Q3 2025 Datavault Inc Earnings Call

Speaker #1: Ladies and gentlemen, thank you for standing by. Please continue to hold. We'll be getting started momentarily. Once again, please continue to hold. We'll be getting started momentarily.

Speaker #1: We do thank you for your attention.

Speaker #1: patience. Good

Speaker #2: Good morning. And welcome to Datavault AI's third-quarter conference call. With us today are Nathaniel Bradley, CEO, and Brett Moyer, CFO. This call will contain forward-looking statements which reflect management's current judgment, including certain of our expectations regarding fiscal year 2025.

Speaker #2: And 2026 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause actual results to differ materially: I do not have the rest of the scripture.

Speaker #2: I do apologize. It is a summer pleasure to turn the call over to management. Please proceed.

Speaker #3: Hey.

Speaker #4: Yes. Hi. Nathaniel Bradley here. Thank you very much, call. Today, we put together a brief presentation. There's obviously the safe harbor there. So look, we had a incredible Q3.

Speaker #4: Our results really speak for themselves. Again, this is kind of loading both the performance of Wisa from a more scalable to a more scalable, more nimble business model around the Wisa technologies in our acoustic division.

Speaker #4: And really a surge in our audio technology revenues, and also the beginning of what becomes, in our fourth quarter, an explosion around our flagship Datavault—our kind of pride and joy. The Datavault platform had incredible performance in our Q4.

Speaker #4: But the Q3 was really a loading of that performance and thanks to Jeff Jones and some of the key players on our team that were able to marshal the technological resources and the integrations necessary to scale our systems globally were now in position with the Datavault platform here Q4.

Speaker #4: So aggressive revenue guidance for 2026, really the highlight of this call is that based on the performance of Datavault and what we can see both in the Wisa and the audio technology lines and our acoustic divisions, that we're going to aggressively advance our guidance.

Speaker #4: We're going to increase from a $50 million guidance in 2026 to a full $200 million minimum for next year. And that's just leading into that a process that's underway in terms of tokenizing real-world assets, all over the world.

Speaker #4: And some of the progress that we've made with our acoustic division in the Wisa technology, where we really honed in on that technology and see a very scalable future that includes robotics and includes using Wisa in signage and in other areas to deliver data over sound.

Speaker #4: And so we have a very scalable model moving forward that we're very excited about. And a very pleased to announce that we've increased our guidance quite substantially to $200 million by the end of 2026.

Speaker #4: And that's a process underway. It's hard to gauge in the fourth quarter how we're going to work through a lot of that growth and recognition, and all the issues around our revenues in Q4.

Speaker #4: We do know that it's coming in droves and we're managing that as a team. And so strategic investment in the financial flexibility really this was all triggered by the $150 million strategic equity that we received this is a lifeblood of capital that unlocked our company inside the scale of our customers' operations.

Speaker #4: So, we're expanding our global footprint, and we now have a presence in Zurich, London, Taiwan, Japan, Korea, and Hong Kong. We really believe that this footprint will support scalable growth on a global basis.

Speaker #4: When you look at that forecast, it's really predicated on these strategic partnerships where we're very proud of our Platinum Partners of IBM, of course, our NIACS partners that have given us access to the NASDAQ Financial Framework, which is very special, and Silex, which will lead a biotech innovation using our technology that was kind of foundational to their investment in us, but also central to how we've marshaled some of our forces to meet their design and development needs. Beginning, in fact, today, a force is rising there in biotech between Silex and Datavault, where we're developing an exchange that will be very special in biotech and scientific research.

Speaker #4: also should be mentioned just So Berg Products giving us chops with the federal government and our ability to contract with the federal government. We have a sensor technology and an inaudible tone technology and a semiconductor product that Berg Products is working with our team in particular, Sonia Choi and others on our team to develop.

Speaker #4: We have, of course, the RWA tokenization, and our ability to tokenize really begins with our ability to understand the attribution of many types of elements and resources. We specialize in understanding very deeply particular resources. We've just done an announcement in geothermal, but we'll be doing a great number of announcements in this area. We've really specialized in tokenizing things that are very valuable all over the world, and so we're really excited about our RWA positioning. Our preeminent patent position and technology is really getting recognized on a global basis, and we're really excited about that.

Speaker #4: We have innovative technology, and our partnership with IBM can't be overstated. It's really special what we have there in terms of engineering and sales throughput.

Speaker #4: We also have global execution through our headquarters now in Philadelphia and this locations that I mentioned we're able to expand if you look at really the patented technology that we have that's quite special it's enhanced with partnerships and scalability multi-billion dollar corporations that have put a stack together on our behalf that really is second to none we've talked a lot about clear and IBM but Pfizer now and Houlihan Loki coming to our aid in areas where we needed help around international attribution around RWA everything from sovereignty to governance to the underlying assets and how they're treated we have developed an American political exchange that we intend to launch into the midterm elections in November this coming 2026 November and we have an international elements exchange that we've developed that's been central to our revenue and interesting from a standpoint of capturing an international attention and very strong use cases here in the United States given the passage of the Genius Act and the passage of clarity act where we're able to see now the financial governance models that will allow us to have a New York based exchange operation we also have the information data exchange which is the our ability to exchange information at a level where we believe companies concerned data into cash and we're going to have a specialized biotech exchange with Silex that will add to this cadre of exchanges but these will be tokenomic exchanges that use a myriad of blockchain and AI tools for both yield management and product attribution we of course can tokenize on any blockchain we are agnostic to chain but can select the proper chain for any initiative across these exchanges and we're excited about that platform of course the just to give you kind of the use case around one of our exchanges the elements exchange which has a bit of a hot hand in terms of answering the call on a global basis the international elements exchange allows for farming mining

Speaker #1: And realize a value . Again , our does really technology three things . It is a refinery allows you to that refine your data assets and identify them to them objectify .

Speaker #1: We have a data our that we've score and developed designed . use And value agents can that are to , and score data your where you AI your them , the last and piece is to exchange value to them .

Elements of earth and all of the, the, uh, products of Earth that are under Earth, uh, in terms of being mined or that are our forthcoming in crops or other uh, uh manufacturing outputs. Um, even uh, geothermal, as we we announced today where you have an energy output of Earth, um, our elements exchange will have a myriad of elements. Uh, it's a number of them. Uh, we have a, a

Include gold and rare earth, uh, pharma and genomics, and biotech. Our partnership with Silx, our partnership with Brookhaven National Laboratories. We are focused around, uh, tokenizing, valuing, and refining these objects and producing a revenue stream around these objects that is received on every tick of the trade on these exchanges. We operate exactly like the New York Stock Exchange or the NASDAQ. We are able to uplift companies' assets in the form of tokens and we can trade them, um, in between buyers and sellers in a brokerage exchange that is secure and using world-class infrastructure, as I discussed. So we have the ability to do this in real estate as well. Uh, we have large RWA products in real estate corporate data, um, corporate data including um.

Data in uh situations of banking insurance and accounting tort law. Uh, a number of interesting data sets that are valuable and can be traded on our exchanges. Uh, we also have, of course, our nil exchange and our International and nil exchange will be making it a enormous announcement about its rebranding. And we've targeted a, a corporation that has identified us and we've identified

Them. And we're going to make a big step forward in a big announcement in the near future around our Sports nil exchange. Uh, we have also, uh, our Focus around of course, developing our Quantum Computing and high performance Computing capability. Um, this is in combination, of course, with IBM. But it's also targeted around our London and New York in Hong Kong operations. And, and also looking at using that technology infrastructure team and resource around our exchange uh, resources as well as our ability to. Uh, use that technology to optimize the output and the, uh, performance of our own company. Uh, we are focused on, of course, verify you. Um, our our credentialing technology DV Halo our ability to turn data into experience and to monetize experience on our Exchange.

Changes. Um, our ability to use our NIL exchange with an enormous global brand recognized around the world in all professional sports and collegiate sports, and our ability to focus on our digital twin capability through our two institutes.

Acquisition of API media and our consolidation of CSI. In the event space, our ability to have uh, data from events to look at events around the world as creating data in their wage. That is more valuable potentially than tickets themselves and the ability to optimize those events through data. Uh the sales of merchandise, the development of connections to fans and the continuation of the of revenue streams for our customers that engage our acoustic division adio, which is data, over sound wiser, which is the ability to control sound in high-definition and spatial environments and to broadcast wirelessly a synchronization that will have extreme value in robotics and into the future. We have, of course, the Sumerian crypto anchors in our ability to map

The real world brings data from adamant objects to know. When a file in the physical world is opened, we learn. When a statue is moved, our Sumerian anchors are activated, leading to our breakthrough technologies. We have, of course, our pipeline that has driven us to increase our guidance from $50 million to $200 million next year. This is driven by the gold, diamonds, and the $10 million Windsor Ruby deal. We have.

Natural gas Boron. Uh, real estate

We have a number of uh opportunities around our uh, our xclub uh which is an international Asian focused uh, Club around xrp and our our move forward. There is exciting around these elements. We have, um, our acquisition of API media. That's going to bring us into some high powered activations and Big Time events. Um, you know, the the Kentucky Derby, uh, PGA Tour. Um, these are all events that we're excited to be part of and we're part of it, because of API media, we have new leadership, we have new, uh, corporate governance and quality in our management because of that acquisition. And we're so excited to have that team on board with us in Philadelphia.

And New Jersey.

Um, we, we, um, from here.

Have, uh, a guidance and updated our strategic. Uh, you know, our guidance is really around our launch of these exchanges. That's how we're going to drive revenue. That's how we're going to meet these, uh, expanded goals. Um, it's difficult. It, it, it's not easy. Uh, but we didn't want a low bar for our team or for our management moving forward. We see this giant opportunity and we've increased guidance accordingly. Um, there's a lot of wood to chop. A lot of work to do. We're doing it; I'm scared.

Available licensing. Models is our Focus. We've upgraded our financial Outlook as I discussed um, rwa and tokenomics a world leader in that space, uh, with patents to prove it, um, underlying intellectual property that continues to grow, uh, big shout out to that team, Josh. Paul and and, uh, now Jacob on that team that are developing patent resources for us on a daily basis. Um, uh, including, um, the opportunity to license the wiser Technologies on a scalable, uh, and Global basis moving forward with partners that are second to none. So, um, that that, uh, sums up, uh, really our, our our, our, our, uh, presentation today or my prepared remarks. Uh, we really appreciate the time and interest in our company. Um, we're excited about what the future has to offer. And, uh, um, the happy holidays to everyone. And we give thanks to our shareholders and everybody involved in our company.

Moving and driving this forward. Thank you very much.

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Our first question today is coming from Ken Londoner from Endicott Partners. Your line is live.

Hi. Good morning. Uh, that was a comprehensive update, thank you so much. Uh can you give us some uh detail on the scope of contracts? You're talking about regarding the tokenization of real world world assets. You, you, you mentioned quite a few but what are sort of the big focuses for you going forward?

So, um, really, uh, the the, the strategy there is, um, driven by the quality of the assets. Um, uh, that are being tokenized, uh, gold diamonds. Uh, silver, uh, we're a big Believers in Copper, uh, copper, uh, will have, uh, it's a conductive metal, of course. And, um, as we rebuild, um, around the world, um, and, and build new infrastructure around the world and including data centers,

Um, copper. We Believe has a lot of value as do many other elements. Um, we're kind of an open ear around the world. Um, the cool thing is we've been invited to Governor's uh uh Mansions. We've been invited into uh uh really uh you know the the governments of uh International countries and and and uh

Um, and and we're working through all the legalities and, and proper, um, modalities for that. And, uh, we're not, we're not, you know, quick to to, to um, you know, work through all of that. Uh, we're careful to work through all of that. And once we do, um, we will launch, uh, their internationally, uh, here, uh, in the US, uh, really from, uh, our Philadelphia headquarters, we intend to have these token exchanges, um, all expand. So, to answer your question quite succinctly, uh, we're following the money. We're listening to our customers and following the most valuable assets Proprietors and that those assets that are most valuable um, that we could our team would uh focus on tokenizing um assets that we could tokenize this year and recognize revenue for this year and also then move into uh, volume on.

On our exchanges, uh, where we have Revenue, uh, you know, generated on every ticket, the trade as do our clients. Um, so we're focused on, uh, you know, rwa that is most valuable. Um, I think the the announcement today with geothermal, um, if you look at our priorities, we we've started there with 1 of our big priorities, geothermal

Thank you. The next question today is coming from Jack Vander from Maxim. Grouper Line is now live.

Okay, great. Wow. Good morning, Nate Brett. I I appreciate the update covered quite a lot of ground there. Um, where do I start? You know, the the guidance is, is jumped off the page to me. So Revenue, guidance raised in 2025 to over 30 million and 200 million plus revenue for 2026 so maybe Nate um, I mean, this is this is this really leveled up here, I mean clearly. So maybe help us understand what sort of locked in to that 2026 guidance versus how much is kind of? Are you, are you, are you working towards locking in just so we have a sense of um, maybe, uh, stress testing that a little bit. Thanks.

So look, um, I I had the arm wrestle with, you know, uh, many, uh, on my financial team, uh, Brett Moyer, um, you know, who deserves a lot of credit, uh, for unlocking this value in the first place. Uh, but, uh, you know the, the, the concept here um, is to, uh, really, uh, you know, under promise and over deliver. Um, I I don't uh, look at that 200 number until intimidated. I, I want my team to feel inspired and to to be fired.

Up about a mission, um, that we jointly have together. Uh, but I also, um, you know, so I didn't want to have a low bar where where we are simply, um, over performing, uh, by a function of living. Um, I I wanted us to, to have a, uh, a goal as a team. Um, you know, in our public guidance is obviously our public guidance internally. Uh, we Aim High, um, and, um, you know, as a leader. Um, you know, we, we would, we would aspire to do much greater than that number, um, our competitors have numbers that are much greater, but they were much, uh, older and much much more. Um, I would say bloated and, um, uh, stuck in their way. Um, we we have a very Nimble, AI strategy. Uh, we have the number 1 partner in the world, uh, in IBM around our development around, uh, our technology and

And and the development of quantum uh systems which are, you know, in near-term, uh uh concern for every operation that has any technological reach. Uh so um

We also have our new facility in in Philadelphia, where we're bringing a team that that worked, um, disparately or work from, uh, a Philadelphia location that was Private, uh, but but many, uh, from their homes and from locations that were disparate, um, bringing our team together. Um, there's a, there's a common coffee pot, um, you know, uh, Focus. Um, that I think when we bring our team together, um, these numbers start to be quite, uh, achievable and I hope to readjust guidance, um, because we we don't want to have a situation where it's easy to achieve, um, what we intend to achieve, um, we are rookie, uh, in terms of our first year on on the NASDAQ as Data Vault, uh, we have exceptional pedigree technology from Wisa um and a 10 year on the NASDAQ that shows in our volume, in our in the respect that we're getting worldwide.

We're also garnering a number of government. And um, you know, you can see today um very important uh projects um that impact our world. So I want to thank you for your early guidance for seeing this so early and for having the the strength to come out and call us at 3 dollars. And as we shoot P bass, that guidance, I hope people recognize um you know your your your your prowess and um, you know,

We we appreciate you following our company for so long.

Great know. And, and I appreciate that. Let Let's uh, there's so much to chew on here, Nate. I, I just want to understand it and also make sure I I'm also setting expectations appropriately. So um, in in Brett's there as well, maybe that would be helpful too. I I I'm the gross margin line. So if if we just look kind of going forward, these are these are I imagine high margin licensing agreements. Um I now on paper and I've yet to see it play out within the tokenization um on your guys's income statement. So that's going to be a a forward-looking thing. Can you just help maybe help us help investors understand what what are we going to look like on the gross margin line, as these revenues would seem to be pretty large, um, especially relative to historical levels, um, that all that.

Yeah, I'll let Brett answer that, but what I will tell you is that we do a great deal of work. You know, if you look at the refinement.

Of data you might make 20 points on your best day on refinement. Um, you're not looking to get your customer, um, really uh, you know into these uh large contracts of capex expenditure. Where you end up in these uh kind of slow moving, you know, board level uh type decisions. Instead uh we have a a low.

Low cost approach to that we like to refine on our customers premises and give them a a data, you know, Refinery and a um essentially a vending machine for their data. Um the ability to buy and sell data from our Data Vault on the exchange is our Aim. So when you get to the exchange uh and our our SAS has traditional SAS margins which are great but our exchange has exceptional margins and those can flirt with you know, upper 80s um you know on the exchange. So it's Refinery Vault exchange and as you walk through that those tires I think you have varying degree of of margin in the business and then of course our acoustic division takes on the more traditional you know cost of goods versus um you know price of product type of analysis but um Brett with that, I'll turn it to you.

Yeah, so Jack if you um I think Nate framed it actually, right? So when you look at the businesses we're acquiring or have a choir, right? Uh CSI API and ultimately NYX that that creates probably the opportunity to do 35 to 50 million next year. And that's going to be more traditional margins. In the call it 35 to 45% range.

So, when you move to, if you go back and look at the deals, we've announced they're they all have a component of Licensing.

so, I would expect a rest of the, um,

Revenue should be weighted higher in the 60% range, right? So, I think when you blend it all out, you're going to see a 55% to 60% margin across the company.

Fantastic. Okay. Those are, those are excellent margins. Um, and then, um, can I get an update? There's so many moving Parts here. Obviously, because you guys are, you guys are on fire. Um, the how how do we how do I think about the balance sheet? So because the third quarter it, it doesn't really do it justice. I don't believe so. We have we have a huge Bitcoin investment. It sounds like coming in from stelix. There's been a lot more Acquisitions that have closed subsequent to the quarter. So there's debt, there's Fiat cash. Maybe if we could just boil it down, do we have a a rough sense of what cash is. Um, and and what the state of that investment is from skillex,

From Silex. Ya know. You want me to answer this?

Yes, yes, yes. I called you.

Yeah. All right, so let's take the investment from Psych because that's a 150 million dollars. We got 8 in just at the end of the close of the quarter but that that investment is locked down and documented. The only thing between us and having that on the balance sheet is the shareholder vote on November 24th.

We, that is an annual shareholder meeting. So we will have a quorum and we have voting agreements prior to that we had signed at the time of signing. The select deal amounts to, I believe, more than 40 million yes votes.

So, we're highly confident that the majority of the votes cast.

Will be uh, will approve, the increased authorized so we can close that 150 million on November 24th or 5th. All right, so when you think about the balance sheet, that's triggered, that deal, triggered a couple, uh, reactions on the balance sheet. A, it means by the end of the year, you have, you know, 130 million plus of liquid assets, maybe 125 million could were buying API.

It also meant that the convertible debt that we had in Q3.

Triggered out and is off our balance sheet for good. So the only debt on the balance sheet currently is...

These debts are associated with the strategic acquisitions of CSI and Data Vault Holdings, now known as EOS Technologies.

Which I think you get to a a, a pretty powerful and strong balance sheet as we report out the K at the end of the year.

Excellent. That that's very helpful. Just 1 more follow up to that with the with the Bitcoin investment. Let's say the shareholder vote is approved. Um so all 150 dollars worth of bitcoin is now in your possession. Are you going to be? Does that mean you're at? How much is that going to be kept in the form of Bitcoin versus how much of that is is out the door?

To fund some of this stuff. Well, look, I think it's really important for investors to understand that when we took the $150 million, when we signed that financing deal, there are no treasury restrictions around it.

So from management's perspective, Nate, in our minds, that $150 million is the same as cash. Except it has a little bit more volatility than cash, right? But, yep, fundamentally we look at it as cash, so we don't look at having any pressure for multiple years to have to raise cash or raise any money for the company.

Which is great. Okay, fundamentally changing, right?

Our platform. Yeah, so for for, for all effective purposes it, it's both working capital or it's an investment, it's kind of whatever you need it to be. Um, when it's in the door. Exactly. That's terrific. Okay, yeah, excellent. You know what? I I think I could keep asking more questions. I I'm going to let the dust settle. It's, it's great to see the momentum guys. Um, I'll hop back in the queue. Thanks.

Thank you very much.

Thank you. Our next question. Today is coming from Peter from a private investor. Your line is now live.

Good morning, how are you?

Well, thank you, great.

Yeah, I'm gonna tell you a little bit about myself. I got involved originally as an investor in Serrento.

Which owns PsychX? Which owns Snurr? They're involved with cellularity, piece of art or meds involved, and now...

7 or South has put $150 million into Adaptable, which is new to me.

And um,

A whole platform globally with increasing medicine AI, it's a big thing. And, um,

I'm just astounded by.

The revenue guidance. By the way, I'm wondering what the revenue contract backlog is right now?

It's significant. Um it's 1 of the hardest things to um get through in particularly internationally. Um just in terms of getting the company's chops up uh for that. And our Philadelphia um, headquarters is going to address legal in governance and many other things. Also, you know, these exchanges are not, um, you know, uh, simple um, in their in their constructs, um, you know, from a governance standpoint and we have a very um, kind of governance. First model that served us very well. Um, we get to be um, the iTunes in the space as opposed to the the nav series if you will, uh, you know. So I I I I I'm excited about that. You know, to, I think your question is regarding to, uh, the biotech space in silux Investments or interested in us. Um, silux is wildly um, a c.

Native to our strategy, we had announced previously digital twinning and digital twins as a marketplace.

Um, that we were interested in developing technology around and we have, um, and its really data into into um, experience data into hologram data into model, um, data into experiential models where management teams don't struggle to understand the challenges or the data, uh, related to the challenges around them. Um, they're able to actually experience that data um, and see, uh, the, the, the, the, the pathways before them uh, more clearly. Um, and that's the kind of at the center of the Data Vault, uh, which is experience around and and that experience includes valuation and score, um, because it, it had to be sustainable. So valuation and score and, um, 1 of the things that is common across these threads, but very specific in the biotech space is, you know, our work with the Brookhaven National Laboratory.

Tories, which I believe silux was, um, studied in Saul our progress there and read our, you know, our Cooperative research and advancement, uh, agreement drafts, um, that are now, you know, being um, you know, considered at Brook Haven. Um, we we have the great privilege of working with uh, supercomputers there and, and supercomputer environment, uh, of of people, um, that we've come to trust. And in fact love, um, that we are able to um, develop a system uh, between our federal, Laboratories, our um, you know, our allies. So Bae over, you know, just over the pond and, you know, some of the, you know, collaborators we have here in the United States, whether it's General, Dynamics, rathvon or um, you know Boeing um, our ability to take um, information and have rather than

Stove, pipes, and everybody not sharing their marbles, um, that everybody can collaborate on a global basis, uh, for the advancement of technologies across a myriad of spaces, none more important, none probably more well-funded than biotech.

And, uh, Silux is a leader in that, um, the people there, and the leaders. Um, Dr. Henry Z, um, you know, certainly financially Steen Mall, um, who's become a mentor to me, um, you know, these are, uh, incredible people, um, who have a great grasp over biotech science and biotech technologies. Um, and we're proud to have that investment that allows us to build that platform and so much more. Um, we're a platform of platforms. We're an exchange of exchanges, uh, the ability to launch exchange after exchange, our biotech exchange, which will have a great name. I know the name, I can't say it, but, um, the biotech exchange, uh, will be a very special attribute. So, um, to the size question about, you know, part of your question about size and, you know, why is this space so hot or why? Or did we increase our guidance?

Asset of Biotech that's in our guidance. Um, you know, and I, I think it it's an explosive piece that may maybe makes us have to re guide but, um, you know, the, the, the biotech piece is incredibly exciting and has attribution and and use case, um, and utility across every Medical Science oncology, you know, and and, uh, heart, uh, acute Post Acute. Um, when you look at the health care space, it is not a market, it's the market. Everyone will engage with it at some point. And many of us on a daily basis, many more, um, on on a on acute management basis. Um, our our spending hundreds of thousands of dollars per Anam, uh, to address our health and the, um, the kind of compound

Nature of that, makes it, um, not only an international crisis, uh, but but something that needs, uh, technology to address. And we're happy and proud to be part of the solution, uh, of creation of digital Twins and you can see scanning the human body and having a digital twin, uh, could Aid you in just like it aids management and experiencing their data decisions. When you see your digital twin, it has the same effect and

In healthcare, it's very exceptional; it's very well-funded but also in crisis. Um, so it's a unique combination. Um, we're happy to be part of the solution.

Thank you. In the interest of time, we ask that you please limit yourselves to one question only going forward. Our next question is coming from Timon Puit, a private investor. Your line is now live.

Tyrone, your line is now live. Perhaps your phone is on mute.

We reach the end of our question and answer session.

Ladies and gentlemen, this call contains forward-looking statements, which reflect management's current judgment, including certain of our expectations regarding fiscal years 2025 and 2026 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially from our projections and forecasts. The material risk factors that could cause our actual results to differ materially from our projections are discussed in detail in our periodic filings with the SEC.

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