아이스파이어 테크놀로지(ISPR) 2026 회계연도 4분기 실적 발표회: 말레이시아 생산 본격화로 매출 반등

핵심 요약

• 2026 회계연도 4분기 매출은 전년 동기 대비 33%, 전분기 대비 43% 증가한 2,670만 달러를 기록하며 수요 강세와 생산 활동 증가를 나타냈습니다.
• 분기 순손실은 전년 동기의 1,480만 달러에서 1,380만 달러로 줄어들었으며, 조정 EBITDA 손실은 440만 달러에서 230만 달러로 개선되었습니다.
• 2026 회계연도 연간 매출은 미국의 대마 베이핑 하드웨어 매출 감소, 유럽 브랜드 제품 판매 부진, 중국 제외 아시아·태평양 지역의 소폭 감소 영향으로 전년도 1억 2,750만 달러에서 9,600만 달러로 감소했습니다.
• 신용손실을 제외한 연간 영업비용은 2,420만 달러로 37% 감소했습니다. 영업활동 현금흐름(사용액)은 전년도 740만 달러에서 56만 9,000달러로 개선되었습니다.
• 경영진은 2027 회계연도가 이스파이어 소유의 말레이시아 공장에서 베이퍼 및 니코틴 파우치를 본격 생산하는 첫 번째 전체 회계연도가 될 것으로 예상하고 있으며, 향후 3~6개월 동안 상업적 기회가 구체화될 것으로 전망하고 있습니다.
• IKE 테크는 연령 인증, 제품 정품 인증, 규제 준수 기술과 관련된 파트너십을 추진하고 있습니다. 경영진은 또한 규제 승인과 별개로 2027 회계연도 중 IKE의 유동화 사건 가능성을 보고 있으나, 세부 사항은 추가로 밝히지 않았습니다.

주요 재무 실적

사업 및 운영 실적

말레이시아는 이스파이어의 2027 회계연도 성장 전략의 핵심입니다. 회사는 2026년 3월 베이퍼 제품 니코틴 제조 라이선스를, 2026년 5월 니코틴 파우치 생산 라이선스를 취득했습니다. 파우치 생산은 6월에 시작되었으며, OEM 및 ODM 고객 전반에 걸쳐 시범 운전, 초기 주문 및 일부 재주문이 이미 이루어졌습니다.

경영진은 제2 말레이시아 공장에 최대 73개의 생산 라인을 배치할 수 있다고 밝혔습니다. 회사에 따르면 다교대 근무로 운영되는 자동화 라인을 통해 수억 개 규모의 생산 능력을 확보할 수 있습니다. 현재 투자금은 기존 계획을 초과하는 증설보다는 계획된 자동화, 인프라 및 인력 확충에 충당되고 있습니다.

관심도는 고객군별로 차이를 보입니다. 주요 담배 기업들은 주로 니코틴 파우치 생산에 집중하는 반면, 중국 베이퍼 브랜드 및 제조업체들은 중국 외 지역에서의 생산을 모색하고 있습니다. 경영진은 2027 회계연도 중에 여러 기회가 상업적 계약으로 이어질 수 있다고 밝혔습니다.

IKE 테크는 규제되는 니코틴 시장에서 사용 시점 연령 인증, 제품 정품 인증, 규제 준수를 위한 플랫폼으로 개발되고 있습니다. 사용자 경험 개선 기능이 포함된 IKE 2.0은 가을에 출시될 예정입니다. 경영진은 승인된 전자 니코틴 전달 시스템(ENDS) 기기를 보유한 모든 회사와 논의를 진행했으며, 일부 대화는 잠재적 시범 평가를 향해 진전되고 있다고 밝혔습니다.

G-MESH 역시 글로벌 담배 회사들과 기타 국제 브랜드들로부터 지속적인 관심을 받고 있습니다. 아울러 이스파이어는 자사의 자본, 제조 역량, 규제 인프라, 글로벌 네트워크가 강점이 될 수 있는 파괴적 기술에 대한 선별적 투자를 검토하고 있습니다.

경영진 전망

경영진은 말레이시아 생산, 베이퍼 ODM, 니코틴 파우치, IKE 테크, G-MESH에 힘입어 2027 회계연도가 근본적인 성장과 변화의 해가 될 가능성이 있다고 설명했습니다. 다만, 회사는 정량적인 매출이나 수익성 가이던스를 제시하지 않았습니다.

말레이시아로부터의 주문은 향후 2분기에 걸쳐 구체화될 것으로 예상됩니다. 경영진은 3~6개월 이내에 2027 회계연도 매출 연환산율(run rate)에 대해 더 명확한 가시성을 확보할 수 있을 것으로 기대하고 있습니다.

회사는 남은 기존 매출채권 대손상각 처리가 2027 회계연도 중에 상당 부분 해결될 것이며, 이후 연도로 이월되는 금액은 거의 없거나 전혀 없을 것으로 예상합니다. 경영진은 이러한 정리 작업 완료와 함께 기초 영업 활동의 개선이 이루어지면 이스파이어가 흑자(GAAP 기준)를 달성할 수 있는 기반이 마련될 것으로 믿고 있습니다.

리스크 및 주요 관전 포인트

• 4분기 매출총이익률은 재고자산 평가 손실로 인해 6.3%로 하락했으며, 2026 회계연도 전체 수익성 또한 제품 믹스와 재고자산 충당금 증가의 영향을 받았습니다.
• 신용손실은 분기 920만 달러, 연간 2,070만 달러로 여전히 상당한 수준입니다. 매출채권 및 운전자본 정리 작업은 아직 완료되지 않았습니다.
• 말레이시아 제조 시설에 대한 예정된 대금 지급으로 인해 경영진이 플러스 현금흐름 달성에 대한 구체적인 일정표를 제시하기 어려울 수 있습니다.
• 말레이시아의 상업적 양산 본격화(ramp-up)는 아직 초기 단계에 있습니다. 고객 주문은 일반적으로 소량으로 시작되며, 경영진은 3~6개월이 더 지나야 매출 가시성이 보다 명확해질 것으로 예상하고 있습니다.
• IKE의 부품 PMTA(시판 전 담배 제품 신청)는 여전히 FDA 심사 중에 있으며, 규제 승인의 시기와 결과는 여전히 불확실합니다.

애널리스트 Q&A 하이라이트

PMTA 절차와 관련해 경영진은 IKE가 승인된 ENDS 기기를 보유한 모든 회사와 모듈식 연령 제한(age-gating) 기술을 논의했다고 밝혔습니다. 일부 논의는 잠재적 시범 평가 단계로 진전되었으며, 이스파이어는 1~2개 참여사와 함께 보충 PMTA 경로가 가능할 것으로 보고 있습니다. 경영진은 몇 주 또는 몇 달 내에 더 많은 정보가 나올 수 있을 것으로 예상합니다.

FDA의 승인 시기와 관련하여 경영진은 이스파이어가 심사 대기열에서 자사 신청서의 위치를 파악하고 있으며, 향후 수개월 동안 진전된 결과가 나올 수 있을 것으로 보고 있다고 밝혔습니다. 회사 측은 빠른 심사 환경이 기존 PMTA 적체 해소 및 기관의 효율성 향상 덕분이라고 설명하면서도 공식 결정 날짜를 명시하지는 않았습니다.

말레이시아와 관련해 경영진은 베이퍼 고객들이 시범 운전을 완료하고 초기 주문을 실시했으며, 일부 경우 재주문까지 제출했음을 확인했습니다. 니코틴 파우치 생산은 6월에 시작되어 역시 재주문으로 이어졌습니다. 대형 담배 회사는 파우치에 더 큰 관심을 보이고 있는 반면, 베이퍼 ODM 수요는 주로 해외 생산을 모색하는 중국 브랜드 및 제조업체에서 발생하고 있습니다.

실적 발표 컨퍼런스 콜 전문 녹취록

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good morning and welcome to Ispire Technology Inc. fiscal fourth quarter and full year 2026 earnings conference call. Please note that today's event is being recorded. [Operator Instructions]

I would now like to turn the conference over to James Carbonara with Hayden Investor Relations. Please go ahead.

James Carbonara

Thank you, Operator. Before we begin, I would like to remind everyone that this conference contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, in this announcement are forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the company in terms of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that the company believes are relevant. These forward-looking statements involve known and unknown uncertainties, and many factors could cause the company's actual results or performance to differ materially from those expected or implied by the forward-looking statements. Further information regarding this and other risk factors are included in the company's filings with the SEC. The company undertakes no obligation to update forward-looking statements to reflect subsequent or current events or circumstances or changes in expectations, except as may be required by law. I will now turn the call over to Steven Przybyla, President of Ispire Technology Inc.

Steve, you may begin.

Unknown Speaker

Thank you, James. As we look at the fourth quarter and fiscal year, I want to start with what we believe is the most important takeaway. Ispire has reached an important inflection point in its turnaround. We began this turnaround a little over 1 year ago with clear objectives: shore up the balance sheet, reduce the cost structure, address legacy issues, and build a foundation for a more focused and sustainable business, while advancing key growth catalysts. That work has not always been visible in the headline revenue numbers, but it has fundamentally changed the company, and we are now beginning to see that work reflected in the financial results. Fourth quarter revenue was $26.7 million, up 33% year-over-year and 43% sequentially. Cash also increased sequentially. At the same time, operating expenses remained substantially below where they were 1 year ago. For me, that combination is important: we are seeing improving revenue momentum against a much leaner cost structure and a stronger balance sheet.

There's still work to do. The financial cleanup is not completely finished, and we remain disciplined around receivables and working capital. I believe we are much closer to the end of that process, and we expect the remaining legacy account receivable write-offs to be substantially addressed during fiscal 2027, with little or no carryover into following years. Completing that process, along with the underlying business's continued improvement, positions us to achieve positive GAAP earnings. The first major catalyst in this turnaround is Malaysia. Fiscal 2027 will be our first fiscal year of vapor and nicotine production at our company-owned facilities in Malaysia. Recall, we obtained our nicotine manufacturing license for vapor products in March of 2026, and the license to produce nicotine pouches in May of 2026. This is important not only because of the additional production capacity, but because Malaysia changes both the economics of our manufacturing business and the markets we serve. We are seeing strong interest from Chinese brands looking to diversify and move production outside of China.

We also have recent visits to our facilities from major global tobacco companies. And I hope to announce the positive results of 1 such very recent visit in the near term. We believe the combination of our manufacturing capabilities, regulatory infrastructure, and Malaysian footprint gives us a differentiated proposition for brands looking for a reliable production partner. Our expectation is that several of these opportunities will mature and translate into commercial agreements during fiscal 2027. We are excited about Vapor ODM as well. The objective here is straightforward: Expand our customer base by allowing brands to leverage our manufacturing capabilities and product expertise without having to build that infrastructure themselves. We believe the combination of Malaysia, ODM, and our existing manufacturing platform can create a meaningful new source of revenue while also increasing utilization of our facilities. Another major area of opportunity is our technology joint venture, IKE Tech.

IKE is developing into a broader technology platform focused on age verification, product authentication, and compliance for regulated nicotine markets. We believe these capabilities address a growing need among regulators, manufacturers, and brands. We are actively pursuing commercial partnerships with large international brands and manufacturers. IKE 2.0, which includes significant improvements to the user experience, is also scheduled to launch this fall. We have made meaningful progress on the regulatory front as well. I have personally participated in 4 meetings with the FDA and Health and Human Services over the past 6 months, including a June 15th meeting with FDA's acting commissioner. Feedback has been overwhelmingly positive. The agency wants point-of-use age gating and applauds our technology. These discussions have reinforced our view that the need for this type of technology is real and growing on a global basis daily. Our component PMTA remains under review, but our strategy is broader than any single regulatory pathway.

We are continuing to develop both age-gating and product authentication technology platforms, pursue additional regulatory and commercial paths, and build relationships that can create value independent of any particular regulatory timeline. We also see a potential path to a significant liquidity event involving IKE during fiscal 2027 that would be separate from regulatory authorization. We are not yet in a position to provide additional detail, but we do expect to have more to say as these discussions develop. Beyond IKE, G-MESH continues to generate interest from leading global tobacco companies and other major international brands. We believe the technology has the potential to meaningfully differentiate the products we can offer and create additional opportunities within the global nicotine market. And finally, we are looking beyond the business and technologies we have already announced. We are evaluating several transformational investments in disruptive technology.

We are being highly selective, but we believe there are opportunities where investment could materially expand Ispire's value proposition and accelerate our evolution into a technology-forward company. Specifically, I want to emphasize that we are looking for opportunities where we believe our capital, manufacturing expertise, regulatory infrastructure, or global relationships can create a meaningful advantage. When we look ahead, we believe fiscal 2027 will be a year of fundamental growth and change. We will have our first year of full vapor nicotine pouch production in Malaysia. We expect major new commercial relationships to develop. We begin the transition of our branded products to Malaysia and work towards materially improving the economics of that business. IKE Tech will have several commercial and technology milestones ahead, and we expect G-MESH and other proprietary technologies to create additional opportunities.

Most importantly, we are entering this period with a much stronger foundation than we had 1 year ago: a leaner cost structure, a cleaner balance sheet, increasing manufacturing capabilities, and multiple paths to growth. Our job now is execution. The fourth quarter was an important first step in demonstrating the turnaround is working. Fiscal 2024 is about taking that momentum and building the next version of Ispire. I will now turn the call over to Jay Yu for a more detailed review of our financial results. Jay?

James Carbonara

Thank you, Steve. For the fiscal first quarter ended June 30, 2026, Ispire Technology Inc. reported a revenue of $26.7 million, an increase of 33% year-over-year and 43% sequentially, compared with $20.1 million in the first quarter of fiscal 2025 and $18.7 million in the prior quarter. The increase reflects improving demand across the business and increased production activity as we entered the new fiscal year. Gross profit for the quarter was $1.7 million, and the gross margin was 6.3%, compared to $2.5 million and 12.3%, respectively. The decline in gross margin was the result of inventory impairment recognized in Q4. Total operating expenses excluding credit loss were $6 million, down 28.6% year-over-year from $8.5 million, and up a modest 2.3% sequentially from $5.9 million in the March quarter. The year-over-year decline reflects the continued benefits of a leaner operating structure and the disciplined expense management. With our cost base now substantially lower, we believe the business is increasingly positioned to leverage revenue growth and scale to drive operating improvements.

Credit loss in the first quarter was $9.2 million, down approximately $533,000 or 6.2% year-over-year. The reduction reflects continuous progress in resolving legacy receivables and improving the quality of our balance sheet. As we entered fiscal 2027, we remain focused on disciplined receivables and working capital management as we complete the final stage of the financial cleanup. Net loss first quarter was $13.8 million compared with $14.8 million in the year-ago period, and $9.5 million in the prior quarter. Adjusted EBITDA for the first quarter was a loss of $2.3 million and an improvement of $2.1 million compared to the adjusted EBITDA loss of $4.4 million in the year-ago quarter. The improvement reflects the continued benefit of a leaner cost structure and a greater operating efficiency as we move into fiscal 2027. Turning to our full-year results, for fiscal 2026, Ispire Technology Inc. reported revenue of $96 million, compared with $127.5 million last fiscal year.

The decline was primarily driven by a lower cannabis vaping hardware sales in the U.S. and lower written product sales in Europe, along with a modest decline in our Asia-Pacific business, excluding China. Gross profit was $12.3 million compared with $22.6 million in fiscal 2025, while gross margin was 12.8% compared with 70.8% last year. Declining gross margin was primarily driven by changes in product mix and 1-time increase in our inventory provision during fiscal 2026. Total operating expense excluding credit loss were $24.2 million, down 37% year over year from $38.5 million in fiscal 2025. This reflects the sustained cost discipline we have maintained and a more focused operating structure. We believe we now have a much more efficient cost base, positioning us to translate revenue growth and scale into improved profitability. Credit loss for the full year was $20.7 million, down approximately $1.3 million from $22 million in fiscal 2025. These improvements reflect continued progress in addressing legacy issues.

And we remain focused on maintaining this plan around receivables and working capital management as we complete the financial cleanup. Net loss for fiscal 2026 was $33.2 million, an improvement of $6 million compared with $39.2 million in fiscal 2025. The adjusted EBITDA for fiscal 2026 was a loss of $4 million and an improvement of $4.8 million compared to an adjusted EBITDA loss of $8.8 million in fiscal 2025. The improvement reflects the meaningful reduction in our operating cost structure and continued progress toward a more efficient and scalable business model. We ended the fiscal year with $19.3 million in cash, compared with $24.4 million at the end of the fiscal 2025. Importantly, net cash used in operating activity improved significantly during fiscal 2026. Operating cash used was $569,000 for the full year, compared with $7.4 million used in the fiscal 2025, representing an improvement of $6.8 million year over year.

This reflects the progress we have made in reducing operating costs, improving collections, and addressing legacy working capital issues. With a solid balance sheet, a leaner cost structure, and improved operating momentum, we believe Ispire has reached an important inflection point in its turnaround. The 33% year over year and the 43% sequential increase in first quarter revenue, along with a gross cash balance, providing tangible evidence that the business is moving in the right direction. We, entering fiscal 2027, focused on building on this momentum and converting the foundation we have established into sustainable growth, stronger cash generation, and improved profitability. With that, I will turn the call back to you, Steve.

Unknown Speaker

Thank you, Jay. Our fourth quarter results reinforce the message we started with today. Turnaround is here and now, and we are entering fiscal 2027 from a fundamentally stronger position. We have spent the past year simplifying the business, strengthening the balance sheet, reducing our cost structure, and addressing legacy issues. We've also made significant progress in our operating cash flow, bringing cash use and operations essentially to break even for the full fiscal year. As we enter fiscal 2027, we'll be making significant payments related to our Malaysia manufacturing facility. These are planned investments in capacity that we believe are important for our growth strategy, but they may make it difficult to provide a specific timeline for achieving cash flow positive. The key point is that the underlying cash operating performance has improved substantially. We believe fiscal 2027 can be a defining year for Ispire.

We have fundamentally changed the company over the past year, and we are now in a position to focus on what comes next: bringing new manufacturing capacity online, commercial opportunities into revenue, and advancing our technology platforms towards commercialization. We are excited about what we are building and believe the opportunities ahead have the potential to create meaningful long-term value for our shareholders. And with that, we'll open the call for questions.

Operator

Thank you. [Operator Instructions]

Thank you. And the first question is from the line of Nick Anderson with Roth Capital. Please proceed with your questions.

질의응답

Nicholas Anderson

Yes, good morning. Thanks for taking the questions and congrats on the quarter. Steve, I just want to congratulate you on the elevation of the role. First from me on the PMTA process, given the platform IKE built just around age gating and the recent approvals we've seen by the FDA, wondering if you could provide any color regarding companies incorporating that technology into supplemental PMTA. Now that companies have seen age-gating as a necessary component to flavored products, have those discussions accelerated at all? Thank you.

Unknown Speaker

Yes, Nick, thank you. I appreciate that. And very topical question on the supplemental PMTAs here. So we at IKE have had discussions with every player that has an authorized ENDS device. Some of those discussions have progressed to a point of potential pilot evaluations. We are seeing also a lot of interest in amending PMTAs to include our modular age-gating technology here. Recall that there's really not a lot of other competitors out there. We believe we're the only 1 with the modular technology that you can drop in and then update your device with here.

So, supplemental certainly are the flavor right now. We believe we've got a pathway to a supplemental with perhaps 1 or 2 players here. Hopefully, we could report more on that in a couple of weeks or months.

Nicholas Anderson

Great, I appreciate that. Second for me on the FDA, after some delays in 2025, we're starting to see an accelerated pace of approvals. Would you say this is more attributable to larger peers pressuring the FDA and its 180-day timeline, or more of a structural move to support products lower on the risk continuum? And just off that, have your expectations in terms of timing on a formal ruling changed at all, given what's happening in the space? Yes.

Unknown Speaker

Yes, great question. I think [ Director Coplow ], who was recently confirmed as the full-time director, gave a speech at GTNF last week where he indicated, you know, applications are moving more quickly than ever. They've committed to a 3-week filing period for new finished product applications. We understand where our application is in the review queue. There are certainly some applications before us and there are certainly some applications behind us. We've done a lot of groundwork to get our application moved up and through the process here, and, you know, we believe in the next several months, you know, we'll see some really good results on that process. And I think FDA's, you know, sort of recent efficiency is due to 2 things. One, they really cleared out the backlog of the millions of PMTAs that were submitted a couple of years ago.

And two, I think [ Director Coplow ] has done a great job here making the organization sort of more accountable and more efficient in terms of being responsive to industry's needs stakeholders and realizing that, you know, enforcement of illicit products also requires a robust lawful market. And it's the agency's job to get authorized products out there for consumers. So, you know, I think a couple of things are at play here.

Nicholas Anderson

Great, that's it for me, I'll pass it on. Congrats again. Thanks, Ben.

Operator

Thank you. [Operator Instructions] The next question is in the line of Owen Bennett with BTIG. Please proceed with your questions.

Owen Bennett

Morning guys, hope all well. I've got a bunch of questions, I'll ask a couple now and pass it on and then come back if there's still time. First quick 1, just on the manufacturing investment, is that for additional capacity beyond what you were planning originally and what will be the capacity when that's done?

Unknown Speaker

Yes, Owen, great question. It is for planned capacity here. We were always going to stage this. You know, our investment was really contingent on getting these licenses, which we secured in March and May, respectively, here. And so automated lines, et cetera, those will be coming into play and really just planned investment in that automation infrastructure and workforce here. In terms of capacity itself, you know, that second factory can fit up to 73 lines. So we don't really view ourselves as having the ability to run out of capacity anytime soon. If you get those automated lines producing the same product in 2 or 3 shifts a day, the capacity is in the, you know, hundreds of millions.

So we believe we've got the ability to scale here as our customer demand scales in.

Owen Bennett

Okay, thank you. And then the second 1 is just, you talk about 27 being a transformational year of growth. I just wanted to understand kind of the possible size of this. So 2 areas I wanted to cover: first is the actual kind of confirmed production out of that facility in Malaysia. And then second is around kind of not already contracted opportunities. So on the first area of that, I mean, what is currently being produced or it's already contracted to begin production and what sort of incremental revenue could that be?

Unknown Speaker

Yes, so we don't want to forecast at this point, right? These licenses are new. We've done pilot runs with several customers. Customers have placed initial orders. We've delivered those orders and we've gotten some reorders from a couple of OEM and ODM customers here on the vape side. And pouch production began in June. We've had some reorders here and we've had some large customers come through. I think that's as deep as I think we'll go in this. I think we will continue to update the market with developments here. My sense is that orders will really start to mature over the next 2 quarters and we'll have a lot better insight to sort of total year run rate, you know, after the next, you know, 3 to 6 months.

Owen Bennett

Okay, thanks, Steve. And then just secondly, on the possible additional content, I'm just wondering kind of how realistic, how confident are you in securing these? And then secondly, I mean, if they are kind of realistic discussions, is this more skewed to the pouch opportunity or the vape ODM side? Yes.

Unknown Speaker

Yes, we've seen interest from both. You know, on the tobacco major side, it's generally been on the pouch business. I think pouch is growing at just an incredible clip and a lot of these organizations have had trouble scaling and keeping up with demand, particularly regional demand here. And then on the vapor side, it's mostly been Chinese brands and Chinese manufacturers looking to offshore production, whether that's based on their customer demands, based on these new regulatory pressures affecting manufacturers and brands in China. The FDA is beginning to inspect Chinese factories in China and sort of getting out of that scrutiny. You know, these are real deals, you know, but they start small and we're growing there and we're proving ourselves. We've gotten some great reorders and some great, you know, feedback from customers on the quality of the product and the efficiency of the product and the price point here.

So, again, I think, you know, over the next 3 to 6 months, that will mature and we'll be able to have a better sense of what the total revenue opportunity is for this year.

Owen Bennett

Great. Thanks, Dave. I'll pass it on.

Operator

Thank you. [Operator Instructions] Thank you. At this time, I'll hand the floor back to management for any closing remarks.

Unknown Speaker

Yes, thank you for taking the time to listen to our earnings call today. This is my first call as the company's president. I think 2027 is going to be really an exciting and transformational year here. We've put a lot of effort into turning this organization around, exerting really strong fiscal discipline, executing on our Malaysian plan. We were gated there by regulatory approvals and we secured those approvals last fiscal year. And so we're very excited to lean into now having these 2 licenses in Malaysia. The inbound interest has been really, really, really exciting. And on the IKE side, I think, you know, fiscal 2027, we'll see a lot of, you know, blockbuster developments on the regulatory side and on the partnership side. A lot of things are brewing right now, and I really look forward to updating the market on those developments as they come.

So thank you, everybody.

Operator

This will conclude today's conference. We disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

This live transcript is auto-generated without human intervention or review.