NYSEAMERICAN:BURU Nuburu Q3 2023 Earnings Report $0.16 +0.01 (+3.43%) Closing price 04/25/2025 04:10 PM EasternExtended Trading$0.16 0.00 (-2.39%) As of 04/25/2025 07:58 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings History Nuburu EPS ResultsActual EPS-$0.14Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/ANuburu Revenue ResultsActual Revenue$0.19 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ANuburu Announcement DetailsQuarterQ3 2023Date11/9/2023TimeN/AConference Call DateThursday, November 9, 2023Conference Call Time4:30PM ETConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Nuburu Q3 2023 Earnings Call TranscriptProvided by QuartrNovember 9, 2023 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Good afternoon. Thank you for attending the Bureau Incorporated Third Quarter 2023 Financial Results Conference Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to turn the conference over to your host, Ralph Esper, External Director of Investor Relations at Gateway Group. Thank you. Operator00:00:22You may proceed, Mr. Esper. Speaker 100:00:25Thank you, operator, and thanks to everyone for joining us on Naboora's Q3 2023 earnings conference call. Joining the call today are Brian Kennally, Hubera's Chief Executive Officer and Ron Nicole, Executive Chairman, to discuss our 3rd quarter results. During this call, certain statements we make will be forward looking. These statements are Subject to risks and uncertainties, including those set forth in our safe harbor provisions, performance looking statements that can be found to update any forward looking statement. We will also provide non GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. Speaker 100:01:29This information should not be considered superior to or as a substitute for the comparable GAAP measures. Reconciliation of historical Non GAAP measures can be found in our Q3 earnings release published this afternoon and posted on the Investor Relations section of our website at ir.nuburu.net. I will now turn the call over to Ron. Speaker 200:01:55Thank you, Ralph, and thanks to everyone for joining us today for our Q3 2023 earnings call. In light of recent corporate developments, I'd like to start today's discussion By reviewing the changes we've made to our executive management team to transition the company to its next stage of growth. Following that, I will turn it over to Brian to discuss further operational updates, the financial results of the quarter and our out year objectives. At the halfway point of the year, The Board of Directors had very carefully assessed the current status of NUBARU. Our cutting edge blue laser is at the forefront of technological advancements for manufacturing. Speaker 200:02:32Since the inception of Newburu in 2015, our focus was on developing new lasers to leverage fundamental physics and their high brightness, high power design. I want to thank Mark Snedeker for his tireless efforts over the past years to lay the foundations for the company's success. Looking forward, our primary objectives will revolve around 3 central elements: strengthening our commercial efforts, scaling our production and streamlining our administrative functions. These actions are pivotable as we strive to not only ensure customer satisfaction, but also drive shareholder value growth as a public company. As I step into my newly extended role as Executive Chairman, my key responsibilities will encompass offering strategic Guidance during this transformative phase as well as serving as a valuable resource to Brian in his new position as Chief Executive Officer, In addition to supporting the rest of our highly talented management team, Brian Kennelly is an accomplished and respected leader With over 25 years of experience in scaling and operating public companies, the Board of Directors and myself are confident in his abilities to lead new Guru next phase of growth. Speaker 200:03:42I'll now turn the call over to Brian to update you on further operational highlights, discuss our Q3 performance and out your strategic objectives. Brian? Speaker 300:03:53Thanks, Ron. It's a great honor for me to lead Naboo's next phase of growth as Chief Executive Officer. I want to thank the Board of Directors for their trust in me and I'm looking forward to working with Ron, the Board and the excellent Nabooru team in this position as we continue to execute on the vast commercial opportunities that lay ahead of us. Speaking of which, I would like to start today's operational update with 2 very recent exciting examples. Earlier today, we announced fantastic news Regarding our work with GE Additive for the U. Speaker 300:04:23S. Air Force, the completion of the contract awarded by the U. S. Air Force follows our successful demonstration of Blue laser based area printing to develop scalable 3 d printing manufacturing systems. Achieving this first ever milestone is critical to accelerate the implementation of Blue Laser Technology into large scale additive manufacturing systems for defense, aerospace and several other critical markets. Speaker 300:04:49This announcement comes on the heels of a purchase order we've received from a major multinational electronics manufacturer with manufacturing capabilities across Asia, Latin America, Europe and the U. S. We are excited about the opportunity to deliver our industry disrupting BL250 for next generation 3C device manufacturing. Our transformational blue laser technology will be utilized at the manufacturing and a research and development capacity to demonstrate the integration of its laser welding capabilities as an alternative to conventional soldering manufacturing techniques. As you can tell, there is no shortage of interest in our technology and we are excited about the opportunities that lay ahead of us. Speaker 100:05:28But Speaker 300:05:28Q3 also came with challenges. As mentioned on our Q2 earnings call, going into the second half of the year, we were cognizant of the supply chain conditions that presented bottlenecks in the procurement process for scanner components, in particular the scanner and lens related components respectively associated with our BL product line. While we've seen such material constraints abate throughout the 3rd quarter, Largely attributable to our alternative sourcing initiatives that we have implemented, we have seen a clear impact on our ability to ship systems to our customers. During the Q3, we were also confronted with additional headwinds from the integration of our systems into customer applications and subsequently experienced Further delays in the shipment of our products. For those unaware of our sales cycle, while we benefit from deep integration into our customers' manufacturing processes, We need to customize our solutions to specific applications of their end markets. Speaker 300:06:23I'm confident in the solutions that we have developed not only will enhance our BL-two fifty Product offerings, but also streamline the manufacturing process to improve the application and integration of our technologies within their respective end markets going forward. Turning now to our Q3 results, further details on which can be found in our 10 Q that will be on file with the SEC. Our Q3 sales were $200,000 which is a 78% decrease compared to the Q3 of 2022, primarily due to a decrease and a number of laser systems sales during the period as a result of the challenges I described earlier. Our gross profit was a $900,000 loss compared to a loss of $1,000,000 in the Q3 of 2022, primarily attributable to a decrease in cost of revenue following a decrease in the production of laser systems as the company focuses on the manufacturing of the BL series and offset by the decrease in revenues. Our gross margin was a negative 4 97% compared to a gross margin of 100 compared to a gross margin of a negative 111% in the Q3 of 2022, primarily driven by decreasing revenue and partially offset by lower cost of revenues following the retirement of the Ah Oh series. Speaker 300:07:40Total operating expenses in the 3rd quarter of 2023 were $4,200,000 compared to $2,900,000 in the Q3 of 2022. The increase is primarily attributable to increased costs associated with becoming and operating a public company. Further contributors to the increase were increased research and development personnel expenses and the addition of a new Chief Marketing and Sales Officer in March of 2023. Our net loss was $5,100,000 or $0.14 per share compared to a net loss of $3,900,000 or $0.71 per share in the Q3 of 2022. This is primarily related to the mentioned one time expenses detailed previously. Speaker 300:08:29Our EBITDA was a negative $4,800,000 compared to a negative $3,800,000 in the Q3 of 2022. In the quarter, we had a free cash flow usage of $4,900,000 compared to a usage of $2,700,000 primarily attributable to decreasing revenue and an increase in total operating expenses. As a result And as of September 30, 2023, the company had cash and cash equivalents of $1,600,000 Looking forward, I am pleased to tell you that we are very well positioned to have updates forthcoming regarding our short term financing as well as longer term solutions. We are not quite ready to announce at this point, but we will keep the market updated as we track as we are on track to bolster our balance sheet. With the anticipation of a rebound in deliveries of our laser systems during the Q4 of 2023, we have adjusted our full year 2023 outlook And are eagerly awaiting the positive impact of our technological improvements. Speaker 300:09:30As such, we are revising our full year 2023 outlook Total revenue to $2,100,000 EBITDA to be in the range between a negative $18,000,000 and a negative $21,000,000 and free cash flow to be in the range of negative $17,000,000 and negative $20,000,000 In closing, while Quarter 3 was without challenges. We are more than ever excited about the growth opportunity ahead of us with growing commercial interest for our Technology Driven Solutions. Our market outlook remains robust with momentum and revenue generation accelerating in 2024 and beyond as we roll out more of our BL and SML systems. Finally, we would like to thank our employees our customers for their continued efforts and dedication to the company, which ultimately drives our success as an organization. Together, we're focused on driving innovation, Supporting the global transition to sustainable solutions and delivering strong profitable growth for our shareholders. Speaker 300:10:30We are entering a new phase as we transition toward the commercialization of our technology, And I hope you all are with us for the journey. I will now turn the call back over to the operator who will assist us in taking your questions. Operator? Operator00:10:46Thank you. Ladies and gentlemen, we will now begin the question and answer Questions will be taken in the order received. Your first question is from Ananda Baruwal from Oulu Capital. Please ask your question. Speaker 400:11:23Hey, yes, thanks guys. Good afternoon. Appreciate it. Yes. So a couple of things. Speaker 400:11:29I jumped on, I have a few companies reporting this evening. I jumped on a few minutes late. Could you Just talk to you again, what like just the source of the and I apologize for really asking you this again, the source of the constraints And what it is, it sounds like you feel like you have your arms around it, but and the things that are leaving you to feel like you have your arms around it, like that Speaker 300:11:56Absolutely. Thanks for the question. Appreciate it. As we said a little bit before and As we said in the Q2 summary, we were experiencing supply chain restrictions on scanner And the insulary type of support related to our peripherals in that supply chain. So we were experiencing that in coming out of the Q2 and into the Q3 here. Speaker 300:12:27We're seeing it abate a little bit Really for two reasons. 1, looking for alternative solutions and we have identified a few as we move through, As well as some of that shortfall or constraint is starting to abate. Some of those lead times have come down. But again, that has not really happened until the end of the quarter. Speaker 400:12:53Got it. And that's super helpful. And is there Sort of the genesis of the constraints, is this is it just all market related or is there anything that's sort of more specific than market related? Speaker 300:13:09Not specific to us. It's across really across the market in these critical peripherals. Speaker 400:13:16Okay, awesome. Awesome. And this is more of a sort of high level housekeeping question, I guess. But Brian, are you I mean, are you guys looking for a standalone CFO as well or what's the situation Speaker 300:13:34Absolutely, Annette. We're going to we're looking we're actively looking for a CFO now. So my role will transition straight into the CEO role and Bringing a good CFO coming into the company. Speaker 400:13:54Okay, great. That's great to hear. And I guess the last one for me for now is, can you remind us if The IO Series Retirement, was that planned or is that a decision made intra quarter to do that? Speaker 300:14:13That was planned as we brought on the BL250 and the 1 kilowatt that was planned to sunset. Speaker 400:14:22Okay, okay, awesome. Just wanted to housekeep that. I appreciate it. Thanks, guys. Speaker 300:14:30Thanks for the questions. Operator00:14:35Thank you. There are no further questions at this time, sir. Please proceed. Speaker 300:14:57Thank you everybody for joining the quarter 3 Nabooru earnings call. We look forward to talking to you in the next quarter. Operator00:15:09Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallNuburu Q3 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Nuburu Earnings HeadlinesNUBURU (BURU) Secures $3.4M Debt Resolution, Targets Revenue with Defense Sector ExpansionApril 24 at 3:59 PM | theglobeandmail.comNuburu Inc Share Chat (BURU.US)April 23 at 10:53 AM | lse.co.ukSilicon Valley Gold RushA new technology has sparked a modern-day gold rush in Silicon Valley. OpenAI’s Sam Altman invested $375M. Bill Gates has backed four companies in this space. The World Economic Forum calls it “the most exciting human discovery since fire.” Whitney Tilson believes this trend could mint a new class of wealthy investors—and he’s sharing one stock to watch now, for free.April 26, 2025 | Stansberry Research (Ad)NUBURU Secures Funding to Eliminate Outstanding Payables and Paves the Way for Strategic Acquisitions in Defense and Security MarketApril 22, 2025 | tmcnet.comNUBURU Announces Strategic Corporate Update Focused on Defense & Security, Advanced Technologies, and Growth InitiativesApril 15, 2025 | businesswire.comNUBURU ends partnership with HUMBL to focus on defenseApril 12, 2025 | uk.investing.comSee More Nuburu Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Nuburu? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Nuburu and other key companies, straight to your email. Email Address About NuburuNuburu (NYSEAMERICAN:BURU) engages in high-power, high-brightness blue laser technology business for welding and 3D printing industries worldwide. The company offers Nuburu AO-150 and NUBURU BL. Its products have applications in battery, e-mobility, consumer electronics, and 3D printing metal systems. Nuburu, Inc. was founded in 2015 and is headquartered in Centennial, Colorado.View Nuburu ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Markets Think Robinhood Earnings Could Send the Stock UpIs the Floor in for Lam Research After Bullish Earnings?Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Starbucks (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
There are 5 speakers on the call. Operator00:00:00Good afternoon. Thank you for attending the Bureau Incorporated Third Quarter 2023 Financial Results Conference Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to turn the conference over to your host, Ralph Esper, External Director of Investor Relations at Gateway Group. Thank you. Operator00:00:22You may proceed, Mr. Esper. Speaker 100:00:25Thank you, operator, and thanks to everyone for joining us on Naboora's Q3 2023 earnings conference call. Joining the call today are Brian Kennally, Hubera's Chief Executive Officer and Ron Nicole, Executive Chairman, to discuss our 3rd quarter results. During this call, certain statements we make will be forward looking. These statements are Subject to risks and uncertainties, including those set forth in our safe harbor provisions, performance looking statements that can be found to update any forward looking statement. We will also provide non GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. Speaker 100:01:29This information should not be considered superior to or as a substitute for the comparable GAAP measures. Reconciliation of historical Non GAAP measures can be found in our Q3 earnings release published this afternoon and posted on the Investor Relations section of our website at ir.nuburu.net. I will now turn the call over to Ron. Speaker 200:01:55Thank you, Ralph, and thanks to everyone for joining us today for our Q3 2023 earnings call. In light of recent corporate developments, I'd like to start today's discussion By reviewing the changes we've made to our executive management team to transition the company to its next stage of growth. Following that, I will turn it over to Brian to discuss further operational updates, the financial results of the quarter and our out year objectives. At the halfway point of the year, The Board of Directors had very carefully assessed the current status of NUBARU. Our cutting edge blue laser is at the forefront of technological advancements for manufacturing. Speaker 200:02:32Since the inception of Newburu in 2015, our focus was on developing new lasers to leverage fundamental physics and their high brightness, high power design. I want to thank Mark Snedeker for his tireless efforts over the past years to lay the foundations for the company's success. Looking forward, our primary objectives will revolve around 3 central elements: strengthening our commercial efforts, scaling our production and streamlining our administrative functions. These actions are pivotable as we strive to not only ensure customer satisfaction, but also drive shareholder value growth as a public company. As I step into my newly extended role as Executive Chairman, my key responsibilities will encompass offering strategic Guidance during this transformative phase as well as serving as a valuable resource to Brian in his new position as Chief Executive Officer, In addition to supporting the rest of our highly talented management team, Brian Kennelly is an accomplished and respected leader With over 25 years of experience in scaling and operating public companies, the Board of Directors and myself are confident in his abilities to lead new Guru next phase of growth. Speaker 200:03:42I'll now turn the call over to Brian to update you on further operational highlights, discuss our Q3 performance and out your strategic objectives. Brian? Speaker 300:03:53Thanks, Ron. It's a great honor for me to lead Naboo's next phase of growth as Chief Executive Officer. I want to thank the Board of Directors for their trust in me and I'm looking forward to working with Ron, the Board and the excellent Nabooru team in this position as we continue to execute on the vast commercial opportunities that lay ahead of us. Speaking of which, I would like to start today's operational update with 2 very recent exciting examples. Earlier today, we announced fantastic news Regarding our work with GE Additive for the U. Speaker 300:04:23S. Air Force, the completion of the contract awarded by the U. S. Air Force follows our successful demonstration of Blue laser based area printing to develop scalable 3 d printing manufacturing systems. Achieving this first ever milestone is critical to accelerate the implementation of Blue Laser Technology into large scale additive manufacturing systems for defense, aerospace and several other critical markets. Speaker 300:04:49This announcement comes on the heels of a purchase order we've received from a major multinational electronics manufacturer with manufacturing capabilities across Asia, Latin America, Europe and the U. S. We are excited about the opportunity to deliver our industry disrupting BL250 for next generation 3C device manufacturing. Our transformational blue laser technology will be utilized at the manufacturing and a research and development capacity to demonstrate the integration of its laser welding capabilities as an alternative to conventional soldering manufacturing techniques. As you can tell, there is no shortage of interest in our technology and we are excited about the opportunities that lay ahead of us. Speaker 100:05:28But Speaker 300:05:28Q3 also came with challenges. As mentioned on our Q2 earnings call, going into the second half of the year, we were cognizant of the supply chain conditions that presented bottlenecks in the procurement process for scanner components, in particular the scanner and lens related components respectively associated with our BL product line. While we've seen such material constraints abate throughout the 3rd quarter, Largely attributable to our alternative sourcing initiatives that we have implemented, we have seen a clear impact on our ability to ship systems to our customers. During the Q3, we were also confronted with additional headwinds from the integration of our systems into customer applications and subsequently experienced Further delays in the shipment of our products. For those unaware of our sales cycle, while we benefit from deep integration into our customers' manufacturing processes, We need to customize our solutions to specific applications of their end markets. Speaker 300:06:23I'm confident in the solutions that we have developed not only will enhance our BL-two fifty Product offerings, but also streamline the manufacturing process to improve the application and integration of our technologies within their respective end markets going forward. Turning now to our Q3 results, further details on which can be found in our 10 Q that will be on file with the SEC. Our Q3 sales were $200,000 which is a 78% decrease compared to the Q3 of 2022, primarily due to a decrease and a number of laser systems sales during the period as a result of the challenges I described earlier. Our gross profit was a $900,000 loss compared to a loss of $1,000,000 in the Q3 of 2022, primarily attributable to a decrease in cost of revenue following a decrease in the production of laser systems as the company focuses on the manufacturing of the BL series and offset by the decrease in revenues. Our gross margin was a negative 4 97% compared to a gross margin of 100 compared to a gross margin of a negative 111% in the Q3 of 2022, primarily driven by decreasing revenue and partially offset by lower cost of revenues following the retirement of the Ah Oh series. Speaker 300:07:40Total operating expenses in the 3rd quarter of 2023 were $4,200,000 compared to $2,900,000 in the Q3 of 2022. The increase is primarily attributable to increased costs associated with becoming and operating a public company. Further contributors to the increase were increased research and development personnel expenses and the addition of a new Chief Marketing and Sales Officer in March of 2023. Our net loss was $5,100,000 or $0.14 per share compared to a net loss of $3,900,000 or $0.71 per share in the Q3 of 2022. This is primarily related to the mentioned one time expenses detailed previously. Speaker 300:08:29Our EBITDA was a negative $4,800,000 compared to a negative $3,800,000 in the Q3 of 2022. In the quarter, we had a free cash flow usage of $4,900,000 compared to a usage of $2,700,000 primarily attributable to decreasing revenue and an increase in total operating expenses. As a result And as of September 30, 2023, the company had cash and cash equivalents of $1,600,000 Looking forward, I am pleased to tell you that we are very well positioned to have updates forthcoming regarding our short term financing as well as longer term solutions. We are not quite ready to announce at this point, but we will keep the market updated as we track as we are on track to bolster our balance sheet. With the anticipation of a rebound in deliveries of our laser systems during the Q4 of 2023, we have adjusted our full year 2023 outlook And are eagerly awaiting the positive impact of our technological improvements. Speaker 300:09:30As such, we are revising our full year 2023 outlook Total revenue to $2,100,000 EBITDA to be in the range between a negative $18,000,000 and a negative $21,000,000 and free cash flow to be in the range of negative $17,000,000 and negative $20,000,000 In closing, while Quarter 3 was without challenges. We are more than ever excited about the growth opportunity ahead of us with growing commercial interest for our Technology Driven Solutions. Our market outlook remains robust with momentum and revenue generation accelerating in 2024 and beyond as we roll out more of our BL and SML systems. Finally, we would like to thank our employees our customers for their continued efforts and dedication to the company, which ultimately drives our success as an organization. Together, we're focused on driving innovation, Supporting the global transition to sustainable solutions and delivering strong profitable growth for our shareholders. Speaker 300:10:30We are entering a new phase as we transition toward the commercialization of our technology, And I hope you all are with us for the journey. I will now turn the call back over to the operator who will assist us in taking your questions. Operator? Operator00:10:46Thank you. Ladies and gentlemen, we will now begin the question and answer Questions will be taken in the order received. Your first question is from Ananda Baruwal from Oulu Capital. Please ask your question. Speaker 400:11:23Hey, yes, thanks guys. Good afternoon. Appreciate it. Yes. So a couple of things. Speaker 400:11:29I jumped on, I have a few companies reporting this evening. I jumped on a few minutes late. Could you Just talk to you again, what like just the source of the and I apologize for really asking you this again, the source of the constraints And what it is, it sounds like you feel like you have your arms around it, but and the things that are leaving you to feel like you have your arms around it, like that Speaker 300:11:56Absolutely. Thanks for the question. Appreciate it. As we said a little bit before and As we said in the Q2 summary, we were experiencing supply chain restrictions on scanner And the insulary type of support related to our peripherals in that supply chain. So we were experiencing that in coming out of the Q2 and into the Q3 here. Speaker 300:12:27We're seeing it abate a little bit Really for two reasons. 1, looking for alternative solutions and we have identified a few as we move through, As well as some of that shortfall or constraint is starting to abate. Some of those lead times have come down. But again, that has not really happened until the end of the quarter. Speaker 400:12:53Got it. And that's super helpful. And is there Sort of the genesis of the constraints, is this is it just all market related or is there anything that's sort of more specific than market related? Speaker 300:13:09Not specific to us. It's across really across the market in these critical peripherals. Speaker 400:13:16Okay, awesome. Awesome. And this is more of a sort of high level housekeeping question, I guess. But Brian, are you I mean, are you guys looking for a standalone CFO as well or what's the situation Speaker 300:13:34Absolutely, Annette. We're going to we're looking we're actively looking for a CFO now. So my role will transition straight into the CEO role and Bringing a good CFO coming into the company. Speaker 400:13:54Okay, great. That's great to hear. And I guess the last one for me for now is, can you remind us if The IO Series Retirement, was that planned or is that a decision made intra quarter to do that? Speaker 300:14:13That was planned as we brought on the BL250 and the 1 kilowatt that was planned to sunset. Speaker 400:14:22Okay, okay, awesome. Just wanted to housekeep that. I appreciate it. Thanks, guys. Speaker 300:14:30Thanks for the questions. Operator00:14:35Thank you. There are no further questions at this time, sir. Please proceed. Speaker 300:14:57Thank you everybody for joining the quarter 3 Nabooru earnings call. We look forward to talking to you in the next quarter. Operator00:15:09Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.Read morePowered by