Achieved record annual revenue of $32.6 million, driven by strong underlying product demand and the successful implementation of a third production shift.

Current manufacturing facilities have reached maximum capacity, effectively making the company revenue-constrained until a relocation is completed.

Gross margins faced temporary dilution due to the dramatically increased cost of gold, which is passed through to customers at a nominal zero margin.

Manufacturing efficiencies improved year-over-year, though Q4 margins were impacted by lower sequential revenue due to extended customer holiday periods.

The company strengthened its balance sheet through a secondary offering raising $9.5 million to fund facility expansion and scaling requirements.

Operational focus has shifted toward mitigating the 'space-constrained' environment by selecting a general contractor for a new, larger facility nearby.

Management expects to select a specific new facility within several weeks and initiate the physical move in a few months.

The relocation strategy involves building up inventory levels in advance to maintain customer supply during the multi-month transition period.

Anticipate orders for HybridTech Armor to resume in the second half of the calendar year following the passage of the FY '26 defense bill.

Future margin expansion is expected to be driven by greater operational efficiencies and improved asset utilization at the new, purpose-built facility.

The company expects 2026 to be a foundational year of solid revenue as it completes the transition to a higher-growth operational model.

CFO Charles Griffith announced his retirement; the company is actively searching for a successor during this critical operational inflection point.

Federal research funding (SBIR/STTR) faced a temporary lapse due to lack of Congressional reauthorization, though existing contracts remained funded.

The move to a new facility will be naturally disruptive, requiring equipment revalidation and work-center by work-center execution.

Gold price volatility remains a margin percentage headwind, as the cost of gold has approximately doubled over the past year.

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Management has narrowed the site search to a small list and expects a final decision within approximately one month.

The new site will include uncommitted floor space specifically earmarked to capture emerging market opportunities that cannot be housed currently.

Gold costs impact the margin percentage by 1 to 2 points because the added cost is billed to customers without a markup.

Aluminum costs are a relatively small percentage of total product cost, and the company can adjust pricing for most recurring orders to offset increases.

The company is developing tungsten-based solutions to replace depleted uranium in Army artillery, targeting a very large potential market.

This technology is intended to create an intellectual property 'moat' to protect the company's competitive position as it scales beyond its current $32 million revenue base.

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