Total revenues for 2025 decreased 12% to $6.1M from $6.9M in 2024. Preliminary Q1 2026 revenue is expected to be $2.2M, representing a 37% increase over Q1 2025 and an 80% increase over Q4 2025. The net loss for 2025 increased to $4.6M, or ($0.69) per share, compared to a net loss of $4.3M, or ($2.09) per share, in 2024. Cash and cash equivalents at December 31, 2025, improved significantly to $2.7M, up $2.3M from $0.4M at year-end 2024. Book value increased to $7.6M at year-end 2025 from $3.8M at year-end 2024. Operating expenses were reduced by 7% in 2025, including an 11% ($768,000) reduction in SG&A costs. The company completed a strategic transition in the EMEA region to selling only BIO-key branded solutions, exiting a previous distribution agreement. BIO-key is experiencing strong traction with foreign government, defense, and financial customers, securing significant orders and renewals. New partnerships were formed in India, Vietnam, the Middle East, the Nordic region, and with TD Synnex Public Sector (DLT) in the U.S. to expand market reach.