Leatt (OTC:LEAT) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.
This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.
View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1782449&tp_key=4fdd0c813e
Summary
Leatt Corporation reported its highest quarterly revenue in four years for Q3 2026, totaling $20.46 million, a 43% increase over Q3 2025. Net income rose by 309% to $2.2 million, while gross profit increased by 48%, partly due to recoupment of global trade tariffs.
Significant growth was seen across product categories, with body armor sales up 48%, helmet sales up 68%, and other products and accessories up 26%. Neck brace sales declined slightly.
The company’s consumer-direct sales increased by 25%, building on a 61% increase in Q3 2025, with strong traction in dealer-direct revenues as well.
Leatt launched its first consumable product line, Grit by Leatt, and has ongoing plans to expand its global brand and product offerings.
The company continues its share repurchase program, repurchasing approximately $182,000 in common stock during the first nine months of 2026. Cash and cash equivalents increased to $15.5 million, with strong operational cash flows reported.
Future outlook remains positive with continued investment in marketing, product innovation, and global sales expansion, despite potential geopolitical headwinds.
Full Transcript
OPERATOR
Please stand by. Your program is about to begin. Hello and welcome everyone. Joining us today is Leatt Corporation Third Quarter 2026 Results Conference Call. At this time all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note this call is being recorded. We are standing by should you need any assistance.
It is now my pleasure to turn the program over to Michael Mason, Investor Relations. Please go ahead.
Michael Mason (Investor Relations)
Thanks, Aaron. Good morning and welcome to the Leatt Corporation investor conference call to discuss the financial results for the third quarter 2026. The company issued a press release today, Thursday, November 12, 2026 at 8:00 a.m. Eastern and filed its report with the SEC. The press release is posted on Leatt’s website at leatt-corp.com. This call is being broadcast live and may be accessed on the company’s website. An audio replay of this call will be available for seven days and may be accessed from North America by calling 1-844-512-2921 or 1-412-317-6671.
For international callers, the replay PIN number is 111636. A replay of the webcast will be available immediately following this call and will continue for seven days. Certain statements made in this conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this call. Actual results could differ materially. Leatt Corporation does not undertake any obligation to update such statements made in this call. Please refer to the complete cautionary statement regarding forward-looking statements in today’s press release dated November 12, 2026.
The company will make a presentation on the quarterly results and then open the call to questions. I would now like to turn the call over to Mr. Sean McDonald, CEO of Leatt Corporation. Good afternoon to you in Cape Town, Sean.
Sean McDonald (Chief Executive Officer)
Thank you, Mike, and thank you all for joining us today. I’d like to begin today by telling you about the excitement that we all shared a few weeks ago at our Global Distributor Conference in Barcelona. Our distributors, business partners and customers joined us, and the energy in the room was incredible. We had just closed our highest revenue quarter in four years and launched our first consumable product line, Grit by Leatt, a full range of high-performance bike care products.
We shared our latest plans for the company, including the exciting new products in our pipeline and how we will amplify the brand to reach a much wider audience. It was wonderful to see firsthand how strongly our partners believe in Leatt and how committed they are to growing with us. Now to the third quarter: by nearly every measure, the third quarter of 2026 was a very strong quarter for Leatt. Total global revenues were $20.46 million, up 43% over the third quarter of 2025 and, as I mentioned, our highest quarterly revenues in four years. The numbers for the quarter tell the story. Sales to global distributors increased by 52%, which includes moto shipments that moved from the end of the second quarter into the third. Looking at the two quarters together, distributor sales increased by approximately 22%.
Dealer-direct revenues increased by 24%. We are investing in our selling capabilities and dealer outreach programs to grow our dealer base and in-store presence. Our moto and MTB domestic sales force is gaining fantastic traction with our head-to-toe product offering. Consumer-direct sales, another investment focus for us, increased by 25% on top of 61% growth in the third quarter of 2025. U.S. revenues increased by 24% to $5.33 million, and international revenues increased by 50% to $15.12 million.
Net income increased by 309% to $2.2 million, or $0.35 per basic share and $0.34 per diluted share, compared to $540,000, or $0.09 per basic share and $0.08 per diluted share, in the third quarter of 2025. Gross profit increased by 48%, or $3.01 million, in part due to the recoupment of global trade tariffs on the importation of goods into the U.S. We clearly demonstrated our operating leverage in the quarter. Revenues for the quarter grew by 43% while operating costs grew only 15%, allowing our operating costs to fall to 32% of revenues from 40% in the third quarter of 2025.
Income from operations grew by 367%, and our net margin improved to 10.8% from 3.8%. Our growth was broad-based across product categories. Body armor sales increased by $2.93 million, or 48%. Helmet sales increased by $2.25 million, or 68%, and other products, parts and accessories sales increased by $1.04 million, or 26%, as compared to the third quarter of 2025. Neck brace sales were down slightly by $110,000 against a strong prior-year quarter. On a year-to-date basis, revenues increased by 23% to $56.36 million, and net income increased 74% to $4.88 million, or $0.78 per basic share and $0.76 per diluted share, as compared to the same period of 2025.
Consumer-direct sales continue to be a highlight, increasing by 48% to $5.24 million. Gross profit increased by 27%, and gross profit as a percentage of sales improved to 45%, up from 43%. Now I will turn to more details on sales of our product categories for the third quarter of 2026 compared to the third quarter of 2025. Sales of our flagship neck brace, designed to prevent potentially devastating sports injuries to the cervical spine, were down slightly to $750,000, a 12% decrease compared to a very strong prior-year quarter in which neck brace volumes grew by 39%. The decrease was primarily due to a 22% decrease in the volume of neck braces sold.
Neck braces represented 4% of our revenues for the third quarter. Sales of our body armor products, which include upper body and limb protection, moto and ADV boots and MTB shoes, were $9.03 million, a 48% increase over the third quarter of 2025. The increase was driven by a 33% increase in upper body and limb protection sales and an 88% increase in footwear volume. Body armor products represented 44% of our revenues for the quarter. Helmet sales totaled $5.58 million, a 68% increase, driven by a 93% increase in the volume of off-road moto, ADV and MTB helmets sold as global demand for these products continues to grow.
Helmet sales represented 27% of our revenues for the quarter. Sales of our other products, parts and accessories category, which includes goggles, apparel, bike care products and parts, were $5.1 million, a 26% increase, driven by a 16% increase in sales of MTB, ADV and moto apparel compared to last year. Also, initial shipments of Grit bike and rider care products exceeded our expectations. Other products, parts and accessories represented 25% of our revenues for the quarter.
We are continuing our previously announced board-authorized share repurchase program of up to $750,000 of Leatt’s outstanding common stock. We repurchased approximately $182,000 of common stock during the first nine months of 2026. We believe that this demonstrates our continued confidence in the strength of our company and our business plan, as well as our commitment to enhancing long-term shareholder value. Now I will turn to our financial results in a bit more detail. Revenue for the third quarter ended September 30, 2026 was $20.46 million, a 43% increase compared to $14.34 million for the third quarter ended September 30, 2025. This increase in worldwide revenues was attributable to a $2.93 million increase in body armor sales, a $2.25 million increase in helmet sales, and a $1.04 million increase in other products, parts and accessories sales, partially offset by a $110,000 decrease in neck brace sales.
Revenues generated from sales to our customers in the U.S. increased by 24% from $4.29 million to $5.33 million for the quarter ended September 30, 2026. Revenues associated with international customers were $15.12 million and $10.06 million, or 74% and 70% of our revenues, for the quarters ended September 30, 2026 and 2025, respectively. Turning to our balance sheet and cash: Cash, cash equivalents and restricted cash increased by $2.27 million since year-end to $15.5 million at September 30, 2026. Cash flows provided by operations were $4.59 million for the first nine months of 2026, more than three times the $1.45 million for the same period in 2025. Despite 23% revenue growth, inventory decreased by $1.6 million since year-end, reflecting strong sell-through and disciplined working capital management.
The current ratio at September 30, 2026 was 4.71. A two-year picture of our results shows the progress that we are making. Third quarter revenues have grown 69% since the third quarter of 2024. Year-to-date revenues are up 72%. Year-to-date gross margins have improved from 40% to 45%. Year-to-date net income has gone from a loss of $1.76 million in 2024 to a profit of $4.88 million in 2026, and helmet sales have more than doubled over the same period.
Looking forward, we are on track for a very solid year in 2026. While there is still the potential for geopolitical headwinds, we are optimistic that the traction that we have gained will continue. Participation remains strong and demand for our expanding line of innovative products continues to grow, fueling robust international reordering patterns and momentum in domestic sales at the dealer and consumer levels. We believe that this momentum will be sustained as we continue to invest in building Leatt as a global consumer brand that riders are compelled to engage with.
We are actively building out our global team of sales, marketing and brand management professionals and continuing to build a pipeline of innovative products. In terms of marketing and product launches, the third quarter of 2026 was one of our busiest ever, and that momentum continued into the fourth quarter. In addition to Grit, which I mentioned earlier, we launched global campaigns across all three of our riding categories—moto, MTB and ADV—designed to support the sell-through we are seeing at dealers and distributors. In September, we collaborated with California-based SEGA Co. on a 5.5 Raceway kit for rider Justin Hill, who debuted it at the SuperMotocross Playoffs.
SEGA has built a strong following for its Western-inspired apparel and headwear. We also worked with Nukeproof AXS Racing on a limited-edition casual apparel capsule released at the Whistler World Cup. The same weekend, Nukeproof junior rider Camden Rutherford won the junior men’s downhill at Whistler. Continuing on to the fourth quarter, this week we launched two new MTB flat pedal riding shoes featuring our unique SuperTAC technology designed to maximize grip and enhance the riding experience for riders of all levels.
And in December we are planning an ADV brand campaign with the modeling of the 2027 ADV range, so please stay tuned for that. In conclusion, our team remains very excited about our future. That excitement is driven by our innovative and expanding product portfolio, our plans to amplify the brand to reach a much wider rider audience—riders that we’ve never reached before—the launch of Grit by Leatt, and a strong balance sheet that is well positioned to fuel growth and sustain shareholder value. As always, we’d like to thank our entire Leatt family—our dedicated employees, distributors, business partners, team riders and shareholders—for their continued strong support.
With that, I’d like to turn the call over for questions. Operator.
OPERATOR
Thank you. If you’d like to ask a question, please press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question, and we’ll pause for just a moment to allow everyone the chance to queue. And we can take our first question from private investor Christopher Mueller. Your line is open.
Christopher Mueller (Private investor)
Hi Sean. Hope you’re doing well today.
Sean McDonald (Chief Executive Officer)
Hey Chris, good to hear from you.
Christopher Mueller (Private investor)
Yep, always good to speak with you. Just a few questions first. Now that Grit has begun reaching distributors, could you maybe give some color on the geographic range of that rollout, when it’s coming to the U.S., and maybe the initial response you’re seeing at a dealer level?
Sean McDonald (Chief Executive Officer)
Absolutely no problem. So we’ve rolled. We have shipped Grit internationally, and in some areas that are a bit further out, it’s still on the way. We do have Grit in some European countries and in the U.K. currently; the dealer uptake has been pretty strong. You know, we’re seeing that Grit has got a really nice positioning for the dealers. The model itself, in terms of the margins, it really does work at the dealer level, so that’s been pretty good.
In terms of the U.S., it’s on the way; should be in a couple of weeks, at which time we’re going to do a full Grit U.S. launch. We didn’t want to hold back the launch to make sure that everything was in every single country, but certainly Grit is on the way. And so far the uptake has been very strong and very positive.
Christopher Mueller (Private investor)
Great, that sounds good. And I believe last year you pegged the ADV segment revenue around 15% of total revenue. Given the expansion of that product range, the notable gains you’ve had in helmets and footwear sales this year, is that still a reasonable estimate, or has ADV become a meaningfully larger share of the overall business?
Sean McDonald (Chief Executive Officer)
Currently slightly higher than that. Not significantly higher. We’re still less than 20%, but higher than 16. So obviously that fluctuates on a quarterly basis, but we’re more in the kind of 16% to 18% range right now. I do foresee that growing slightly faster than the other categories, although MTB is also growing really fast. And, you know, it’s not that MOTO is going backwards. MOTO isn’t growing quite as fast as ADV, but I think ADV will continue to grow in terms of being a strength for Leatt.
And I think the percentage of our sales will continue to grow into the future.
Christopher Mueller (Private investor)
Okay, great to hear. And then lastly for me, could you quantify the impact of the tariff refunds here in the third quarter? Maybe just a dollar amount, so we could back into a normalized gross margin?
Sean McDonald (Chief Executive Officer)
Sure. So I think, I mean, I can give you the normalized gross margin. It impacted our margins by about 2%. So $500,000 to $600,000 in tariffs came back during Q3. So if you look at the normalized margin, it was in line with what we did last year. So you could say that normalized margin was stable. Our margins, you know, there’s been some pressure on the margins, primarily due to shipping costs that have obviously increased due to the geopolitical crisis that we’ve seen and the oil price increases.
But we have managed to keep our margins relatively stable. If you had to strip out the impact of the tariff recoupment, you’d see that margins are still stable at roughly the same level as last year.
Christopher Mueller (Private investor)
All right, well, thanks for the color there and thanks for the time. Chat soon.
Sean McDonald (Chief Executive Officer)
Thanks. Appreciate it, Chris. Take care.
OPERATOR
And we will move next to Olivia Colombo, a private investor. Please go ahead.
Olivia Colombo (Private investor)
Good afternoon, Sean.
Sean McDonald (Chief Executive Officer)
Hi, Olivia. How are you doing?
Olivia Colombo (Private investor)
Doing fine, thank you. Congratulations on the fantastic Q3. Reminds me of the good time of 2022. So another $20 million to go and that will be your best year ever.
Sean McDonald (Chief Executive Officer)
Interesting.
Olivia Colombo (Private investor)
Sean, I have actually two questions for you. The one is coming back to the Grit question here. So for the moment it is only available at distributors. You will not be able to, or you’re not selling it for the time being, on the website Grit by Leatt or Leatt?
Sean McDonald (Chief Executive Officer)
It’s on the way to those websites. So some of those websites will already have the stock in and are already selling it, and some of those websites, the stock is on the way, nearly there, and it will be available on those sites relatively soon.
Olivia Colombo (Private investor)
Yeah, that’s perfect. Thank you very much. And do you know what the size of this market is and who the bigger players are?
Sean McDonald (Chief Executive Officer)
Sure. There are some very big players in this market. I think what is limited in terms of the competitive landscape are players that have got distribution that is global. There’s a lot of local players in the different markets that we see that have got a level of strength, and there are many of those, and that differs depending on the geographical market that you’re in. But there’s very few players that are actually global and have got the ability to distribute these kinds of products, you know, into MOTO, MTB, and ADV.
So in terms of that kind of a player, it is relatively limited. In terms of the local players, you know, there are quite a few, I would say. But the full offering that we have, the high-tech products that we have, I believe sets us apart. And of course, the global footprint that we are able to achieve in the different markets sets us apart. It’s a big opportunity. You know, this is not only the kind of product that can be sold into MOTO, ADV, and MTB shops, Olivia. And we specifically marketed this as a bike product, and that could be any bike. There’s a lot of opportunity outside of our core markets to expand Grit. And at the beginning, of course, it’s a standalone brand. I mean, it’s called Grit, but it has the support of Leatt behind it. I’m very confident that it’s going to be a strong category for us.
Olivia Colombo (Private investor)
Okay, thank you very much. And when you report, will we be able to monitor the Grit performance, or will it be included in the vertical like the accessory line?
Sean McDonald (Chief Executive Officer)
At this point, we’re going to include it in other parts and accessories. But we will give information regarding how Grit is going and how the sales of Grit are progressing.
Olivia Colombo (Private investor)
Okay, that’s perfect. I have no other further questions. Congratulations once more to the whole team.
Sean McDonald (Chief Executive Officer)
Thank you, Olivia. Appreciate it.
OPERATOR
And we will move next to Aaron Gelman with Morton Street Capital. Please go ahead.
Aaron Gelman (Analyst at Morton Street Capital)
Hey Sean, congrats on a great quarter and all the successful product launches.
Sean McDonald (Chief Executive Officer)
Thank you. Aaron, good to hear from you.
Aaron Gelman (Analyst at Morton Street Capital)
One question. The growth in direct kind of slowed down. Direct sales from your website slowed down a bit. We had been growing kind of 60% for a few quarters, 50%, 60%, and we kind of dropped down to 25%. Just curious if, if any, what changed there. Are you spending a little less on direct marketing, or have you kind of shifted priorities, or is it just kind of noise?
Sean McDonald (Chief Executive Officer)
Strong priority. I mean, I expect that to continue to grow very strong double digits into the future. You know, it’s also a function of the price level that we decide to sell products at. It’s a function, as you said, of the performance marketing, and it’s a function of the availability of stock that we have that we can sell on the website. But I don’t think that there’s any handbrake when it comes to selling direct to consumers, and I would expect that to continue to accelerate into the future.
Aaron Gelman (Analyst at Morton Street Capital)
Got it. Great. And then I’m curious on the kind of restocking dynamics. Obviously a lot of dealers were very destocked a couple years ago. We’re kind of maybe two years into them kind of restocking. If we’re looking at your sales this year, how much of it is distributors and dealers going from kind of having less inventory than they normally would to a normal amount of inventory versus, you know, there’s just increased end-market demand and an increased demand in particular for Leatt products.
I know it’s tough to quantify, but any kind of color on that would be helpful.
Sean McDonald (Chief Executive Officer)
I’d say that last year was a kind of restocking year for most players in the industry. But I think what we’re seeing now is a function of sell-through and demand. And that certainly is a focus area for us. That’s the reason why we are intensifying our work on the brand and reaching riders and building a strong brand at the consumer level: to make sure that we can get the sell-through. So, so far feedback I’m getting from dealers and distributors is certainly not that they are now stocked up and, you know, they won’t be ordering.
The ordering patterns that we see now reflect that. The participation, the demand, and the sell-through is there.
Aaron Gelman (Analyst at Morton Street Capital)
Fantastic. And I guess let me just ask one on the balance sheet. You know, I think we have over $15 million of cash, and that’s despite growing inventory or growing sales. How are you guys thinking about that? Is there a target net cash level? You mentioned you still have the buyback authorization, but even if you finish that, you’ll still have, you know, a very high kind of net cash position. Any color on that would be helpful.
Sean McDonald (Chief Executive Officer)
Yeah, I mean, of course we’re looking at how to optimize our use of working capital. And certainly if you look at a product like Grit, which is consumable in nature, you know, there will be a need to make sure that we have the correct inventory levels in the marketplace. So that’s one use of cash for sure. And of course, I mean you can see how our cash can, I mean our cash can swing in a quarter as we invest in inventory. I mean, if you look at our inventory from end of Q2 to the end of Q3, you’ll see that our inventory obviously increased because we had to invest in inventory and receivables in order to generate the sales at the distributor level.
So although we do have $15 million of cash, we’re going to put that to good use, that is for certain.
Aaron Gelman (Analyst at Morton Street Capital)
Okay, well if we have like $25 million at this time next year, I’m going to push you harder on that. But that’s a nice problem to have. All right. All right, well, congrats on all the success and thanks for answering my questions.
Sean McDonald (Chief Executive Officer)
Thanks, Aaron. Thanks, Aaron, I appreciate it. Chat soon.
OPERATOR
And we will move next to Mayor Kenya with IWD Capital Management. Please go ahead.
Mayor Kenya (Investor at IWD Capital Management)
Hi Sean, thanks for the questions.
Sean McDonald (Chief Executive Officer)
Hey Mayor, how you doing?
Mayor Kenya (Investor at IWD Capital Management)
Doing well. So I had a couple of questions and two comments, but the first question I had was around Capex. I know. Could you provide a little bit more color on the somewhat elevated capital expenditures in the quarter relative to the last few quarters?
Sean McDonald (Chief Executive Officer)
Are we talking in terms of actual Capex? I mean, we currently are investing in new products. That’s a big area of Capex expenditure. That’s the primary area of Capex expenditure that you probably are seeing coming through there. And of course that’s for sale of the new product category that we’re selling. So that will be to generate growth in the future.
Mayor Kenya (Investor at IWD Capital Management)
Okay, all right, that’s helpful. And then to kind of go back to something you guys had mentioned on the Q1 call, on the marketing front, I know you gave a little bit of color here, but I just wanted to see if there’s more color. But basically it’s in reference to the comment of, on the marketing front, you guys are elevating everything: athletes, content, media impact, and people. And I’m enthusiastic about sharing the results of that shift. So if there’s any additional color you have around that shift, that would be helpful.
Sean McDonald (Chief Executive Officer)
Sure. I mean, I think we’ve been monitoring quite closely a couple of different metrics internally at Leatt, and one of the metrics we’ve been looking at that maybe gives you an idea of the kind of scale that we’re starting to see now in terms of brand awareness is views on some of the videos that we put out there. So if we look at last year, I mean, we would routinely get views in the hundreds of thousands on our videos, and these days it’s in the millions.
The Seeker video that we did, the Seeker launch that I spoke of earlier, that got 4.7 million views, 4.2 of those in the first 72 hours. So that’s, of course, a lot more complex than that, and one can go a lot deeper into it in terms of analysis. But to give you an idea of the kinds of awareness that we are now generating, we’ve gone from hundreds of thousands to millions, which I think is testament, really, to the investment that we put into the brand and also into raising the kind of content level that we’re putting out there to engage with consumers. And of course, that’s all driven by what you said earlier, which is the new people that we have on board that have got the skills to really reach those wider audiences.
No, absolutely. It’s not unique at all to the shoe line. I mean, we’ve got professional athletes and, of course, we’ve got amateur riders and weekend warriors that are testing our products routinely, not only when we do pre-launch, but also during the season to make sure that durability is in place. Any issues that come up, we can address those really, really quickly. But we will not release a product to the market until it’s been extensively tested.
That’s not only rider testing at all levels, professional and amateur level, that is also in our lab down here in Cape Town; we do extensive testing on all of our products. That’s not only the standard CE and homologation testing that needs to be done in order to pass the standards; that is also testing to make sure that those products meet the needs of the most exacting consumers that are out there. So we’re very driven on developing products that consumers really need on a functional level. It’s a very important part of Leatt’s foundation and a very important part of our, of our DNA. And I’ll continue to share information on product testing as we go along with new product launches.
OPERATOR
And we will move next to Joe Helmer with Caldwell Sutter Capital. Please go ahead.
Joe Helmer (Analyst at Caldwell Sutter Capital)
Hi. Thanks for taking my question. Good evening there, Sean. Last quarter you mentioned, when you’re talking about the second quarter, there was a little bit of a discussion about temporary supply chain timing challenges that have since been resolved. And so I’m trying to figure out, when I look at these spectacular results, if they benefited from any of that supply chain timing issues.
Sean McDonald (Chief Executive Officer)
Yeah, so the supply chain issues were on the distribution side. So we had some sales that came through during the quarter in Q3 that were earmarked to ship in Q2. So if you look at distributor sales and you take Q2 and you add it to Q3, you’ll see that the growth is 22%. So, you know, we managed to clear out the supply chain issues. And absolutely, you know, if you look at the distribution sales in Q3, some of that relates to Q2 sales that came through during the quarter, but we still managed to grow 22% on distribution.
Expect an average for Q2 and Q3.
Joe Helmer (Analyst at Caldwell Sutter Capital)
Okay, that’s helpful. I missed it. Last question. Is it this partnership in, I think you said it was in California. Is it Seeger or Segal? How do you spell it?
Sean McDonald (Chief Executive Officer)
Oh, it’s S, E, A, G, A, R. Sega. Okay. You should be able to find them on Instagram. And if you have a look at—you could also have a look at Justin Hill. He’s one of our professional Supercross riders and he is obviously sponsored by Leatt. And he also has got a sponsorship deal with CEGA, and that’s how we pulled together the collab with CIGA, so you can have a look at them.
Joe Helmer (Analyst at Caldwell Sutter Capital)
Okay, thanks a lot. Appreciate it. That’s all for me.
Sean McDonald (Chief Executive Officer)
Thanks, Joe. Appreciate it.
OPERATOR
At this time, there are no further questions in queue. I will now turn the meeting back to Sean McDonald for any additional remarks.
Sean McDonald (Chief Executive Officer)
Thank you all for joining us for this third quarter call today. And we look forward to our next call to review our fourth quarter and full year 2026 results.
OPERATOR
Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. 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.