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DATE

Monday, Sept. 14, 2026 at 8:30 a.m. ET

CALL PARTICIPANTS

  • Investor Relations - Donni Case
  • Chief Executive Officer - Robert D. Dawson
  • President and Chief Operating Officer - Ray Bibisi
  • Senior Vice President and Chief Financial Officer - Peter Yin

TAKEAWAYS

  • Net Sales -- $23.96 million, representing a 21% increase driven by higher value solutions including custom cabling and integrated systems.
  • Gross Profit Margin -- 35.6%, representing a 160 basis point improvement reflecting execution in driving new business and maintaining disciplined cost control.
  • Adjusted EBITDA -- $2.7 million, representing 11.1% of sales and exceeding the company long-term goal of 10%.
  • Non-GAAP Net Income -- $2.2 million or $0.19 per diluted share, compared to $1.1 million or $0.10 per diluted share in the third quarter of fiscal 2025.
  • Operating Income -- $1.8 million, up from $720,000 in the prior year period, driven by operating leverage at higher revenue levels.
  • Fiscal Q4 Guidance -- Management expects sales to be roughly the same or above the $23.96 million level achieved in the third quarter.
  • Quarterly Bookings -- $22.5 million, resulting in a book-to-bill ratio of 0.94x for the quarter.
  • Backlog -- $19.8 million as of the call date, compared to $18.6 million as of July 31, 2026.
  • Direct Air Cooling (DAC) Sales -- Management expects revenue for this product line to be north of $10 million for the year.
  • Inventory -- $13.2 million, a decrease from $14.4 million at the end of the second quarter.
  • Cash Position -- $4.5 million, reflecting an increase of $1.1 million during the third quarter.
  • Revolving Credit Facility -- $5.7 million outstanding, representing a $400,000 reduction in borrowings from the previous quarter.
  • Customer Concentration -- One wireless carrier accounted for 17% of total sales during the third quarter.
  • Year-to-Date Revenue -- $63.6 million, an increase of 10% compared to the first nine months of fiscal 2025.
  • Year-to-Date Operating Income -- $3 million, compared to $882,000 in the prior year nine-month period.
  • Current Ratio -- 2.0 to 1, based on current assets of $36.4 million and current liabilities of $18.1 million.
  • Operating Margin -- 7.3%, an improvement from 3.6% in the prior year period.
  • Year-to-Date Adjusted EBITDA -- $5.7 million, representing a 61% increase from $3.5 million in the prior year period.

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RISKS

  • Dawson stated, "CS, 1 of the small cell side, that market's been a tough market for a while. Just predictability, I think, of deployments for technology reasons and a variety of other things," noting that current dollars delivered in this segment are behind initial projections.

SUMMARY

RF Industries, Ltd. (RFIL -10.28%) achieved record quarterly revenue as the company transitions toward higher-value integrated systems and custom cabling solutions. Management reported that the business is benefiting from operating leverage as quarterly revenue scales above $20 million, resulting in significant improvements across the income statement. The company is actively diversifying its end markets to include aerospace, edge data centers, AI infrastructure, and public safety to reduce reliance on cyclical carrier capital expenditure. Strategic initiatives include the unification of engineering and product line management teams to accelerate product launches and the implementation of AI tools to improve front-line sales efficiencies.

  • The company unified its engineering and product management teams to ensure design and commercial success are aligned. Bibisi stated, "This is a direct commitment to our innovation trajectory, and our ability to compete and win, built to deliver faster product launches, clearer accountability, stronger execution on complex programs, and better solutions for our customers."
  • Management is integrating AI at the front lines of the business, initially focusing on sales and customer-facing functions. Bibisi noted, "AI is helping our teams work smarter, respond faster, and engage more effectively with customers and prospects."
  • The company continues to expand its relationship with a large aerospace customer through design and engineering work performed at its Long Island facility.
  • Management believes the shift to edge networks and AI infrastructure will drive demand for cost-effective cooling solutions. Dawson stated, "When you get to the edge of the network that it can be 70% or 80% more cost effective. that is a that is a great thing."
  • The company expects its Direct Air Cooling (DAC) solution to be a major growth engine as it expands into wireline edge data centers and edge AI applications.
  • Management noted that while wireless carrier capital expenditures are expected to remain flat, the company is increasing its share through densification and fiber-related network gaps.

INDUSTRY GLOSSARY

  • Book-to-bill: The ratio of orders received to units shipped and billed, used as a leading indicator of demand.
  • Direct Air Cooling (DAC): An energy-efficient cooling system for wireless base stations and remote shelters.
  • Edge Data Center: Smaller facilities located close to the populations they serve that deliver cached content and cloud computing resources to end users.
  • Interconnect Products: Components and systems, such as connectors and cables, used to connect electrical or optical signals between different systems.
  • NEMA 4: An enclosure rating that provides protection against falling dirt, rain, sleet, snow, windblown dust, splashing water, and hose-directed water.
  • Small Cell: Low-powered radio access nodes that operate in licensed and unlicensed spectrum and have a range of 10 meters to a few hundred meters.

Full Conference Call Transcript

Operator: Hello? Greetings. Welcome to the RF Industries Third Quarter Fiscal 26 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Increased. 21%. Honor should require operator assistance during the conference. Please note this conference is being recorded. I would now like to turn the conference over to your host, Donni Case, Investor Relations for RF Industries. You may begin.

Donni Case: Thank you, Holly, and good morning, everyone. Joining me today are Robert D. Dawson, Chief Executive Officer; Ray Bibisi, President and Chief Operating Officer; and Peter Yin, Senior Vice President and Chief Financial Officer. Before we begin, please note that today's discussion contains forward looking statements under federal securities laws. Forward looking statements are identified by the words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Actual results may differ materially due to risks and uncertainties described in RF Industries' filings with the SEC, including reports on Forms 10-K and 10-Q, The company undertakes no obligation to update forward looking statements except as required by law.

During the call, management will also discuss certain non GAAP financial measures including adjusted EBITDA, non GAAP net income and non GAAP earnings per share. Reconciliations to the most directly comparable GAAP measures are included in today's earnings release as well as the company's SEC filings. And with that, I will turn the call over to Robert.

Robert D. Dawson: Thank you, Donni, and good morning, everyone. I am on the East Coast today, so I appreciate you tuning in for something a little different with us, morning call today. So good morning. As I said several times over the years, we like to communicate exactly what we are going to do as part of our long term strategy, and then we execute. Fiscal year 26 is unfolding as we anticipated and communicated to you. Our third quarter results continued to demonstrate earnings power that we have been building across RF Industries.

We delivered record high quarterly revenue of $24 million up 21% year over year and 16% sequentially, We do not spend a lot of time talking about records while we are working hard on the business. But I think this deserves some acknowledgment. $24 million in sales is a new high watermark for RFI, And of course, our goal now is to break that record. Great work by the team. With quarterly revenue above $20 million and increasing our results are benefiting from the operating leverage we have long discussed, driving increased margins, and allowing more dollars to flow through to the bottom line. And producing significantly stronger profitability across the income statement.

In Q3, we delivered profits that in many cases set a new standard for RFI performance. Operating income was $1.8 million Non GAAP net income was $2.2 million or $0.19 per diluted share and adjusted EBITDA was $2.7 million or 11.1% of sales. Above our 10% goal. Combined with a gross profit margin of 35.6%, exceeding our 30% gross margin objective in 6 of the last 7 quarters. We believe these results reinforce that our transition toward higher value solutions is creating a stronger, more profitable business. This is especially evident as our higher value integrated systems and custom cabling solutions continue to gain traction. These offerings carry more engineering content. Address larger project scopes, and deepen our customer relationships.

And in the third quarter, they made a significant contribution to our results. While our business mix can vary each quarter based on shipments and pipeline conversion, we believe the underlying strength and growing diversity in our business will carry forward. As customers increasingly seek fewer, more capable partners, we have expanded our offering to deliver turnkey solutions that span design, product fulfillment, and site installation management. Ray will discuss this in more detail and share some of the behind the scenes execution that continues to strengthen our value proposition and business opportunities. Our strategy to diversify RFI's end markets and customer base is working.

Today, our solutions support applications across aerospace, edge data centers, AI infrastructure, industrial manufacturing, medical imaging, transportation, and public safety. Many of which are rapidly growing markets. Our business platform is now broader, more resilient, and has multiple avenues for growth. In closing, we are very excited about the future. Going forward, we remain focused on disciplined execution. Serving our customers and building durable long term value for shareholders. As I mentioned on our Q2 call, we expected a strong second half and with 1 quarter to go, we are on target to achieve exactly that.

With what we know today, we expect sales in our current fiscal fourth quarter to be roughly the same or above our Q3 sales level. I want to thank the entire RF Industries team for their continued hard work and commitment. And as always, we appreciate the trust and partnership of our customers. And the support of our shareholders. Now I will turn the call over to Ray to expand on our operational and go to market progress.

Ray Bibisi: Thank you, Robert, and good morning, everyone. I want to take a few minutes to walk you through how we are actively managing the key levers across our business. To drive growth, reduce vulnerability, and create lasting shareholder value. I will take you through sales, product management, engineering, and operations, and the levers driving our strategy forward. Let me begin with our commercial results. In this quarter, I am pleased to say the results speak for themselves. As Rob highlighted, we delivered and delivered big. Q3 revenue came in at $24 million, exceeding expectations. But what I am most proud of is not just the number, it is how we got there. May, June, July, 3 consistent months.

No slow start, No late quarter heroics. Just steady. Disciplined execution, from day 1 to the last. That is what we have been building toward. And in Q3, we delivered it. If Q1 and Q2 showed you the direction we were headed, Q3 showed you what this team is capable Our year to date revenue was solid, and I feel the momentum behind our team's determination to win. Regarding bookings, Q3 was another strong quarter following the record setting Q2 bookings. Importantly, our year to date bookings are ahead of our year to date sales. Reflecting continued strong demand across our end markets. And our backlog heading into Q4 gives us line of sight for the balance of the year.

We have been saying diversification would be our strength. And Q3 reinforced it. This quarter, every segment contributed meaningfully to our results. And the contribution balance across the portfolio was improving. Custom cabling, continued to lead and deliver. Interconnect stepped up from Q2 and integrated systems continued to gain traction demonstrating that the work that we have been doing across that segment is showing up in the results. This balance matters. We are a company where every segment contributes, every function executes, and the whole is greater than the sum of its parts. And our team's performance in Q3 is evidence of that. Our customer base continues to broaden as well.

This quarter, we saw meaningful contributions from customers across aerospace and defense, telecommunications, industrial, and distribution channels. With several new contributors emerging across our end markets. That breadth is what a healthy diversified business looks like and I believe we are just getting started. Turning to engineering and product management. This quarter, we made a significant and deliberate organizational move that I believe will be a meaningful driver of performance in quarters ahead. We unified our engineering and product line management teams under a single integrated structure within our interconnect and integrated system segments. When people who design our products and the people accountable for the commercial success sit on the same team.

Decisions get made faster, Trade offs get resolved sooner. And there is a clean clear ownership behind every product line. This is not just an organizational change, it is a direct commitment to our innovation trajectory, and our ability to compete and win, Built to deliver faster product launches, clearer accountability, stronger execution on complex programs, and better solutions for our customers. All designed to ensure our engineering efforts translate into measurable revenue impact. Our product road map is not developed in isolation, It is directly linked to our market diversification strategy. When engineering, product management, and sales are aligned around the same growth priorities product development becomes a direct driver of market expansion.

That alignment is what we believe will make RF Industries trusted partner of choice across the markets that we serve. We believe that our operations team and processes are also key differentiators for us. This quarter, there were no dramatic changes. That is exactly the point. They are now firing on all cylinders. Our teams continue to execute against the same operational priorities we have outlined, and the results continue to show up. Our US based manufacturing footprint combined with a deliberate diverse supply chain gives us the flexibility to respond quickly to changing demand as well as managing our ever shifting tariff and geopolitical landscape. Built to scale, built to deliver. That remains the operational foundation of this business.

Before I turn to our strategic levers, I want to highlight an area of growing focus for us. Artificial Intelligence. This quarter, we continue to make meaningful strides in developing AI as a business enablement tool, not simply for administrative efficiencies, But at the front lines of our business. Our initial focus has been on sales and customer facing functions where AI is helping our teams work smarter, respond faster, and engage more effectively with customers and prospects. This is just the beginning. Our road map will extend AI into engineering, operations, and supply chain in quarters ahead.

We believe this will be a meaningful competitive differentiator and we are committed to this initiative as we work faster and smarter to win. When I step back and look at what we are building— diversified revenue streams, disciplined operations, and the culture of innovation, it all connects. These are not independent efforts. They work together to reduce vulnerability, create opportunity, and convert our pipeline and backlog into real performance gains. And importantly, we are doing it without compromising our margins or our operational integrity. I will categorize Q3 as a quarter where it all came together and we did it with consistency. The revenue growth is real, The bookings are strong. The backlog gives us visibility.

And perhaps most importantly, every segment every function, every person showed up. I want to take a moment to recognize the RF Industries team. You delivered. This quarter belongs to all of you. And to our customers, thank you for your continued trust. I will now turn the call over to Peter to walk through our financial results. Peter?

Peter Yin: Thank you, Ray and good morning, everyone. As you heard from Robert, we hit some historical highs in our fiscal third quarter. Sales increased 21% year over year, and 16% sequentially to a record $24 million Gross profit increased 27% to $8.5 million and gross profit margin expanded 160 basis points to 35.6% from 34% in the prior year period. This improvement reflected our team's strong execution in driving new business realizing the benefits of our higher value offerings, and maintaining disciplined cost control. We have long believed our business carries significant operating leverage and our Q3 results provided further evidence of that leverage. Third quarter operating income was $1.8 million compared to $720 thousand in the prior year quarter.

Operating margin improved to 7.3% from 3.6% last year. Consolidated net income was $1.4 million or $0.12 per diluted share, On a non-GAAP basis, net income was $2.2 million or $0.19 per diluted share. This compares with consolidated net income of $392 thousand or $0.04 per diluted share and non-GAAP net income of $1.1 million or $0.10 per diluted share in the third quarter of fiscal 25. Third quarter adjusted EBITDA was $2.7 million compared with adjusted EBITDA $1.6 million in the prior year quarter. Representing an increase of approximately 71%. Adjusted EBITDA as a percentage of sales improved to 11.1% from 7.9% last year, exceeding our long-stated long-term goal of 10%.

Turning to our year to date results, For the first 9 months, sales increased 10% to $63.6 million. Gross profit increased 19% to $21.9 million with gross profit margin expanding to 34.5%, from 31.8% in the prior year period. Operating income increased to $3 million from $882 thousand and adjusted EBITDA increased 61%. to $5.7 million from $3.5 million Moving on to the balance sheet. As of 07/31/2026, we had $4.5 million of cash and cash equivalents, working capital of $18.3 million and a current ratio of approximately 2.0 to 1. With current assets of $36.4 million and current liabilities of $18.1 million.

At the end of the third quarter, we had $5.7 million outstanding on our revolving credit facility down from $6.1 million at the end of the second quarter. Cash increased by approximately $1.1 million during the quarter while revolver borrowings declined by approximately $400 thousand resulting in a meaningful improvement in our net debt position. We continue to actively manage working capital to strengthen our liquidity and overall capital position as we continue to generate positive cash flow we expect to reduce our net debt to a level we view as immaterial relative to our balance sheet.

Inventory was $13.2 million compared to $14.4 million at the end of the second quarter, and $13.7 million at the beginning of the fiscal year. We continue to monitor inventory levels closely and maintain a prudent approach to inventory management that balances discipline with customer demand. Inventory level may fluctuate from quarter to quarter, based on the timing of inventory receipts, expected shipments, and potential customer or supply chain delays. Demand remained healthy during the quarter. Third quarter bookings were $22.5 million representing a book to bill ratio of approximately 0.94x. And backlog at July 31 was $18.6 million. As of today, backlog stands at $19.8 million As always, backlog can fluctuate based on order timing and fulfillment.

But we believe our current backlog and opportunity pipeline provide a solid foundation as we enter the final quarter of our fiscal year. Overall, our third quarter results reinforce the confidence we have in our business model and demonstrate the operating leverage we are realizing at higher revenue levels. With quarterly sales reaching approximately $24 million gross profit margin remaining above 35%, and adjusted EBITDA as a percentage of sales exceeding 11% we delivered another quarter of meaningful improvement in profitability and cash generation We remain focused on converting our backlog and pipeline into revenue, maintaining disciplined cost management, and delivering continued growth and shareholder value. With that, I will open the call for your questions.

Operator: Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be to pick up your handset before pressing the star keys. 1 moment, while we poll for questions. Your first question for today is from Tyler Burmeister with Lake Street.

Tyler Burmeister: Hey, guys. Can you hear me alright?

Robert D. Dawson: Hey, Tyler. Good morning.

Tyler Burmeister: Hey, good morning. Congrats on the solid quarter and continued strong momentum here. Maybe first, I want to ask about the integrations with the small cell in particular. You know, did that improve as you expected? And guess just looking forward is, you know, some of the disruptions in the first half, is that completely behind you guys now?

Robert D. Dawson: Yeah. Good question. So, CS, 1 of the small cell side, that market's been a tough market for a while. Just predictability, I think, of deployments for technology reasons and a variety of other things. I think it started to do what we thought it was gonna do. During the third quarter. We see it picking up momentum into the fourth and certainly into next fiscal year. So it is doing what we thought. it is behind me. Look, the dollars delivered there are behind what we thought they would be at the beginning of the year.

But with a little bit of delay, it is now starting to accelerate, and we feel really bullish on it as we go into the end of this year and into fiscal 2027.

Tyler Burmeister: Good. Good. Great to hear that. And on the DAC systems, now just a quarter left in your fiscal year, I was wondering if you could maybe bracket what you expect the size of the DAC business to be for you guys this year? And any comments about growth, expectations for that particular, as we head into next fiscal year would be helpful. Thanks.

Robert D. Dawson: Sure. Yeah. While we do not give specific dollars by product line, generally, I think if you go back a couple of years ago, our DAC business was relatively immaterial against our total sales. And we have seen significant growth where it is now in the millions of dollars per quarter being delivered. So our expectation is to be north of $10 million in sales. And accelerating. I think we are we are we view that as we have said for several quarters, as 1 of the big driving growth engines. it is sticky. We are getting connected with our customers. We are performing well.

We are starting to show more customers there outside of the kind of the traditional telecom space where we have and wireless where we have existed for years. We are starting to spread out into other markets as we have talked about in prior calls. So I think we that is another 1 that we feel very, very strong about and think it has not just, you know, short term opportunity, but long term growth with current and new customers, both. Great.

Tyler Burmeister: Great. I appreciate that color. Maybe just 1 last 1 for me. The aerospace large aerospace customer, I guess seems to continue to be very strong there. Just wanna make sure as we think about next year, that strength and that backdrop is a strong backdrop. I just wanna make sure there is no potential pockets of weakness that we should be thinking about as we head into next year. And then kind of second on that, that 1 large customer, has your success there led to any further conversations with potentially other customers that you could expand that aerospace business as well?

Robert D. Dawson: Sure. Yeah. I mean, I will take the first part of that, first, and then we will we will go into the other piece. So I think we feel very strongly about the relationship we have with that customer. I think our team, the majority of that work, if not all, is being performed in Long Island. By our team there. They are doing a great job, and I think it is it is design work. it is engineering. it is, you know, technical involvement. I think that makes it a very connected relationship where we do not see reasons why that would have pockets of weakness.

There can always be timing of order placement and fulfillment on those But I think with what we know today, as long as we keep performing, that is a long-term relationship and that the team is doing a great job there. So on the second piece of it, we always find when we get wins in new markets or new product areas, immediately, that is the tip of the spear to go after other opportunities. And try to break in.

And so that is worked across all of our product lines at different times, and I think the, the experience and the relationship that we have there with that aerospace customer and the design work and expertise just makes us that much stronger. So, certainly, it is it is allowing us to have different communications with new customers and share the story. 1 success tends to breed more. And I think that is, you know, that is you grow a small company into a bigger company is you get some wins and then you leverage that. And that is what we are in the throes of right now and hope to be able to share some successes in coming quarters.

Tyler Burmeister: That sounds great. That sounds great. Well, I appreciate all the color. Thanks, guys.

Robert D. Dawson: Thanks, Tyler. Appreciate it.

Operator: Your next question is from Matthew Maus with B. Riley.

Matthew Maus: Good morning. Thanks for taking my questions.

Robert D. Dawson: I will start. So, good morning.

Matthew Maus: There was a wireless carrier that was about back to, like, 17% of sales this quarter. Do you think that is the outdoor build season kicking in the way you talked about? And do you see that level of carrier activity something that carries into the fourth quarter? How should we think about that?

Robert D. Dawson: Yeah. I think it is it is it is interesting. We see if you look at our top 5 to 10 customers, there is some movement within those, certainly top 3 and even beyond where depending on project timing of some of the bigger spends, they move around depending on who is, you know, first, second, third as far as largest customers. In this case, I think what makes us very comfortable with continuation of, you know, meaningful contribution of dollars from this customer and many of our big ones. Is that they are not just buying 1 product line from us.

And so it starts to make it much healthier when you are selling 4 or 5 different critical items into customer need and different applications and different markets different budgets that are that are you know, where the spend is coming from. Well, it is not always easy to predict exactly which customer is going to be, you know, have a higher spend in a given 90 day window of time. I think annually, we see our customers growing with us because we are you know, getting into more applications and more markets and more locations and, you know, budget opportunities. Which does give us comfort to your point of, you know, seeing continuation into Q4 and into fiscal 2027?

Matthew Maus: Got it. And as for DAC trials and the NEMA 4 opportunities, I am wondering, like, when does that start to show up as a real revenue contributor? And, like, what the timeline looks like there, if there is any update?

Robert D. Dawson: Yeah. So I think, on the on the DAC side, as we mentioned earlier, we are seeing significant growth overall in that solution set and the product line sort of across the board with several different kinds of customers. When we talk about the, the NEMA 4 and some of the specific different, maybe, than traditional wireless applications, which is where that is playing out. We expect a much more material contribution from those kinds of customers that are more I will call them wireline edge data center. Telecom traditional telco, you know, edge AI, however you wanna bucket that.

We kind of look at all those as the same application where it is a small building enclosure or, you know, a box at the edge of a network that is filled with hot equipment that needs to be cooled. So for us, while it is not all NEMA 4, that is 1 specific product type that meets a certain customer need. We have got to put all those into the same area where those markets and that application for us is proving success and the deployment schedules that we are looking at with customers jointly start to accelerate into fiscal 27.

So not a huge material contribution this fiscal year, but I think when we look at to Ray's comments earlier, we look at levers of growth that is certainly 1 of those that we see adding on to the traditional markets that we have been in and performing very well with DAC.

Matthew Maus: Got it. And kind of related industry news related industry news. I mean, about a month ago, there was Verizon Google Edge deal. I am wondering, deals like that starting to translate into demand for your DAC and Edge products? Or what is the sort of connect there for you guys?

Robert D. Dawson: Yeah. So it is not always a 1-for-1, but I think the directionally anytime you see a deal like that, it is encouraging. It means that sort of the recognition that we have spoken about for several quarters that, you know, there is a lot of demand happening at the edge of the network. Not everyone can build the hyperscale data center that they may want to, whether that is because it does not meet their need or because of 1 of the things we are experiencing now is, you know, local pushback on the builds happening for these.

So, yeah, we believe for a long time that there was gonna be this sort of dissemination of technology moving from the to the edges. We have seen that for years in several different generations of deployments. I think the, you know, the AI pushback on hyperscale data centers was an help there. Which I think probably helps push some of that spend and helped accelerate that deal. So, I mean, that was a great win, obviously, for Verizon and helpful for Google. I think for us, it is it is another reason why finding additional ways to cool much more cost effectively. I mean, that is 1 of the pushbacks.

Is, you know, there is there is a lot of water. there is a lot of electricity needed for the bigger data centers. Got a way, when you get to the edge of the network that it can be 70% or 80% more cost effective. that is a that is a great thing and 1 of the major key reasons why it is not that easy to deploy these sometimes. So we are seeing these deployments accelerate at the edges. We are we are being included in more discussions across several different customer types, including the kinds involved in this deal.

And we feel extremely comfortable that we have got a great solution that should benefit from that kind of, you know, increased focus and spend.

Matthew Maus: Very informational. Thank you.

Robert D. Dawson: Just 1 more quick 1, kind of similar to the first question I asked about carrier spend.

Matthew Maus: So in terms of, like, carrier CapEx or OpEx spend, and how that, you know, how you expect that to kind of trend over this fourth quarter and, I guess, fiscal 27? Like, how should we think about that compared to where it is been at over the past year or so, like, in terms of looking over the next 12 months, how should we see that, changing, if at all?

Robert D. Dawson: Yeah. I think from a carrier CapEx, you know, on the wireless side in particular, all the projections that have been out there for several months, say that spend is gonna largely be flat. Does that mean slightly up, slightly down, or no change? it is really depends on the carrier and what exactly they are working on. I think the spend that is happening now, though, is very focused on critical items. You know, there was a big run up years ago around 5G. I think that becomes, as we have said for years, we are less interested in 4G, 5G, 6G.

We are more interested in densification and filling in the filling in the gaps in the network and better quality, now there is a big push for including fiber in those discussions as well. To your point, the Verizon deals good example of that. So I think we look at the different applications that we are aligned with across our portfolio and feel very comfortable that, you know, the CapEx spend that is happening is more than enough to support our growth, both as we break into new areas of opportunity, as we take share in some cases.

And we also have product lines that are that are more on the OpEx side of things and not necessarily coming out of a bucket of CapEx spend. So I do not think we do not tie, at least for us, a 1-for-1 carrier CapEx to our opportunity. And certainly, you know, this year and last year, there was not a significant increase in carrier CapEx, yet we are showing an increase across those customers. So I think we feel comfortable that there is enough spend happening for us to perform and do what we are supposed to do as a company, and the team is doing a really good job of getting our fair share. Great.

Matthew Maus: That was all for me. Thanks.

Robert D. Dawson: All right. Thanks, Matthew.

Operator: We have reached the end of the question-and-answer session, and I will now turn the call over to Robert for closing remarks.

Robert D. Dawson: Great. Thanks, Holly, and thanks, everyone, for joining today's call. And for all the questions. We look forward to reporting our fourth quarter and full year results for fiscal 26 in a few months. We will talk to you then. Have a great day.

Operator: This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.