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• Added 10 new dealer locations in Q2 and Q3, expanding reach to regions like the Southeastern Seaboard, Gulf Coast, and Australia.
• Fort Pierce headquarters expansion is complete, providing capacity to produce new models, expand production, and integrate additional brands.
• Installed a 46-foot 5-axis CNC router, allowing in-house precision tooling, reducing reliance on external vendors, cutting lead times, and lowering product development costs.
• Steady progress with the 22-foot BayCat, which is popular for its versatility and value, with production aligned with dealer orders.
• Completed integration of Bahama Boat Works, relocated molds and tooling to the expanded Fort Pierce facility, and is pacing the Bahama rollout to match market demand.
• Sold North Carolina property, reducing overhead and bolstering the balance sheet with proceeds from the sale.

• Priorities for the fourth quarter include protecting liquidity, supporting dealers, driving sell-through, and rebuilding the backlog.
• The sale of the North Carolina property provides flexibility to invest in marketing and dealer support without taking on debt.
• Will continue to expand presence in high-potential coastal regions and ensure dealers have training and support to succeed.

In the third quarter, net sales were $3.43 million, which was an 18% year-over-year increase from $2.9 million. For the first 9 months of 2025, sales totaled $11.8 million with a gross margin of 9.6%, significantly up from 2.7% in the prior year. The revenue contribution from various segments isn't explicitly broken down further in the transcript, but the focus is on the overall financial performance related to the company's boat-building operations.

• Headwinds such as high interest rates, inflation, and cautious consumer spending have slowed new boat sales across the sector.
• Pressure on new unit demand and higher-than-normal inventory levels across the industry remain challenges.

Q: Are there any questions?

A: There are no questions at this time. This concludes today's conference.