Rank One Computing (NASDAQ:ROC) released second-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below.
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Summary
Rank One Computing reported a 2% year-over-year revenue increase for Q2 2026, reaching $5.1 million, nearly doubling sequentially due to a 41% rise in R&D contract revenue.
The company highlighted success in monetizing the ROC Vision AI platform and product growth across ROC SDK, ROC ABIS, and ROC n Roll, although ROC Watch revenue declined following the completion of a major deployment.
Rank One Computing is focused on converting government-funded activities into larger programs and expanding ROC ABIS and ROC Evidence deployments, supported by a recent strategic acquisition of Ztec to enhance ROC Evidence.
The company achieved a gross margin of 90%, reflecting a shift to higher-margin revenue, while operating expenses increased due to continued investments in growth and R&D.
Management highlighted improved government contracting activity and anticipates capturing growth opportunities in the second half of 2026, despite acknowledging potential quarterly variability due to government program timing.
Full Transcript
OPERATOR
Greetings and welcome to the Rank One Computing second quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, please press star then 1. To withdraw your question, please press star then 2. As a reminder, this conference is being recorded.
I would now like to turn the conference over to Jules Abraham with CORE IR. Please go ahead.
Jules Abraham, Investor Relations
Thank you, Betsy, and good afternoon, everyone. We thank you for joining Rank One Computing’s second quarter 2026 financial results call. Presenting on today’s call are Scott Swan, Rank One Computing’s CEO, and Cody Barnes, Rank One Computing’s CFO. Brendan Claire, Rank One Computing’s co-founder and Chairman of the Board of Directors, and David Ray, Rank One Computing’s Head of Capital Markets and General Counsel, will also be available during the question-and-answer portion of the call.
Before we begin, I remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include remarks about management’s future expectations, beliefs, estimates, plans, and prospects. Such statements are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those indicated or implied by such statements.
Such risks and other factors are set forth in the company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission, and the company does not undertake any duty to update such forward-looking statements. Additionally, during today’s call, certain non-GAAP measures will be discussed. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. Now my pleasure to turn the call over to Rank One Computing CEO Scott Swan. Scott.
Scott Swan, CEO
Thank you, Jules. Good afternoon, and thank you for joining Rank One Computing’s second quarter 2026 earnings call. The second quarter marked Rank One Computing’s first full quarter operating as a public company, and it reflected measurable progress in two areas we outlined on our first quarter call. We’ve seen improving government contracting activity and broad commercial adoption across the Rank One Computing product portfolio. We’re pleased to report sequential growth, nearly doubling our revenue compared to the first quarter.
We have also successfully monetized the entire ROC Vision AI platform ahead of our plan. Second quarter revenue was $5.1 million. This is up 2% year over year. As I mentioned, nearly double first quarter revenue, primarily driven by a 41% increase in R&D contract revenue, which more than offset the decline in product revenue attributed to the completion of a ROC Watch deployment recognized in the prior-year period. In May, we said government procurement activity appeared to be improving, with awards and revenue to follow incrementally through the remainder of 2026.
The second quarter provided initial evidence that funding and program activity are actually beginning to return to normal and develop. Additionally, we advanced our newer Rank One Computing products across the Vision AI platform. ROC SDK, ROC ABIS, and ROC n Roll each generated strong year-over-year revenue growth, and ROC Evidence produced its first commercial revenue. Combined, these developments indicate early progress on the path to growth we’ve outlined.
However, that does not mean growth for the business will follow strictly a linear trajectory. Government awards and deployment schedules are unpredictable, and they create quarterly variability. However, we believe the second quarter performance demonstrates that the underlying government procurement activity level has increased. The contract awards that we target are beginning to be executed, and our go-to-market strategy is advancing. Taking a closer review of Rank One Computing’s government-driven activity, R&D contract revenue increased to approximately $3 million from $2.1 million in the prior-year quarter.
This initial contract revenue growth is encouraging, but activity has still not returned to a normalized rate. Government program timing remains variable, and business activity is informed by appropriations, procurement schedules, and the timing of individual awards. That being said, we believe Rank One Computing is well positioned to capture growth opportunities through the second half of this year. Importantly, the value of these programs extends beyond initial contract revenue.
Government-funded work allows Rank One Computing to demonstrate technology in demanding operating environments that deepen our customer relationships and position us to pursue expanded programs with our Vision AI solutions. Our overall strategic growth objective for our R&D contract business is straightforward: converting research and successful mission deployments or proof of concepts that lead to larger, longer-duration recurring revenue and ultimately establishing Rank One Computing’s American-built technology at the identity infrastructure of government customers.
Turning to our product segment, overall product revenue declined year over year due to the completion of a significant ROC Watch deployment, which was recognized in prior-year quarterly revenue. To be clear, this was a profoundly successful project for Rank One Computing. Under the construct, the ROC Watch solution was selected for an initial short-term contract period with a strict timeline and tailored to a highly sensitive mission for a government agency.
Based on rigorous intelligence results, it validated that mission and that critical utility, and ROC Watch outperformed customer expectations, and that deployment was subsequently expanded and ultimately completed successfully with high customer satisfaction. This ROC Watch mission is an important example of contract economics because certain Rank One Computing product programs are phased and finite. Revenue may be concentrated in particular periods depending on program and deployment milestones.
Excluding the ROC Watch year-over-year comparison, the broader product portfolio showed strong progress. ROC SDK revenue increased 84% to approximately $1.6 million, supported by growth in new customers. ROC ABIS revenue increased 723% off a marginal base in the prior-year quarter. The current ABIS revenue contribution was a result of our early go-to-market process. We advanced these initial customer programs to commercial deployment, and we are continuing discussions with their consequential potential beachhead customers.
Our newest product brought to market, ROC Evidence, generated first commercial revenue following an early deployment completed ahead of the original commercialization timeline. ROC n Roll revenue increased 125%, also from a small base, reflecting continued adoption by our key enterprise customer, MTN in South Africa, as it activates an expanded rollout plan for identity enrollment and verification. Our commercial growth model remains consistent across our Vision AI platform.
We introduce Rank One Computing products with a defined use case, improve our performance, and successfully expand across additional users, workflows, locations, and products. The ultimate objective is to secure beachhead customers that require capacity to deliver multi-year identity intelligence programs with Rank One Computing’s technology and support for a recurring, repeatable revenue stream. Before shifting away from product performance, I’d like to touch on our digital evidence growth strategy.
During the quarter, we pursued a strategic initiative designed to enhance ROC Evidence. As announced in June, we entered into an agreement to acquire Ztec, a legacy strategic partner of Rank One Computing. Consolidating Ztec into Rank One Computing’s business and operations was a natural next step in our collaboration with this uniquely skilled engineering team. We see this as a strategic acquisition intended to build a robust version of ROC Evidence with Ztec’s additional digital forensic capabilities, their domain expertise, and government customer relationships.
We have already made a lot of progress on aligning our companies in advance of closing the transaction. Integration across our engineering, products, and business development is well underway and showing promising results, with the business operations integration to be completed quickly upon closing. We will provide further details once the transaction is complete. With greater visibility into the financial profile and full scale of the integrated company, we anticipate closing the transaction by the end of the third quarter.
I’d like to spend a moment to revisit Rank One Computing’s differentiator. It’s not simply that we are American-built; it’s that we combine this U.S. ownership and development with technical performance validated by top-tier performance in independent industry benchmarks. We believe that combination is increasingly relevant to national security, public safety, and critical identity infrastructure. Our commercialization efforts are also supported by this independent validation as a key consideration in both government and commercial procurement processes.
During the quarter, Rank One Computing achieved NIST results, including the fastest latent fingerprint search speed in the Evaluation of Latent Fingerprint Technologies benchmark, and leading identification accuracy results across multiple friction ridge image and features fingerprint technology evaluations. Now, these results matter because our customers require this objective evidence of accuracy, speed, and scalability, and they frequently support their acquisition decisions.
We also continue to strengthen the platform and organization as we deepened our public market heritage. We appointed Dr. Kathleen Kiernan, former Assistant Director for the ATS Office of Strategic Intelligence and Information, to our Board of Directors, and we also added Stephen McQueen, former Director of the FBI’s Threat Screening Center, as a senior advisor establishing our homeland security and intelligence market strategy. Additionally, the ROC Watch suite of solutions received a Developmental Testing and Evaluation designation under the Department of Homeland Security SAFETY Act and was named Facial Recognition System of the Year in the 2026 AI Breakthrough Awards. As a newly public company, our mandate is to deliver on the objectives within our control to our shareholders, and we acknowledge that our credibility will be built as we demonstrate execution against our expressed strategic priorities. The first quarter we said government activity was beginning to improve. In the second quarter, R&D contract revenue increased materially. We indicated that we were advancing ROC ABIS and ROC Evidence toward commercial use.
In the second quarter, ROC Evidence revenue expanded, we covered multiple new customers, and ROC Evidence generated its first commercial revenue ahead of our internal plan. We invested in talent across product development, business development, and deployment capacity, as well as investing in our AI/ML algorithm development, engineering, our technology, hardware, and processing infrastructure to drive durable growth and scale. Our responsibility now is to convert those investments into larger customer programs for a more durable revenue profile and scale.
With that, I’ll turn the call over to Cody Barnes, our Chief Financial Officer.
Cody Barnes (Chief Financial Officer)
Thank you, Scott, and good afternoon, everyone. I will now provide a brief overview of our financial results for the second quarter ended June 30, 2026. Total revenue for the second quarter 2026 was $5.1 million compared to $5.0 million in the second quarter 2025, an increase of approximately $0.1 million or 2%. Product revenue was $2.1 million compared to $2.8 million in the prior-year quarter, a decrease of $0.7 million or 26%. As Scott said, the decrease in product revenue was due to the completion of a significant ROC Watch deployment recognized in the prior-year quarter.
ROC Watch revenue in the second quarter decreased 87% year over year. This was partially offset by higher revenues for ROC SDK, ROC ABIS, ROC N Roll, and ROC Evidence. ROC SDK revenue was approximately $1.6 million, up 84% year over year, reflecting continued customer adoption of our foundational software platform. ROC ABIS revenue increased 723% year over year to approximately $0.2 million, driven by multiple new customer deployments. ROC N Roll revenue grew 125% to approximately $0.1 million, reflecting the planned expansion of our MTN deployment, and ROC Evidence generated its first commercial revenue during the quarter.
ROC R&D contract revenue was $3.0 million compared to $2.1 million in the second quarter of 2025, an increase of $0.9 million or 41%. The increase reflected revenue recognized from an exercise of an option to significantly expand an existing government R&D contract. Importantly, this award reflects improving government contracting activity following the slower award environment experienced in late 2025 and early 2026. Gross profit increased to $4.6 million in the second quarter of 2026 from $4.0 million in the second quarter of 2025.
Gross margin expanded to 90% from 80% in the prior-year quarter. The improvement reflected the quarter shift to higher-margin revenue mix with lower cost of sales. We believe this reflects the strength of our software-driven revenue model and the efficiency of our Vision AI platform. Notably, margin will fluctuate depending on the revenue mix of software licenses, services, hardware, and R&D contract revenue. Operating expenses were $5.3 million in the second quarter of 2026 compared to $3.2 million in the second quarter of 2025.
Selling, general, and administrative expenses increased to $3.3 million, primarily driven by our continued investment in growth, reflected in higher personnel-related costs across engineering and product development, business development, and operations. Research and development expenses increased to approximately $2.0 million. The increase from the prior year reflects continued investment in engineering, product development, and platform enhancement.
Net loss for the second quarter of 2026 was $0.8 million compared to net income of $0.6 million in the second quarter 2025. Basic and diluted loss per share was $0.04 compared to basic and diluted earnings per share of $0.04 in the prior-year period. As of June 30, 2026, we had $11.9 million in cash, approximately $14.8 million in working capital, and no outstanding debt. We believe the post-IPO balance sheet provides the flexibility to continue executing our current strategic growth plan against product development, deployment capacity, customer acquisition, and the infrastructure required to support larger, longer-duration programs.
With that, I’ll turn the call back to Scott.
Scott Swan, CEO
Thank you, Cody. In closing, our second quarter results showed progress, but they also clearly indicate there is work to do in executing against our stated plan. Our goal remains establishing beachhead contracts for all of our products and expanding those relationships both within the product line and across the Vision AI platform. Our priorities are to convert government-funded activity into larger production programs, advance ROC ABIS and ROC Evidence customers into expanded deployments, and grow existing customer relationships across additional ROC products.
Completing the ZC transaction will further accelerate product development capabilities and our ability to serve new and existing customers. The core opportunity for ROC is market recognition as the leading American-built identity technology infrastructure for national security and law enforcement customers which generates long-duration customer relationships and high-margin revenue. We’re encouraged by the progress made during this quarter. We also understand that credibility will be established as we demonstrate sustained execution with contracts secured, deployments completed, customers expanded, and financial performance delivered.
That is the long-term value proposition of ROC. We appreciate the continued support of our dedicated shareholders, customers, our partners, and our employees, and we look forward to providing updates on our developments. I’d like to now hand the call to the operator to begin the question-and-answer session.
OPERATOR
We will now begin the question-and-answer session. To ask a question, please press star then one to join the question queue. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Once again, to ask a question, please press star then one. At this time, we will pause momentarily to assemble our roster.
The first question today comes from Yifu Lee with Benchmark. Please go ahead.
Yifu Lee, Analyst at Benchmark
Hello, Scott and the Rank One Computing team. Thank you for taking my questions. Congrats on a strong Q2, nearly doubling revenue quarter over quarter while boosting gross margin to 90%. So, Scott, I just want to start with the macro environment, especially as it relates to the government recovery. Obviously, R&D revenue grew 41% year on year. I think you clocked in at $4.9 million, which is pretty much nearly the entire balance of 2025, right? In R&D revenue, can you describe what you are seeing in terms of the government side, the recovery?
I know you mentioned that it’s not a linear recovery, but as we all know, September is the fiscal government year-end. I just want to get your thoughts on how you characterize the funding environment. I know in your prepared remarks you say it’s a little bit slower in terms of approval. Just want to get your thoughts on that, just to start off the conversation. Scott.
Scott Swan, CEO
Thank you, Lee. As we’re coming off a fiscal year in 2025 that was operated the entire year in a continuing resolution and a record government shutdown, it did set the stage for a slow half of the year, in large part because the monies for government agencies hadn’t made it to where they needed to get to, particular agencies that would execute against that money. The revenue is a good indicator. They awarded the R&D contract as a good indicator that the government is back in more of a normal operation.
But there are several other indicators that we really pay a lot of attention to. Those are increases in interaction, additional quotes and pricing, and solicitations. And we’re seeing all those signals from the government right now that they are moving toward their milestones of having to obligate their FY26 monies by September 30th of this year.
Yifu Lee, Analyst at Benchmark
Got it, Scott. Thanks for that. So, but would you characterize any possibility of a budget flush, like a budget flush that we’re accustomed to? I know, like three years ago, like in the SaaS software space, you know, the government needs to spend that money before fiscal year-end. Would you anticipate any sort of that coming just because there’s still a lot of money left?
Scott Swan, CEO
There’s certainly a lot of money left within the government. I think those that are doing business with government agencies will see stronger performance in the second half of the year. It takes time for them to move that money to a contract and get that awarded to particular vendors. The key for government agencies is that they have to obligate that money by September 30th, and that sometimes can go to third parties like integrators that can subsequently award that money to technology providers like us.
So I think that will trickle into Q4 in some respects for some government contractors. All that said, the government is sitting on some very large budgets that they need to execute before September 30th, or to obligate before September 30th. And I think that there is a lot of energy toward that within the government agencies. Right now we’re seeing all those signals with our customers.
Yifu Lee, Analyst at Benchmark
Got it, got it, Scott. The next topic is really the pipeline conversion. I’m sure a lot of investors want an update, and you provide a great update. Let us start off with the ABIS contract first. You did two pilot programs in the quarter. Can you help us understand, from these pilot programs to long-term deployment, we just want to understand the journey to get from initial pilot to full commercialization deployment. How long does it take for these projects to scale up? Because I remember during the IPO process, research process, you mentioned these are large-scale projects, could be seven, eight figures, and you have two pilots going on.
Can you give us a sense of the ramp-up on those?
Scott Swan, CEO
Yes. Early in the deployment of your new product capabilities, a few things happen. First of all, the first adopters get the best deals. We work very closely with them to make sure the products are truly ready for marketing, and that helps us to really ensure that we have that scalability moving forward. We successfully worked with two of our ABIS customers this year to provide them with deployments. As we move forward into our next set of deployments, we would be looking at larger opportunities depending on the agency.
Some of the agencies are smaller in size and could be smaller opportunities. But as we start approaching larger federal agencies and having ABIS opportunities in that particular space, we’ll have those credentials under our win column of already having proven out the technology, and that’s what I believe is where we’ll see our longer-term durable revenue with repeating year-after-year revenue throughout.
Yifu Lee, Analyst at Benchmark
But any timeline? Like, yeah, I know TruDem and pilot programs are, we should, we think the cadence is like 12, 18 months to fully ramp, you know, these ABIS projects up.
Scott Swan, CEO
That is about the cadence. But do note that we’re not starting from zero. We’ve been working several of these. So we have, we’ve already, you know, been working specifically for capture in many, many different AFIS and ABIS market spaces now. And as I set out at the beginning of our IPO, our key priorities for this year are to establish our beachhead wins in each one of our product lines. Those two early ABIS wins this year, they don’t constitute what we consider beachhead wins.
Beachhead wins to us are multimillion-dollar contracts, multimillion dollars per year contracts that have multi years associated with them. And we’re looking to establish that not just in the AFIS/ABIS market, but across a few of our product lines this year.
Yifu Lee, Analyst at Benchmark
Got it, got it. And then, just to balance things out for investors, I know you mentioned that Watch, you know, there’s a completion of the Watch deployment, so we’ve seen some headwinds this quarter. Just want to get your, you know, help investors understand about the cadence of ROC Watch deployment going forward, whether the expanded customer base will create opportunities for more recurring revenue. Seems like there’s some lumpiness on the Watch side.
Can you give us a little bit more color on how to think about Watch?
Scott Swan, CEO
Yeah, I think this is just timing. I think as you look at the particular project that gave us a spike last year, that was a very set mission-related project that we were very successful in delivering, that particular project. As I mentioned, in the government budget cycles, it takes time for the valuations, the money to get to the agencies, and the actual obligation execution of those funds to a contractor. So we’ve been very active in various pilots, opportunities, quotes, and activities within the Rockwatch portfolio.
So our focus this year is scaling Rockwatch as well as establishing a major beachhead customer in Rockwatch as well.
Yifu Lee, Analyst at Benchmark
But would you anticipate, let’s just say like the second half, how would Rockwatch? Will there be any headwinds on year-over-year comparisons? I guess because of this roll-off of the contract.
Scott Swan, CEO
I won’t provide any formal guidance moving forward, but I will say that we are fostering several opportunities moving forward, and I believe that we’re really focused on the growth of our various product lines. And I anticipate that Q2 of 2025 was a bit of a spike in Rockwatch performance in comparison to what we’ll see as we move forward within 2026.
Yifu Lee, Analyst at Benchmark
Got it, got it. Thanks for that. And then Scott, on the rock evidence—right, I’ll lump these two questions together. GTC, you talked about how the strategic impetus to buy ZTC to accelerate ingesting the data for the evidence product, and we see some wins at the U.S. Drug Enforcement Administration. It started last quarter, but I think you guys made good headway into that. How would you characterize ZTC will help you accelerate, let’s just say, the evidence style of your portfolio?
Scott Swan, CEO
Yeah, they’re a key partner in this. We would have been working with them even had we not moved forward toward an acquisition. They have decades of experience in working in the digital evidence space, and our ability to help them focus more toward a product mindset and working toward product in the digital evidence space is already paying dividends. As I mentioned, we have already made great strides in the integration of ZTC into ROC on the engineering and product space.
And those strides have already been presented to customers and giving us good signals of the demand signals that we’re seeing from those that need forensic digital evidence capabilities. So really combining their decades of engineering experience building these products with our product-minded mindset of building out applications is already well underway and something that I think that we’ll see a lot of benefits from in the near term.
Yifu Lee, Analyst at Benchmark
Got it. Makes sense, makes sense. And then for the technology enhancements, I know you—ROC won some award—and fingerprinting search, whether it’s search or accuracy, how should investors think about these, you know, award accolades? You know, when it seems like, you know, the ROC platform is earning more and more, like, does this open the door to certain avenues that it wasn’t able to go into in terms of those awards?
Scott Swan, CEO
Yeah, it’s very important. You know, we oftentimes talk about being one of the only American companies in this space. We’re really the only American company that’s providing identity technologies across all the various biometric modalities. But we don’t win on just being American alone. We really have to prove out our performance and that we are best in industry when it comes to our algorithms. So the recognition that we get from winning these benchmarks and awards is important from the business development perspective.
But even more so, some of the government procurement activities are structured to help support acquisition decisions based on how well we perform in these evaluations. So we take them very seriously. We’re performing extremely well across the board in all those biometric modalities, thanks to our research team.
Yifu Lee, Analyst at Benchmark
Got it. Got it. And then I’ll finish off with the financials, Scott, and I’ll ask both of them at the same time. Is go-to-market, in terms of the go-to-market investments, can you give us a status on that? Like, how should we think about the team? Are you ramping up? Is there sufficient resource? And then lastly, on the financials, I think you have $11 million, a little bit more than that, on your balance sheet—your timing on funding, like how much runway you have.
And also give us some color—I know you gave us some qualitative guidance, but we’ve seen some good outperformance, right, in terms of revenue growth this quarter, almost 100%, as well as gross margin, 90%. How should we think of it as we head into the second quarter of this year? And that’s it for me. Thank you, Scott and team.
Scott Swan, CEO
That’s right. I’ll answer the first part of this question, and I’ll hand it over to Cody to take us through the second part. But I would say we deployed capital early. We were prepared to launch that capital to support our growth. We kind of intelligently deployed to make sure that we got people in place quickly and also invested in the hardware resources that we need to accelerate the abilities of our research team. The majority of that allocation has been already put in place and deployed to this point.
Now we’ll really be focused on converting those investments into capital. And given the software nature of our business as we look forward—and we are optimistic about the second half of the year—with the margins that we create, we essentially are able to start converting our business into cash also as we move forward. But Cody, I’ll allow you to have a little more color on the balance sheet.
Cody Barnes (Chief Financial Officer)
Yeah, thanks, Scott. So, yeah, I mean, I think on the liquidity side, you know, we ended the quarter with $11.9 million cash, $14.8 million working capital, and no borrowings outstanding on our facility. The use of cash reflects the investments that, you know, we’ve discussed and been discussing, mainly personnel-related, into product development, into our infrastructure and deployment capacity. So just overall, like, you know, we’re very comfortable with our current liquidity profile and balance sheet, and we’ll continue to be disciplined with how we allocate operating capital.
I think in terms of just kind of forward-looking, you know, we won’t provide formal guidance, but I’ll just kind of emphasize again that, you know, we’ve been very deliberate with the investments we’ve made in the first half of the year. We’re obviously encouraged by Q2 results. We’re seeing good engagement in the opportunity funnel. And again, the balance sheet’s very, very healthy. So I think collectively that sets us up really, really well for the second half.
And then just to touch on the gross margin, I wouldn’t think about it as a quarterly run rate, Yi. You know, gross margin is going to move around based on contract mix. This quarter in particular, we benefited from a higher mix of software license revenue and a relatively lower cost of sales associated with our R&D contract revenue. And by comparison, the prior-year quarter included a large Rockwatch deployment which carried some marginal delivery costs that were very unique to that project.
So I think we should generally expect some quarter-to-quarter variability in gross margin, and we should definitely look at this, you know, over a longer trailing period. Thank you.
Yifu Lee, Analyst at Benchmark
Got it. Thank you, Cody and Scott, for patiently taking all my questions. Congrats again on a strong 2Q. Talk soon.
Scott Swan, CEO
Thank you, Yi.
OPERATOR
As a reminder, if you would like to ask a question, please press star then one to join the question queue. This concludes our question and answer session. I would like to turn the conference back over for any closing remarks. The call has now concluded. Thank you for attending today’s presentation. You may now disconnect.
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