.

Dr. Shane also provided updated information on 2025 announcements for just a handful of customers. This includes anticipated orders from our aquaculture customer; a completed custom-engineered system, or CES, for the Rhode Island University; two iHP chambers for the biopharmaceutical partner; a second order with our partner in Malaysia; and a third location in Berlin, Germany for the eye-health company, which we expect will proceed with the same standard operating procedures as the first two sites.

We anticipate approximately $3 million in sales among these five customers and the trends in support services and BIT Solution sales for 2026.

It's important to note that this projected $3 million in revenue includes approximately $920,000 that overlaps with the $3 million integration pipeline announced on November 26, 2025.

When factoring in our iHP deployment services, which generates over $1 million consistently, we can confidently state $6 million in revenue, just among five customers and three revenue streams for 2026.

To date, approximately $800,000 has been recognized from the November 2025 $3 million integration pipeline. This amount originates from 10 distinct customer orders. Of these 10, seven customers have formally placed the order.

We anticipate final approvals from the remaining three accounts. We have added four more integration projects moving towards CapEx approvals since the November announcement, which is anticipated to contribute another $2.3 million to our active, immediate integration project pipeline.

Our East Coast distributor, ARES Scientific, has been instrumental in securing multiple university wins for our SIS platform.

We're actively collaborating with [VWR Vantage], engaging with all case managers and overhauling marketing initiatives with them.

We are prioritizing the ongoing education and engagement of our international partners, investing in them to promote their own long-term customer base, instead of expanding into new regions.

This strategic focus, coupled with recent regulatory approvals, is expected to support our growth and positively influence our revenue.

For example, we have successfully received HSE approval and announced a preferred partnership with Total Clean Air, or TCA, in the United Kingdom, where we recently completed factory testing on a custom-engineered project that they brought to us.

TCA has also invested in mobile equipment in quarter-one 2026 to support their demonstration and service deployment capabilities.

The food safety sector is also beginning to gain momentum. We're receiving valuable referrals and case studies from our current clients.

This industry uses our SteraPak product or requires custom applications, indicating that we are still in the early stages of realizing significant revenue.

Additionally, there remains much work to be done on the regulatory front. For example, Nestlé's pending expansion waits for other international registrations, outside the ones received in the European Union.

One of the most exciting developments comes from our longstanding relationship with DisinfectCARE, which has secured a service contract at a major dairy facility in Mexico.

Following customer-specific testing and studies conducted on-site, SteraMist iHP not only demonstrated its efficacy but also showed the preservation of cheese quality, a key finding that strengthens our credibility and serves as a valuable referral for other new customers.

In summary, we are now making strides across a diverse range of sectors in the food industry. We are using cheese, eggs, coffee, ice cream, consumer packaged goods, cannabis, nutrition, vertical farming, pet food, food ingredient suppliers, refrigerated foods, and specialty ingredient suppliers. This broadening of our market presence positions us well in the industry.

Another significant area of focus for us, which we believe is expected to see returns in 2026, is the biological safety cabinet, or BSC, industry, particularly regarding our service providers and the SIS standalone system.

We have developed the necessary accessories and protocols for treating all classes of cabinets, a progress required, as we prepare for [NSF] approvals this summer. Currently, we have certified service providers utilizing our SteraMist iHP technology, including Triumvirate and MarathonLS on the East Coast, as well as HEPA in Canada.

On April 2, we conduct a key demonstration with one of the most recognized providers in the industry, who operates multiple locations across the United States.

Triumvirate hosted a webinar this quarter, where they showcased how iHP technology outperforms key competitors in the market, including Spor-Klenz, formaldehyde, and Vaporized Hydrogen Peroxide. This webinar was well-attended, attracting approximately 250 participants.

Ultimately, our goal is to enable these service providers to compete effectively by incorporating iHP technology into their offerings for BSCs. They appreciate this innovation because it allows them to complete more treatments in a single day compared to older technologies.

In addition, we maintain a robust intellectual property portfolio; CE and UL listings; and are preparing to pursue USP 1072 material efficacy, which will expedite our sales process in the life-sciences market.

Furthermore, we are committed and continue to conduct customer-specific studies that help us secure contracts and maintain the client roster we hold, such as those highlighted today.

I will now return the call back to our CEO, Dr. Halden Shane.

Thank you, EJ.

I want to take a moment -- maybe even more of a moment -- and express deep appreciation to majority of our shareholders who supported us and have believed in our mission through our highs and lows. You are the majority and our long-term investors. Thank you for supporting our team and, most importantly, believing in our technology and products.

I believe, at the start, we all knew this was not going to be easy because we're creating a new standard in many industries. It's very hard to accomplish. Being undercapitalized makes it even harder. But we are on the verge of accomplishing the impossible.

To the handful of naysayers, we believe we'll be able to earn your support. We continue to execute a deliberate strategy to expand our operations and improve our financial performance. If not, then maybe it's the wrong company or you need to see a professional.

It was a tough year for us, from the financial perspective. But we remained focused the whole time on the future. In my eyes, there are no excuses. But there were definitely roadblocks. Those roadblocks included DOGE; tariffs; working capital; and, recently, the war.

We chose to become the standard in the pharmaceutical, life sciences, and university vivarium market. Unfortunately, some of the negatives of becoming a standard in that market is the perfect storm that occurred in 2025.

Like there was panic buying behind the 2020 COVID, there was a lack of buying in the 2025 due to the reasons I stated above.

We just recently received an e-mail from a major university that everybody knows on the West Coast of the United States. They were putting off a purchase till the end of 2026. The reason they had to postpone the purchase was because of DOGE; tariffs; and political uncertainty, including the war.

Also, that person stated there was an uncertainty, maybe, about her job.

No matter. We are a team. We can overcome situations like that. I can assure it's all temporary.

The university will purchase this year, even if it's a new professional in that job position.

I did a review of our stock over the last 10 years. I choose certain points because it was approximately when we received our hospital healthcare EPA registration and had marketing in place. The key metrics are pretty amazing.

In 2014, revenue was about $2.2 million. Our stock price was $2.16. Our major clients was a Panamanian hospital and a group in Mexico trying to sell to Mexican hospitals.

In 2020, we had a banner year. Unfortunately, it was due to the pandemic. We did $25 million. It demonstrated that we're capable of handling that volume of business. It did take away from the focus on the life and the science industry, pharmaceuticals, et cetera. Most of that was temporary panic buying. Our stock price was $4.57.

In 2024, our revenue was approximately $7.7 million. Our client list was pretty impressive compared to 2014. Our stock price ended up at $1.05.

The next year, 2025, our sales was $5.6 million. The sales that we could recognize as revenue, obviously, as you know, the sales were much higher, as we stated, provided, in our pipeline, with open, significant orders for the first time, moving across into 2026. As stated previously, we were confronted with tariffs, DOGE, political uncertainty. We closed the year with a stock price of $0.78.

Now, we're in 2026. It looks like our first quarter, which includes recognized revenue and open orders, could be $3 million or higher. Not sure how this ends up playing out later today. But, for sure, we're beating our first-quarter 2025 revenue in the first quarter of 2026. Our stock price is around $0.55. We estimate our revenue for this year will be around $12 million, barring any unknowns.

In 2020, we did a reverse split. Today, that $0.55 comes out to be about $0.0688, pre-split.

Here's a short list of our current clients: Pfizer, Merck, Thermo Fisher, Fresenius Kabi, Allergan, Boehringer Ingelheim, Catalent, CSL Seqirus, ITH Pharma, Nestlé - Purina, Mead Johnson, Ziegler, Simplot, Perdue AgriBusiness, Kindred Health, Mercy Health, Novant Health, St. Jude Children's, Gila River Health Care, FDA, USDA, CDC, NIH, DHS, USAMRIID, Amerton, ESCO, Telstar, Tecniplast, ServiceMaster, First Onsite, Avantor, Tecumseh.

In retrospect, do you think a company like TOMI with that list is worth $0.0688 only? My point here is our stock price was $20.14 when we had two customers, one in Panama and one in Mexico.

I remember a statement from a very successful person, Warren Buffett: Be greedy when others are fearful. That statement couldn't be truer today about our company.

I choose to run this company, making a decision that many CEOs will never make. That's because it hurts before it pays. I stopped relying on easy sales and one-time equipment; and built something from a more potent recurring control over how customers operate.

The shift does not show up cleanly on quarterly charts. It shows up as a service revenue climbs and consumables replace capital purchases.

Our customers stop buying. They start depending. That is where the game changes.

We are not growing very fast. But we are growing very smart. Our company has moved from episodic revenue to embedded revenue.

Before a deal closes, the relationship reset. Not every deployment creates a tail. More usage, more replacement, more service.

This is not a product business anymore. It's a system. Recurring revenue isn't about stability. It's about control.

Most executives say they want predictable revenue. What they actually want is predictable revenue without sacrifice. We took the hit up front. Volatility increased. Revenue looked uneven. Margins had to be rebuilt. But, underneath, the engine changed.

Short-term policy facilityl is often the price of long-term dominance. Instead of building expensive infrastructure to scale globally, we use distribution channels and partnerships to expand and reach without expanding costs.

International revenue became a large slice of the pie without dragging down the balance sheet. That's not expansion. That's leverage we used. Scale without cost is the cleanest form of growth.

At the same time, we wanted the business towards higher-margin solutions and services. That's our razor-blade model: not louder, not last year, just better economics.

The following current numbers could possibly change. But the point I want to make is that, at this moment, our economics, of course, is, first, based on sales of equipment revenue. But our scaling and cleanest form of growth is solution sales, support service, and iHP in-house service

Quarter one of 2025, we did $299,000 and change in solution sales. In quarter one of 2026, at this moment, our solution sales are $429,413.

As far as support services in quarter one of 2025, we had $73,279. Currently, in the first quarter of 2026, we have $253,390 in support services. These are such things as training, certifications, qualifications, validation, cycle developments, installations, et cetera.

The third part, iHP service. In the first quarter of 2025, we had $439,386. Currently, with invoiced and open orders, we have a total of $729,440.

Margins improved. Mix improved. The business became more resilient without announcing it.

We were able to figure out how to achieve success by having money actually compound. Do you keep chasing revenue to reset every quarter? Or do you endure short-term pain to build revenue that compounds without permission?

That decision defines whether you're playing offense or playing survival. We didn't eliminate risk. We repositioned it. In doing so, we created something more valuable than growth. We created dependency.

In a world chasing speed, we chose structure. Structure wins.

I can't take the credit for all this writing. I want to thank Joel Block for understanding how we have created this company and understanding the suffering we've gone through.

Once again, I want to thank everyone for their long-term commitment and support for a small team of 20 working endlessly to achieve all the goals.

I also want to thank our creditors, who've been super, as we go through the stage of growth. At the end, (inaudible) the warriors that have helped us achieve success.

Also, I'd like everybody to pray for our brave soldiers that are in a difficult situation.

To all that are listening, we're excited about what's ahead.

Operator, let's open the call to questions.

Thank you. At this time, we'll be conducting a question-and-answer session.

[Carl Wright, Lone Pine Capital].

Great. Thank you for taking my questions.

Sure.

First question: Could you provide some more insight into the global opportunities you mentioned in the quarter?

EJ?

Yeah. Hi, Carl.

Certainly. The first of the EU registrations on the submission we did came in so we expect many other EU states to follow suit within the next upcoming months.

With that, we have been positioned with current relationships and distributors from Poland, Germany, Netherlands, that have been around our technology and really educated to be able to take on the opportunities that have been waiting for just that registration.

Just as the UK did once the HSE came through earlier in this quarter with bringing on TCA and quickly being able to fulfill our first custom-engineered system, I see that happening with the other regions in the EU.

Got it. Congratulations on bringing down operating expenses by 10%.

Could you provide a little more color about how we should think about operating expenses in the business, just going forward?

Sure. David, go ahead.

Sure. I think there are -- again, as Dr. Shane mentioned earlier, as we grow we, will have to invest into our operating expenses. But we already have leverage in it so we do not expect to see a significant jump in our operating expenses.

If you're going to model it, you would model it as a percentage of revenue growth. I would say it would slightly decrease, as we grow as a percentage.

Got you. Okay. That's helpful. Thank you very much for taking my questions.

Welcome. Thank you.

(Operator Instructions)

[John Nelson], Private Investor.

Hi. Thank you. Several questions.

Sure.

First one.

Go ahead, John.

I'm one of those long-term investors that --

I know you are.

-- is confident that, over the years, you're going to deliver. Thank you.

I know you are.

Thank you for your efforts.

I thank you for your help.

You're welcome.

First question is: You mentioned in the press release, in '25 versus '24 revenues, customers deferring capital expenditure projects due to uncertain economic environment, with the impact of tariffs and Middle East crisis.

Are you seeing any signs of -- you must be seeing some signs of it improving because of your first-quarter comments. But are you seeing any of those customers that were deferring CapEx projects starting to move on them?

We are.

Okay. And the, the BIT Solution revenues for '25 versus '24, can you provide any details on the comparisons there?

Sure. Are you talking '24 versus '25 or '25 versus '26?

No. '24 versus -- or '25 versus '24.

Okay. EJ?

Yeah. There is the increase in the solution between '24 and '25. We're seeing that continue into '26.

A lot of it has to go in with Dr. Shane's closing and this move into open orders.

This came in tandem -- about one-and-a-half years ago, we mentioned a big push on different support services. Having us be able to go on site and speed up the use of our technology and qualify different areas, we're able to predict how much solution they're going to be able to use.

That, in essence, is now finally starting to pay off, with them purchasing the orders that they need in advance and just get into more of an auto shipment.

That's the goal. It's starting to come into play. It started at the end of 2025. It's moving into this year, as well. That's the big difference.

The two -- why it's referenced in the script that way is 'cause they go in hand. Our support services and our BIT Solution are definitely together in trends.

Okay. And then, are most of your customers in 2025 using significantly more BIT Solution than they did the prior year?

Yeah. Definitely. There's always some fluidity to it because you'll have our service provider shift if there's -- the fires produced a lot of solution in Q1; different decommissioning of buildings.

If they get large service contracts, then this definitely increases our solution. That's a little harder to predict.

But when we're able to go in and qualify different spaces -- or similar to the eye-health company, where we know how and exactly where they're using the equipment -- that's a little easier.

The Q1 of last year, certainly, was due to some emergency use. There's definitely an increase in solution.

Okay. And then, can you provide any more details, as far as how the application would be used to deal with the Wing syndrome for honeybees?

We have the study. We've done a few other lab-type studies. It's definitely a good use. We're looking and are still speaking with a local university on trying to get live use case.

Once we're able to re-establish that in actual application use, it will proceed from there.

John, I've reached out to the associations -- the honeybee associations -- domestic, globally. I've reached out to the Board. I've yet to get a reply -- with overwhelming evidence of what we can do and how we can help the pollinators around the world.

Right now, I'm reaching out to the Department of Agriculture to see if they can't help or, at least, get this technology in front of somebody that wants to make a change.

Okay. You had mentioned briefly the use for treating marijuana plants?

Right.

Mites. Is it mites? Or is it for the powdery mildew?

It's for powdery mildew, funguses, on the plants.

Okay.

We have an EPA label we're trying to get from the EPA, just for that.

Is it Dash four, EJ?

Yeah. That's correct, Dr. Shane.

Okay. But, currently, you're not getting any revenues yet from that particular type of usage, correct? Because of your need for the EPA label.

I think EJ can answer that. I think there were some --

Yeah. We have a handful of customers.

With them, it's scaling up. Right now, they're doing a lot of handheld treatments.

But we do have a good partner that is promoting our product; and even some international interest on the treatment.

We do have some live use, which is great. That usually is the first step.

Okay. Good. One thing that I've been curious about is -- whether you've explored or thought about exploring it -- is uses of SteraMist in the military.

I was thinking about it, with regards to the Middle East crisis, with all of the Navy ships in the Gulf and how people are crowded together.

It's got to be a potential breeding ground for germs and potential infections transfer. Have you explored that, at all? or ever talked to the Navy about possible usage of SteraMist?

The Navy has been -- are they still a customer, EJ?

No. Are they? If they are a customer, that's new to me.

Have you explored uses with it? If you have, what response have you gotten from the military?

I think we're a little too small and overwhelmed with everything to go after that, at the moment. But I believe there was a testing center that the Navy was involved with.

It's a great idea, especially with the new COVID variant that seems to be running around and came from the Netherlands to the US.

I'm sure that you're right about the close proximity on these ships. They do need to get a disinfectant. I think this is something that we're going to go look into immediately.

Okay.

Yeah. We have completed some requests for information on the Grants government site for military vehicles and how to best implement SteraMist. They are gaining information that way. But that does take quite a bit of time.

We do complete those on a regular basis to get the brand out there.

Okay. I don't know if there's a particular certification required. But I was thinking the same thing about SteraMist-application possibilities for military hospitals or the [VA], which, as we know, has a number of problems with infectious disease transfers.

I think they're waiting for me to answer, John.

Sorry. Not anything specific I can comment to that.

Okay.

We do have a close-service provider looking into military housing. But too early to speak about.

Okay. One of my final questions was going to be on scale up.

If you do get a significant amount of new orders, how easy or difficult that would be for you.

Well, it's -- again, we probably need to raise some capital to scale up significantly. The 20 people we have do a hell of a job as a team.

We were able to handle COVID pretty much with the same amount of employees. We did really well.

I think we could handle the immediate scale-up, depending upon the equipment. But we definitely need to go ahead and increase the size of the company, going forward, in lots of divisions.

Okay. Good. And them, last question was: Have you actually totaled them up, as far as the number of new customers added, net, in '25 versus '24?

I haven't, personally. David, EJ, have any of you done that?

No.

Not based on new customers, no. Definitely --

That might be interesting.

-- increased individual orders between the years but --

Right.

-- not based on the custom. Yeah.

I think we'll do that, John. I'll talk about it on the call, coming up soon, in six weeks.

Okay. You definitely have listed a number of new names that I hadn't heard --

Sure, sure.

-- from previous calls. I'm --

Yeah. I know.

-- curious about --

I left out half of them, too. But it was impossible to go through them all.

Yeah. Sure.

It's just frustrating to see what happens to the stock; what occurs, and with the difference.

The point, I think, was well made. We'll see what goes on.

Okay. And then, as far -- you've done an excellent job of adding significant distributors, both domestically and internationally.

Is that still a significant part of efforts, going forward, to add even more distributors?

Absolutely. We're in talks, right now, with many.

Okay. Great. That's all my questions.

Again, thank you, again, for the support, John.

You are welcome. Thanks very much for all your efforts.

You got it.

Thank you. There are no other questions at this time.

I would now like to turn the call back to Dr. Halden Shane for closing remarks.

Okay. I just want to thank everybody, again.

Wish everybody a Happy Passover and Happy Easter.

Thank you, everybody.

Thank you. This does conclude today's conference. You may disconnect your lines at this time.

Have a wonderful day. Thank you for your participation.

You, too. Thank you.