NanoXplore (TSX:GRA) reported first-quarter financial results on Tuesday. The transcript from the company’s first-quarter earnings call has been provided below.
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Summary
NanoXplore reported 36% year-over-year revenue growth to $31.8 million in Q1 2027, while adjusted gross margin increased by 440 basis points to 21.7%. Adjusted EBITDA improved by $2.1 million to $714,000.
The company appointed Dino Malatesta as the new CFO, with a mandate to accelerate profitability and strengthen financial operations. The transition will be finalized by the upcoming AGM.
Strategic initiatives include the expansion of graphene applications in insulating foams, thin films, and drilling fluids, with significant commercial orders and trials underway.
NanoXplore’s $35 million pipeline of new business over the next 18 months is on track, supporting a positive outlook towards free cash flow and a full-year revenue guidance of $130-140 million.
Operational highlights include a 35% reduction in the total recordable injury frequency and advancements in the VoltaXplore unit, particularly in defense and drone applications.
Full Transcript
OPERATOR
Currently, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. I would now like to hand the call over to Liam Turner. Please go ahead.
Liam Turner (Investor Relations)
Bonjour à tous et bienvenue à la conférence téléphonique du premier trimestre de NanoXplore. Good afternoon everyone and thank you for joining this discussion of NanoXplore’s financial and operating results for the first quarter of fiscal 2027. The press release reporting these results was published after market close today and can also be found on our website along with our financial statements and MD&A. These documents are also available on SEDAR+.
Before we begin, I’d like to remind you that today’s remarks, including management’s outlook and answers to questions, contain forward-looking statements. These forward-looking statements represent our expectations as of today, November 10, 2026, and accordingly are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially and listeners are cautioned not to place undue reliance on these forward-looking statements.
A description of the risk factors that may affect future results is contained in NanoXplore’s Annual Information Form, available on our corporate website and in our filings with the Canadian securities administrators on SEDAR+. On the call with me today we have Rocco Marinaccio, our Chief Executive Officer, and Pedro Azevedo, our Chief Financial Officer. After remarks from Rocco and Pedro, we’ll open the call up to questions from financial analysts. Let me now turn the call over to Rocco.
Rocco Marinaccio (Chief Executive Officer)
Thank you Liam and good afternoon everyone. I’m pleased to have you with us to discuss our fiscal first quarter 2027 results. Last quarter I walked you through our full platform strategy and each of our growth opportunities in detail. Today I’ll keep my remarks focused: what moved in the quarter, an update on our leadership team and upcoming AGM, and where our key opportunities stand. Looking at Q1, the results show a strong start to the year. Revenues grew 36% year over year to 31.8 million and adjusted gross margin expanded 440 basis points to 21.7%. Adjusted EBITDA was positive at 714,000, a $2.1 million improvement over last year. We ended the quarter with $23.5 million in cash and 28.5 million in total liquidity and our $35 million pipeline of new Solutions business launching over the next 18 months remains on track. Free cash flow is in sight.
Just as importantly, we continue to raise the bar on safety. Our total recordable injury frequency in Q1 was 2.0, down from last year’s record of 3.1. That’s a 35% reduction in our injury rate. In practical terms, more than a third fewer recordable injuries for the same hours worked. This reflects the same operational discipline that’s driving our results and my thanks go out to our team across every facility. Before getting into more detail on the business, I want to highlight an important addition to our leadership team. On November 2, we announced the appointment of Constantino, or Dino, Malatesta as Chief Financial Officer effective November 11th. Dino joins us from CAE where he spent nearly 20 years in progressively senior finance roles, most recently as interim CFO for nearly two years. Dino is a Chartered Professional Accountant and a US Certified Public Accountant.
Dino brings large-cap, dual-listed public company discipline to our finance function. He will lead financial reporting, treasury, capital allocation, strategic planning and corporate development. His mandate is to accelerate our path to sustained profitability, improve cash flow conversion, strengthen the balance sheet and put every dollar of capital towards the opportunity that creates sustained shareholder value. Dino and I will also work closely together on investor relations.
As interim CFO of a company listed on both the TSX and the Nasdaq, he engages extensively with institutional investors and he understands what the market expects from a company at our stage: clear targets, consistent disclosure and results that match what we say. We’re fortunate to already have a strong institutional following and as we move from proving our technology to delivering earnings, Dino and I will deepen those relationships together and keep the market clearly informed on our progress.
You’ll be meeting and hearing much more from Dino very soon. This appointment reflects where NanoXplore is today: evolving from a growth-stage innovator into a performance-driven advanced materials company and the world leader in graphene. Dino has a proven hands-on approach to partnering with operations to deliver results and that’s exactly what we need for this next chapter. On behalf of the Board and the entire team, I also want to thank Pedro Azevedo. Pedro played an important role in NanoXplore’s evolution, instilling a culture of operational and financial discipline that has positioned us well for our next phase of growth. Pedro will remain with the company through our AGM, working closely with Dino and our finance team to ensure a smooth transition.
On that note, I’d like to invite all shareholders to join us at our AGM on December 10th. This year we’re doing something a little different and hosting it at our head office in Montreal. You’ll hear directly about our strategy, meet our Board of Directors and see and handle the graphene products that are creating the most value for our business. Our Management Information Circular was recently filed on SEDAR+ and I’d like to highlight one of our director nominees, Emmanuel Alexu, who holds close to 12 million NanoXplore shares.
Emmanuel’s nomination reflects something we believe strongly: the people overseeing this company should have a meaningful stake in its success. A board with real ownership is aligned with you, our shareholders, on what matters most: building long-term value. I look forward to seeing you all on December 10th. Turning to business opportunities, a quick reminder of how our revenue mix is structured. Our Solutions business, where graphene typically makes up less than 5% of the finished product, remains our stable, cash-generating foundation. Looking ahead, the real upside lies in higher-loading, higher-margin graphene applications enabled by two platforms: our X Series, which delivers lubricity, thermal and barrier performance, and our newer D Series, which targets electrical conductivity, EMI shielding, UV protection and mechanical reinforcement.
As those applications convert into revenue, we expect our margin mix to shift meaningfully. Let me walk you through where they stand. Let’s start with insulating foams. In October, we began commercial supply to our lead North American insulating foam customer with an initial 40-ton order of masterbatch at 30% graphene loading levels. We expect masterbatch volumes to exceed 500 tons this fiscal year and the customer remains on track for roughly 1,000 tons per year in its first full year of production. This is a major milestone for the graphene industry and I want everyone to understand the magnitude of this opportunity.
We’re now in discussion with this customer to expand production capacity to meet its growing needs. Several other manufacturers of insulating foams are continuing with plant trials and could begin purchasing this fiscal year. We’ve also taken this application to Europe with lab and plant trials underway targeting thermal management and flame retardancy. Moving now to thin films, evaluation projects are underway with film manufacturers, converters and end users across packaging, agricultural, industrial films and consumer goods. This quarter we started a new collaboration with a major global consumer trash bag brand aimed at reducing plastic use, increasing recycled content and lowering material costs. Large consumer brands typically follow longer, more rigorous development cycles, but several industrial customers could commercialize sooner following successful plant trials.
The performance of our D Series product line allows for very low addition rates, supporting higher graphene pricing and margins while still meeting customer cost targets. In drilling fluids, our partner CP Chem has shipped NanoSlide samples to multiple prospective customers in North America and internationally, and every customer that has completed lab testing has confirmed the performance advantage. Several large customers have asked for formulation adjustments, faster friction reduction and an immediate boost to drilling speed in specific regions and conditions, and CP Chem is developing an additional product under the NanoSlide brand to deliver them.
The sharp cost increases in oil-based drilling is driving demand in lower-cost water-based fluids and high-performance lubricants, the sweet spot of NanoSlide. Well trials are the next step and the key determinant of commercial adoption. Finally, as a demonstration of our materials innovation, last month at CAMX we officially launched our own graphene-enhanced sheet molding compound, or SMC, making NanoXplore the first SMC material producer in Canada. That’s a meaningful position, particularly as customers look to secure domestic supply chains. Our SMC offers external molders advantages in light-weighting, surface quality and paintability, and it vertically integrates material supply into our own SMC molding business.
Internal adoption and external commercialization is expected to begin in our fiscal third quarter. It also underpins our VOBO programs. The two previously awarded programs remain on track for fiscal 2028 at approximately 25 million in annual revenue at maturity. The SMC program awarded in January, worth 9 to 10 million annually at maturity, is already generating tooling revenue with part production using our graphene-enhanced SMC starting in fiscal 2028.
Turning to VoltaXplore, which continues to execute on its specialty model for defense and dual-use applications, in September we were selected as a qualified supplier under the Government of Canada’s Defence Drone Initiative marketplace, covering both VoltaXplore’s 21700 cells and our graphene-enhanced composite components. In October, VoltaXplore formed an advisory board with Jonathan Blanchet, founder and Executive Chairman of Galvion, as its first member.
Qualification testing with prospective customers is ongoing and we’re pursuing supply opportunities with the Canadian Armed Forces, the Department of National Defence and other federal buyers directly and through module impact partners with whom we sign letters of intent. To sum up, our Solutions business and the $35 million of new business launching over the next 18 months gives us a stable foundation and a path to free cash flow. On top of that, we have a portfolio of high-margin graphene opportunities led by our products in insulating foams, drilling fluids and thin films, all of which are now commercial or have a path to commercialization that we expect to reshape our revenue and margin profile. And we don’t depend on any single one of these for our strategy to work.
With that, I’ll turn it over to Pedro to walk you through our financial results.
Pedro Azevedo (Chief Financial Officer)
Good afternoon, everyone. Today I will begin with a review of our Q1 followed by an update on near-term capex spending and conclude with some commentary on our current fiscal year. Total revenues in Q1 were 36% higher than Q1 last year at 31.8 million. The significant year-over-year increase is mainly due to a recovery in our solutions business, which included graphene-enhanced materials and the full benefit of the Club Car business. Adjusted gross margin on revenues from customers as a percentage of sales was 21.7%, an increase of 440 basis points versus 17.3% last year.
The margin increase is due to higher volumes, which resulted in higher fixed-cost absorption, an ongoing focus on manufacturing efficiencies, and stringent cost controls. However, material costs remain higher than before the U.S.-Iran conflict started. We pass these increased costs to our customers at cost, which protects our gross margin dollars but negatively impacts our gross margin percentage. Adjusted EBITDA was $714,000, an increase of $2.1 million versus an EBITDA loss of 1.4 million last year.
The improvement in EBITDA results from the increase in gross margins. Looking at the segments, adjusted EBITDA was 818,000 in the Advanced Materials, Plastics and Composite Products segment, an improvement of 2.1 million versus last year, and a loss of 100,000 in the Battery Cells and Materials segment, similar to last year. Regarding our balance sheet and cash flows, we ended the quarter with 23.5 million in cash and cash equivalent and 10.5 million in short-term and long-term debt. Our cash along with unused space in our revolving credit line resulted in total liquidity of 28.5 million as of September 30th.
Overall net cash flow during Q1 resulted in a use of cash of 1.5 million. Looking at the cash flow breakdown, cash flows from operating activities were positive 1.5 million, driven mainly from a reduction in working capital and positive EBITDA. While working capital remains high due to $4 million of tooling receivables, we expect this to be collected before the end of the current fiscal year. Cash flows from financing activities netted to a use of cash of 2.7 million driven by lease and debt repayments; we expect this amount to be the quarterly run rate on financing cash flows during the current year. Cash flows from investing activities were an outflow of 318,000 related to capital expenditures and was net of $800,000 reimbursement due to the collection of IIPA tariff refunds we collected in the quarter.
Turning now to our near-term capex spending and commentary on fiscal year 2027 expectations, as previously mentioned, we expect total capital expenditures this year to be between 3 and 4 million dollars. Q1 was in line with expectations excluding the tariff refund, and we expect between 500,000 and 1 million per quarter for the remainder of the year, barring any new initiative not currently identified. For fiscal year 2027, we expect Q2 revenues to range between 31 and 32 million, which represents an increase of approximately 16% versus last year, and we expect sales to increase from current levels during the second half of the year.
As such, we are reiterating our full-year revenue guidance between 130 and 140 million. In addition, we remain confident to be free cash flow positive for the full year, which will be a significant milestone and a first for NanoXplore. Lastly, on a personal note, last week we announced the CFO transition plan. I want to reassure all our shareholders that I remain bullish on NanoXplore and strongly believe NanoXplore is in the best position we have ever been looking back at over the last four and a half years. As CFO, I can clearly see the progress we have made in building a strong company with strong foundations for the future and having developed multiple commercialization opportunities that will deliver tangible results very soon.
I will remain with NanoXplore until the annual general meeting of shareholders to help with the transition and have no doubt Dino Malatesta will do an excellent job replacing me. I am a shareholder of NanoXplore and will be cheering the company on from the sidelines as it delivers on its potential. With that I will pass it back to Liam.
Liam Turner (Investor Relations)
Thank you, Pedro. Operator, we can now open the call for questions.
OPERATOR
Reminder, to ask a question you will need to press star 11 on your telephone to remove yourself from the queue. You may press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Baltage Sidhu of National Bank of Canada. Your line is open, Baltage.
Baltage Sidhu (Analyst)
Good evening everyone, and Pedro. Just wanted to quickly start off by saying that it’s been a pleasure working and interacting with you over the years and your accomplishments with NanoXplore during your tenure. Thank you. Just kicking off on the insulation foam order—congrats on securing that order. I just want to get a better sense of how we should think about the delivery cadence towards more than 500 tonnes of masterbatches this year and what customer milestones are going to determine the repeat order timing and the ramp towards the 1,000-ton annual run rate.
Rocco Marinaccio (Chief Executive Officer)
Hey, Baltas, so the good thing here with insulating foam—and thank you for your comments there. It’s very different than drilling fluids in the sense that we’re replacing another additive and the current customer already has the business. So essentially, the ramp up will be a couple loads a month up until we can get up to speed. So we have to ramp up our production, but we’ll get up to a steady run rate of four to five loads a month by mid next year.
Baltage Sidhu (Analyst)
That’s great color. And then just in the revenue guidance for fiscal 27 that’s been reiterated, just based on the current visibility and initiatives that I expect to begin generating revenue this year, could you just provide a bit more color on how much of the potential contribution is from, call it, full masterbatch films and other graphene programs that’s embedded within that range? And just as a follow up, what customer milestones or faster-than-expected commercialization could drive upside beyond it, because it seems like there’s a few irons in the fire that could drive upside to those numbers.
Pedro Azevedo (Chief Financial Officer)
Ultimately the 130 to 140 guidance is majoritarily the solutions business. We’re going to be—we’re selling today graphene powders and solutions as a subset of that amount. The insulation business is what we see as the most immediate returns that we’re seeing in the next few quarters. That’s where we’re thinking that we’re going to start generating sales. In terms of masterbatch versus graphene powders, right now the insulating foams the customers we’re working on are on a masterbatch type of product.
So the margins will be a little bit lower than just pure graphene powders, but will still be contributing very nicely to the business, but will still remain a subset. So we’re probably looking at maybe 2 to 5 million before the end of the year that will be contributing coming from these initiatives, and even the initiatives that Rocco was talking about starting towards the end of the fiscal year, it’s part of that 130 to 140 that will start—part of the numbers that are in those numbers that total—and then growing into 27, 28, fiscal year 2028.
These will start to contribute and will continue to ramp up 2028 and be part of the guidance that we provided during Q4.
Baltage Sidhu (Analyst)
Very good. Thank you, Pedro. And then just one more, Pedro, on margins. I know in the prior quarter we had spoken towards margins expanding, call it Q4, with Q4 by around 200 bps and then year on year by around 150 bps. Does that still hold with the visibility that you have today?
Pedro Azevedo (Chief Financial Officer)
Yeah, we still are holding to those numbers. Q1 was a little bit soft because, as I explained, there were some DEC cost increases that are not being done with margin; they’re purely cost pass-throughs. So that hurt the percentage. But right now, based on what we’re seeing and the lagging effect of costs passing through to the customers, we’re seeing that Q2 is going to be coming in probably about 100 and some odd basis points better than what we had in Q1, and then continue in Q3 and Q4 as the content of graphene-enhanced products—either masterbatches and graphene—will increase, which will continue to grow that growth of gross margins.
Baltage Sidhu (Analyst)
Thank you. I will pass the line.
OPERATOR
Thank you. Our next question comes from the line of James McGrego of RBC Capital Markets. Your line is open, James.
James McGrego (Analyst)
Hey, thanks for having me on, guys. I just wanted to ask on the Q2 guidance. So, you know, that kind of call, it implies a flat revenue quarter over quarter and then, you know, just to hit the fiscal 27 target. I think you addressed this a little bit in the prior question, but can you just quantify, you know, the three or four specific initiatives that drive, you know, that sequential ramp in top line that’s kind of implied from Q2 into Q3 and Q4?
Pedro Azevedo (Chief Financial Officer)
So, yes, so that’s exactly right. We’re going to be doing about 64, 65 million by the end of the second half—the second quarter. And then in the second half we’ll be running around 70 some odd. So that implies around 35 to 37 million on average for the two quarters. The ramp up from today is really coming from the sales of expected sales of insulating foams. As we get started on that, that will drive some additional business that will only be showing up in the second half.
We’re going to be starting in this quarter, but the quantities of revenues will be still quite light in Q2, but it will really be ramping up in Q3 and Q4. So that’s one of the initiatives, is the customer that we’ve already signed, that we’ve got orders that will be starting right away, plus the anticipation of additional customers from insulating foams. We also still believe that the solutions business, the volumes that we see from our main customers seem to be steady and slightly up from where they are today.
So that revenue will be coming from current customers, from the solutions business, from basically Paccar and Volvo and such. We do expect some activity for Volvo to pick up some new programs that are starting possibly in a beta type version—in the small-scale version—during the second half. So these are just—plus, you know, other initiatives related to films, other initiatives related to conductive additives. We suspect that in the second half we will be getting revenues from each of these elements, which will contribute the quarterly run rate from the low 31, 32 that we do today to 35 to 37 in the second half per quarter.
James McGrego (Analyst)
I appreciate the color there. And then just turning to Volta Explorer and some of the drone initiatives that you’ve, you know, that you’ve been highlighting. You know, just trying to size the opportunity here. Obviously, you know, the absolute amount of money that’s being spent in this area is meaningful. So can you just talk about, you know, any potential LOIs that you’ve signed, what you think the opportunity here is for Volta over the upcoming couple years and when we might be able to see this start to convert into purchase orders.
Rocco Marinaccio (Chief Executive Officer)
So for Volta, you know, we were approved by the DDI program, right? The Defense Drone Initiative program, for Volta and for NanoXplore. So if we talk about Volta in Canada, there were four applicants and Volta was selected, which we know. I mean, Volta Explorer is Canada’s choice, if you will. So we have some public announcements that went out in terms of LOIs that are signed. We have some that have not been made public, but we’re working with a lot of big—every major drone producer in Canada, not only drone producers, pack manufacturers. There’s a big buzz, obviously, around the Defense Initiative. Hard to put a timeline on formal POs. James, you know, I could tell you we’re actively working and we’re actively committed now to growing Volta in the right market, in the right space.
You know, Volta today, just as a reminder, can do, you know, it’s a pilot-scale facility, can do upwards of 100,000 cells. Right. At some point, you know, we’re looking to get Volta to that next level where it can fully supply all of Canada and more if needed.
James McGrego (Analyst)
I appreciate it. And I’ll turn the line over. Thank you.
OPERATOR
Thanks. Thank you. Our next question comes from the line of Marvin Wolf of Paradigm Capital. Your line is open, Marvin.
Marvin Wolf (Analyst)
Yes, good afternoon and congratulations on the foam order, guys. Just wondering, could you give us some more color on what is coming down the line on capacity expansion? I think you referred quickly to that in your comments, Rocco.
Rocco Marinaccio (Chief Executive Officer)
Yeah, so I mean, capacity expansion, what I’m referring to there isn’t on the graphene side. It’s more on the masterbatch side. So we’ve got—we have two extrusion lines here that are going to be quickly filled with this customer. So that’s the capacity expansion we’re looking at. We’re looking at adding more masterbatch capability, which is going to allow us to sell more graphene at the end of the day. Right. You know, looking at—when we look at our pipeline of foam applications and potential customers, you know, the volumes, you know, they get up there, right. They start to make a massive dent in terms of our overall graphene capacity. So not ready to give you any prediction or capacity number yet, but I would say expect that as we start to ramp up.
Marvin Wolf (Analyst)
Okay, perfect. And just quickly, wishing you all the best, Pedro, in your future endeavors. Moving ahead.
Pedro Azevedo (Chief Financial Officer)
Thanks, Marvin. Appreciate it.
OPERATOR
Thank you. Our next question comes from the line of Michael Glenn of Raymond James. Your line is open, Michael.
Michael Glenn (Analyst)
Maybe just to start on the insulating foams again. Rocco, can you just remind us exactly how long you are qualifying this application and when that process started?
Rocco Marinaccio (Chief Executive Officer)
We’ve been working in foams for 18 months to two years now. We talked about foams previously. I’ll tell you, we’re working with different size end customers. You know, previously we were working with, and we still are working with, large, large names. I mean, we said in a previous call, Fortune 500 names that everyone will know. They tend to take longer to commercialize only because of their testing cycles and their, I guess, their levels in their company.
You know, the customer that we have commercial orders with—and we’re going into production with—smaller names, big in the size of a graphene opportunity for us. And this is just one facility in Canada, right. So as different companies start to commercialize and we see them, you know, upwards in 2027 and 2028, we have a nice pipeline of potential customers. You know, we expect those numbers to continue to grow.
Michael Glenn (Analyst)
And what is it exactly that makes graphene such an ideal fit for insulating foam?
Rocco Marinaccio (Chief Executive Officer)
There’s two value props that we laid out. You know, the North American one—the opportunity that we’re commercializing here—is an increase in R-value of foam, right? Just how graphene interacts with the foam. Again, it has to be properly dispersed. Right. There’s this misconception that, you know, you sprinkle graphene powder into X market and you get all these magical benefits. You do get the benefits, but you have to know how to disperse the powder.
You have to know what carrier resin to use. We’ve got a massive R&D team here that has been working extensively on this opportunity. In the foam markets where we now own our own data, we understand how graphene interacts with foam. So the dispersion plays a massive role. We have different types of graphene now, so not to disclose which type we use, but it’s irrelevant for the end user. Right. We have different grades of product now that interact in different markets. But you know how two-dimensional material, when dispersed properly, basically creates almost like a wall, if you will.
It doesn’t allow heat to transfer through, so it increases R-value in foams.
Michael Glenn (Analyst)
Okay. And just in terms of the visibility, like I’m just trying to get a sense as to—so I guess my first question is, as we started the year and you gave the revenue guide, was this particular opportunity already embedded into the revenue guide? And the second part of that is, I’m just trying to get your confidence—what could potentially create delays from this point in time? Like, just trying to think of those items.
Pedro Azevedo (Chief Financial Officer)
Well, when we provided guidance, we already saw that insulating foams were passing a certain level of milestones internally and with customers. So this opportunity that is going commercial right now, we had a pretty strong feeling it was going to happen. So that was already part of the 130, 140. What’s part of the 130, 140, as I explained earlier, is also the expectations of some others that are going to start. That’s where there’s risk—they can delay.
We don’t know what we don’t know today, but when it comes to possible delays, at least on the current customer, we’re starting to ramp up production. We’re increasing the amount of loads that are going to be shipped on a regular basis. If the number of loads that is ramping up over the coming months—if that slows down for whatever reason, that could cause a delay. But right now we don’t see any issues from that perspective.
Rocco Marinaccio (Chief Executive Officer)
Here’s what I’ll add, Michael. I mean, you know, when we look at our revenue number, right, we are focused on it, obviously, and growing revenue. Right. But if a customer X that has a 3 to 4% graphene loading level has a hiccup, and it’s beyond our control, you know, in a transportation part or something, right? Yeah, it’s a blip in the road. But I mean, the magnitude here of graphene now being commercial in an application that’s basically outside of our control—this is the first one where we didn’t acquire a company and basically put graphene in to demonstrate the value.
I mean, this is a massive—and, you know, I said it in my script, right? This is a massive tipping point for the graphene industry as a whole, where, you know, we see graphene now making meaningful impact and has a meaningful value in an existing market. So it’s a massive, massive opportunity. And again, one customer in Canada takes more graphene than—I don’t know—if you sum up all the other graphene companies that are out there today. And this one opportunity is more than all of that powder put together.
I’ll bet on it. So it’s a massive potential and a massive breakthrough for the industry.
Michael Glenn (Analyst)
Okay, thanks for taking the questions. And Pedro, thanks for all the time you spent with me through the years.
Pedro Azevedo (Chief Financial Officer)
Thank you, Michael. Appreciate it.
OPERATOR
Thank you. Once again, to ask a question, please press star 11 on your telephone. Again, that’s star 11 on your telephone to ask a question. As there appear to be no further questions in queue, that does conclude today’s conference call. Thank you for participating. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.