Full year 2025 revenue increased 9% to a record $273.0 million, in line with guidance. Adjusted EBITDA margin reached 50% for the full year 2025, also in line with guidance and a record high for the company. Net loss significantly improved to $8.7 million for 2025, compared to $63.2 million in 2024. Launched two-way satellite IoT capabilities and completed the commercial rollout of the RM200M module, expanding addressable markets. Progressed global expansion of ground infrastructure to support the launch of next-generation constellation. Commercial IoT average subscribers increased 6% year-over-year, while IoT hardware sales revenue and gross activations each grew 50%. Cash and cash equivalents increased to $447.5 million as of December 31, 2025, from $391.2 million in 2024. Adjusted free cash flow for 2025 was $171.5 million, up from $131.9 million in 2024.