Generated fourth quarter Net income of $9.4 million, a significant improvement from a $(22.3) million net loss in Q4 2024. Achieved Adjusted EBITDA of $39.2 million in Q4 2025, up from $(10.7) million in Q4 2024, primarily due to the NdPr price floor protection agreement with the U.S. Department of War. Full-year 2025 revenue increased 10% to $224.4 million, compared to $203.9 million in 2024. Full-year 2025 Net loss increased to $(85.9) million from $(65.4) million in 2024, impacted by higher legal costs and advanced project expenses. Full-year 2025 Adjusted EBITDA improved to $11.4 million, up from $(50.2) million in 2024. Produced a record 2,599 metric tons of NdPr oxide in 2025, a 101% increase year-over-year. Sold a record 1,994 metric tons of NdPr oxide in 2025, a 75% increase year-over-year. Produced first NdFeB magnets on commercial equipment at the Independence facility in December 2025. Awarded a $200 million incentive package, including a Texas Semiconductor Innovation Fund grant, for a new 10X magnetics facility in Northlake, Texas. Signed a significant NdPr oxide offtake agreement with a new strategic OEM. Entered into a public-private partnership with the U.S. Department of War to accelerate supply chain independence. Signed a definitive, long-term agreement to supply Apple with rare earth magnets made from recycled materials at Mountain Pass. Ceased all sales of products to China in July 2025 to align with U.S. domestic supply chain objectives.