Q1 2026 Aurora Spine Corp Earnings Call

May 28, 2026

Speaker #1: Good day, and welcome to the Aurora Spine first quarter fiscal year 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal your conference specialist by pressing the star key followed by 0.

Operator: Good day. Welcome to the Aurora Spine Q1 fiscal year 2026 financial results Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Adam Lowensteiner, Vice President of Lytham Partners. Please go ahead.

Operator: Good day. Welcome to the Aurora Spine Q1 fiscal year 2026 financial results Conference Call. All participants will be in listen-only mode. Should you need assistance please signal a conference specialist by pressing the star key fallowed by zero. After today's presentation, there will be an opportunity to ask questions.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touchstone phone.

Speaker #1: To withdraw your question, please press star and then 2. Please note this event is being recorded. I would now like to turn the conference over to Adam Lowensteiner, Vice President of Litham Partners.

Operator: To ask a question, you may press star then one on your touch-tone phone. To withdraw your question please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Adam Lowensteiner, Vice President of Lytham Partners. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Dave, and thanks everyone for your patience. Sorry for the delay. Welcome, and thank you for joining us today to conduct an update with the investors and review the financial results for Aurora Spine for the first quarter fiscal year 2026 that ended March 31, 2026.

Adam Lowensteiner: Thank you, Dave, and thanks everyone for your patience. Sorry for the delay. Welcome, and thank you for joining us today to conduct an update with the investors and review the financial results for Aurora Spine for Q1 fiscal year 2026 that ended 31 March 2026. With us on the call representing the company today are Trent Northcutt, President and CEO of Aurora Spine, Matt Goldstone, Chief Commercial Officer, and Chad Clouse, Chief Financial Officer of Aurora Spine. Before we begin, I would like to remind everyone that statements made during the course of this call may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect current expectations concerning future events and results.

Speaker #2: With us on the call representing the company today are Trent Northcott President and CEO of Aurora Spine, Matt Goldstone, Chief Commercial Officer; and Chad Cloud, Chief Financial Officer of Aurora Spine.

Speaker #2: Before we begin, I'd like to remind everyone that statements made during the course of this call may be considered forward-looking statements. Within the meaning of Section 27(a) of the Securities Act of 1933, as amended at Section 21(e) of the Securities Act of 1934.

Adam Lowensteiner: Before we begin, I would like to remind everyone that statements made during the course of this call may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect current expectations concerning future events and results.

Speaker #2: These statements reflect current expectations concerning future events and results, words such as expect and tend, believe, may, will, should, could, anticipate, and similar expressions are words that are used to identify forward-looking statements.

Adam Lowensteiner: Words such as expect, intend, believe, may, will, should, could, anticipate, and similar expressions are words that are used to identify forward-looking statements. Their absence does not mean a statement is not forward-looking. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other important factors that could cause actual performance or achievements to be materially different from those projected. For a full discussion of these risks, uncertainties, and factors, you are encouraged to read Aurora Spine's documents on file with SEDAR, including those set forth in periodic reports filed under the Forward-Looking Statements and Risk Factors section. Aurora Spine does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Speaker #2: Whether absence does not mean a statement is not forward-looking. These statements are not guarantees of future performance and are subject to risks and uncertainties and other important factors that could cause actual performance or achievements to be material or different from those projected.

Speaker #2: For full discussion of these risks, uncertainties, and factors you are encouraged to read Aurora Spine's documents on file with CDAR, including those set forth in periodic reports filed under the forward-looking statements and risk factors section.

Adam Lowensteiner: For a full discussion of these risks, uncertainties, and factors, you are encouraged to read Aurora Spine's documents on file with SEDAR, including those set forth in periodic reports filed under the Forward-Looking Statements and Risk Factors section. Aurora Spine does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Speaker #2: Aurora Spine does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. On this call, management may refer to EBITDA, adjust the EBITDA, adjusted net income, and adjusted EPS, which are not measures of financial performance under generally accepted accounting principles or GAAP.

Adam Lowensteiner: On this call, management may refer to EBITDA, adjusted EBITDA, adjusted net income, and adjusted EPS, which are not measures of financial performance under generally accepted accounting principles or GAAP. Management believes that these non-GAAP figures, in addition to other GAAP measures, provide meaningful supplemental information regarding the company's operational performance. Investors should recognize that these non-GAAP figures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for, or superior to any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP measures as to the most directly comparable GAAP measures in accordance with SEC Regulation G can be found in the company's earnings release. With that, I'd like to now turn the call over to Mr. Trent Northcutt, President and CEO of Aurora Spine. Trent, please proceed.

Speaker #2: Management believes that these non-GAAP figures, in addition to other GAAP measures, provide meaningful supplemental information regarding the company's operational performance. Investors should recognize that these non-GAAP figures might not be comparable to similarly titled measures of other companies.

Speaker #2: These measures should be considered in addition to and not as a substitute for or superior to any measure of performance prepared in accordance with GAAP.

Adam Lowensteiner: These measures should be considered in addition to, and not as a substitute for, or superior to any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP measures as to the most directly comparable GAAP measures in accordance with SEC Regulation G can be found in the company's earnings release. With that, I'd like to now turn the call over to Mr. Trent Northcutt, President and CEO of Aurora Spine. Trent, please proceed.

Speaker #2: A reconciliation of non-GAAP measures is to the most directly comparable GAAP measures in accordance with SEC regulation G can be found in the company's earnings release.

Speaker #2: With that, I'd like to now turn the call over to Mr. Trent Northcott, President and CEO of Aurora Spine. Trent, please proceed.

Speaker #3: Thank you, Adam. I'd like to welcome everyone to this call. To update everyone about Aurora Spine. To lay out the agenda for today's call, I plan on updating everyone on the company's operations, and then hand the call over to Matt Goldstone, our Chief Commercialization Officer.

Trent Northcutt: Thank you, Adam. I'd like to welcome everyone to this call to update everyone about Aurora Spine. To lay out the agenda for today's call, I plan on updating everyone on the company's operations and then hand the call over to Matt Goldstone, our Chief Commercial Officer, to review our sales initiatives. After Matt makes his remarks, I will pass the call to Chad Clouse, our Chief Financial Officer, who will then briefly review the company's financials. Afterwards, we will have some brief concluding remarks and then open to the call to answer any questions you may have. My remarks will be brief, as we've only been a few weeks since our last conference call. The Q1 results showed some positive, despite a slower-than-anticipated start to the fiscal year.

Speaker #3: To review our sales initiatives. After Matt makes his remarks, I will pass the call to Chad Cloud, our Chief Financial Officer, who will then briefly review the company's financials.

Speaker #3: Afterwards, we will have some brief concluding remarks, and then open the call open to the call to answer any questions you may have. My remarks will be brief as we've only been a few weeks since our last conference call.

Trent Northcutt: Afterwards, we will have some brief concluding remarks and then open to the call to answer any questions you may have. My remarks will be brief, as we've only been a few weeks since our last conference call. The Q1 results showed some positive, despite a slower-than-anticipated start to the fiscal year.

Speaker #3: The first quarter results showed some positive despite a slower than anticipated start to the fiscal year. Some of the sluggishness early in the quarter was weather-related, which was relevant as we booked higher sales the quarter progressed.

Trent Northcutt: Some of the sluggishness early in the quarter were weather-related, which was relevant as we booked higher sales as the quarter progressed. March was particularly strong, without any of the sales from the Hydra Lumbar, it was refreshing to see our core products carry the load as we obviously not only have loyal customer base, but also making their way into more interventionalists and surgeons' hands. We obviously have more work to do, especially on the spine surgeon side, which has been a bit tipping, but is expected to pick up in the back half of the new year. Sales representatives that specialize in spine side of the business recently joined Aurora Spine. It is very timely as we have re-released our APOLLO plate, which has helped us selling our DEXA-branded products, including the DEXA-C for cervical and DEXA-L for the lumbar procedures.

Speaker #3: March was particularly strong. And so without any other sales from the Hydra Arrow, it was refreshing to see our core products carry the load as we obviously not only have loyal customer base but also making their way into more interventionalist and surgeons' hands.

Speaker #3: We obviously have more work to do, especially on the spine surgeon side. Which has been a bit tippant. But it's expected to pick up in the back half of the new year.

Trent Northcutt: We obviously have more work to do, especially on the spine surgeon side, which has been a bit tipping, but is expected to pick up in the back half of the new year. Sales representatives that specialize in spine side of the business recently joined Aurora Spine. It is very timely as we have re-released our APOLLO plate, which has helped us selling our DEXA-branded products, including the DEXA-C for cervical and DEXA-L for the lumbar procedures.

Speaker #3: Sales representatives that specialize in spine side of the business recently joined Aurora. It is very timely as we have re-released our Apollo plate which has helped us selling our DEXA-branded products, including the DEXA-C for cervical and DEXA-L for the lumbar procedures.

Speaker #3: We have high hopes for DEXA-L as the size occurs more frequently in the lumbar section of the spine due to heavier loads that are put into proportion of the spine.

Trent Northcutt: We have high hopes for DEXA-L as subsidence occurs more frequently in the lumbar section of the spine due to heavier loads that are put on that portion of the spine. In addition, the CDC estimates that almost half of the US population over 50 years of age will have low bone mass. This equates to millions of patients that need an implant that matches their bone density when having spine surgery. While we are on the topic of DEXA, it is important to note that subsequent to the end of Q1, we announced the issuance of a fourth US patent related to our proprietary DEXA Technology platform. The recently issued patent titled "Bone Density Scan Result-Matched Orthopedic Implants and Methods of Use," further strengthens the Aurora Spine intellectual property portfolio surrounding patient-specific bone density-matched implants selected for use.

Speaker #3: In addition, the CDC estimates that almost half of the U.S. population over 50 years of age will have low bone mass. This equates to millions of patients that need an implant that matches their bone density when having spine surgery.

Speaker #3: While we are on the topic of DEXA, it is important to note that subsequent to the end of the first quarter, we announced the issuance of a fourth U.S.

Trent Northcutt: While we are on the topic of DEXA, it is important to note that subsequent to the end of Q1, we announced the issuance of a fourth US patent related to our proprietary DEXA Technology platform. The recently issued patent titled "Bone Density Scan Result-Matched Orthopedic Implants and Methods of Use," further strengthens the Aurora Spine intellectual property portfolio surrounding patient-specific bone density-matched implants selected for use.

Speaker #3: patent related to our proprietary DEXA technology platform. The recent issued patent titled Bone Density Scan Result Matched Orthopedic Implants and Methods of Use. Further strengthens the Aurora Spine intellectual property portfolio surrounded patient-specific bone density matched implants selected per use.

Speaker #3: The patent technology dependent technology describes methods of obtaining the patient's bone density information, including the DEXA-T score, or density bone density measurement. Selecting an implant and having bone density levels match to the patient's native bone at the implantation site and implanting the selected device by giving surgeons an implant option designed around bone density Aurora's advancing a more personalized and intelligent approach to spine surgery.

Trent Northcutt: The patented technology describes methods of obtaining the patient's bone density information, including the DXA T-score or bone density measurement. Selecting an implant and having bone density levels matched to the patient's native bone at the implantation site and implanting the selected device. By giving surgeons an implant option designed around bone density, Aurora is advancing a more personalized and intelligent approach to spine surgery. Throughout the issuance of this patent, Aurora's competitive position will improve and support the continued development of the next generation DEXA Technology-based implant across the company's spinal implant portfolio. We believe the DEXA products will be a key growth catalyst in 2026, especially that our APOLLO plate is now in stock and we have fulfilled orders to our current DEXA products. We have begun to ramp up marketing efforts on the platform and expect it to build momentum through the year.

Speaker #3: Throughout the issuance of this patent, Aurora's competitive position will improve and support the continued development of the next generation DEXA technology-based implant across the company's spinal implant portfolio.

Trent Northcutt: Throughout the issuance of this patent, Aurora's competitive position will improve and support the continued development of the next generation DEXA Technology-based implant across the company's spinal implant portfolio. We believe the DEXA products will be a key growth catalyst in 2026, especially that our APOLLO plate is now in stock and we have fulfilled orders to our current DEXA products. We have begun to ramp up marketing efforts on the platform and expect it to build momentum through the year.

Speaker #3: We believe the DEXA products will be a key growth catalyst in 2026, especially that our Apollo plate is now in stock and we have fulfilled orders to our current DEXA products.

Speaker #3: We have begun to ramp up marketing efforts on the platform and expect it to build momentum through the year. The silo platform, which is primarily dominated by the TFX, continues to be a major contributor to our revenues.

Trent Northcutt: The SiLO platform, which is primarily dominated by the TFX, continues to be a major contributor to our revenues. While sales of SiLO in Q1 are in line with the same quarter a year ago, we are focused on introducing a couple of product extensions to the franchise that will be able to offer more variety of SI joint products for pain interventionalists. The first product that we expect to be ready to go to market over the summer is a product for SI joint, and will be administered by using a lateral oblique approach, which is a different approach than TFX uses. The lateral oblique approach is the number 2 type of approach currently used in the SI joint pain.

Speaker #3: While sales of silo in Q1 are in line with the same quarter a year ago, we are focused on introducing a couple of product extensions to the franchise that will be able to offer more variety of SI joint products for pain interventionalists.

Speaker #3: The first product that we expect to be ready to go to market over the summer is a product for SI joint, and we will be administered by using a lateral oblique approach.

Trent Northcutt: The first product that we expect to be ready to go to market over the summer is a product for SI joint, and will be administered by using a lateral oblique approach, which is a different approach than TFX uses. The lateral oblique approach is the number 2 type of approach currently used in the SI joint pain.

Speaker #3: Which is a different approach than TFX uses. The lateral oblique approach is the number two type of approach currently used in the SI joint pain.

Speaker #3: And the feedback we received from our sales team has been giving us the popularity of the lateral oblique approach that demand is for such of a product would be a worthwhile to add to our existing silo franchise.

Trent Northcutt: The feedback we receive from our sales team has been giving us the popularity of the lateral oblique approach that demand is for such of a product would be worthwhile to add to our existing SiLO franchise. We are excited about the release of this product as we are planning for it to be Aurora's first product with a disposable kit. We are in the midst of lining up doctors to use the product upon launch and believe this will act as a good catalyst back in half of 2026. That concludes my formal comments. I will now turn the conversation over to Matt Goldstone, Aurora Spine's Chief Commercialization Officer. Matt, please proceed.

Speaker #3: We are excited about the release of this product. As we are planning for it to be Aurora's first product with a disposable kit we are in the midst of lining up doctors to use the product upon launch and believe this will act as a good catalyst back in half of 2026.

Trent Northcutt: We are in the midst of lining up doctors to use the product upon launch and believe this will act as a good catalyst back in half of 2026. That concludes my formal comments. I will now turn the conversation over to Matt Goldstone, Aurora Spine's Chief Commercialization Officer. Matt, please proceed.

Speaker #3: That concludes my formal comments, and I will now turn the conversation over to Matt Goldstone, Aurora Spine Chief Commercialization Officer. Matt, please proceed.

Speaker #4: Thank you, Trent. We continue to be in the midst of growing our sales team to improve our national coverage. We are excited about all of our new hires.

Matthew Goldstone: Thank you, Trent. We continue to be in the midst of growing our sales team to improve our national coverage. We're excited about all of our new hires. They are rapidly getting up to speed and contributing to Aurora's success. While we are adding more salespeople, we had to backfill underperforming regions from Q4 of 2025 and Q1 of 2026. Q1 of the year started a bit slower than usual due to the weather-related issues in the northern part of the country. In addition, we had to work through some pricing pressures in the market. Putting these temporary issues aside, the team is focused on developing the spinal surgeon market, specifically with DEXA-C, Aurora's proprietary plate, APOLLO, and the alpha launch of DEXA-L.

Speaker #4: They are rapidly getting up to speed and contributing to Aurora's success. While we are adding more salespeople, we had to backfill underperforming regions from Q4 of 2025 and Q1 of 2026.

Speaker #4: The first quarter of the year started a bit slower than usual, due to the weather-related issues in the northern part of the country in addition, we had to work through some pricing pressures in the market.

Matthew Goldstone: Q1 of the year started a bit slower than usual due to the weather-related issues in the northern part of the country. In addition, we had to work through some pricing pressures in the market. Putting these temporary issues aside, the team is focused on developing the spinal surgeon market, specifically with DEXA-C, Aurora's proprietary plate, APOLLO, and the alpha launch of DEXA-L.

Speaker #4: Putting these temporary issues aside, the team is focused on developing the spinal surgeon market, specifically with DEXA-C, Aurora's proprietary plate Apollo, and the Alpha launch of DEXA-L.

Speaker #4: To give an update on where we currently are, we currently have 14 salespeople as of today, and we are excited about the additions to the team.

Matthew Goldstone: To give an update on where we currently are, we currently have 14 salespeople as of today, and we are excited about the additions to the team. We've added five new salespeople recently and are scheduled to meet our goal of increasing the sales force by 50% this year. We continue to forge forward with our new products and integrating them into the team. The clinical success of our SI joint portfolio and our lumbar fusion products continues to drive Aurora forward. We have a great opportunity ahead of us as many of our product platforms and products for this market are working into emerging markets that are rapidly growing. While we have more work to do, we are excited about our future and have the right products available to deliver the best outcomes for patients. That concludes my formal comments.

Speaker #4: We have added five new salespeople recently, and on our schedule to meet our goal of increasing the sales force by 50% this year. We continue to forge forward with our new products and integrating them into the team.

Speaker #4: The clinical success of our SI joint portfolio and our lumbar fusion products continues to drive Aurora forward. We have a great opportunity ahead of us as many of our product platforms and products for this market are working into emerging markets that are rapidly growing.

Matthew Goldstone: The clinical success of our SI joint portfolio and our lumbar fusion products continues to drive Aurora forward. We have a great opportunity ahead of us as many of our product platforms and products for this market are working into emerging markets that are rapidly growing. While we have more work to do, we are excited about our future and have the right products available to deliver the best outcomes for patients. That concludes my formal comments. Now I'll turn the conversation to Chad Clouse, Aurora Spine's CFO, for some comments on financials.

Speaker #4: While we have more work to do, we are excited about our future and have the right products available to deliver the best outcomes for patients.

Speaker #4: That concludes my formal comments. Now I'll turn the conversation to Chad Klaus, Aurora Spine's CFO, for some comments on financials.

Matthew Goldstone: Now I'll turn the conversation to Chad Clouse, Aurora Spine's CFO, for some comments on financials.

Speaker #5: Thank you, Matt. Total revenues for the first quarter of 2026 were $4.44 million, an increase of 0.4% when compared to $4.42 million in the same quarter one year ago.

Chad Clouse: Thank you, Matt. Total revenues for Q1 2026 were $4.44 million, an increase of 0.4% when compared to $4.42 million in the same quarter one year ago, primarily due to increased sales in ZIP lumbar implants and Aurora Biologics. Gross profit margin was again stronger and came in at 62.6% in Q1, a nice improvement of 460 basis points from 58% for Q1 2025. Gross profit margin was primarily higher due to the company recording more direct sales of products as compared to sales of third-party products through distributors. Gross margin continues to be at a strong level and believe this level is sustainable as we sell more primary products and utilize our direct sales channels.

Speaker #5: Primarily due to increased sales in ZIP lumbar implants and Aurora Biologics. Gross profit margin was again stronger and came in at 62.6% in the first quarter, a nice improvement of 460 basis points from 58% for the first quarter of 2025.

Speaker #5: Gross profit margin was primarily higher due to the company recording more direct sales of products as compared to sales of third-party products through distributors.

Chad Clouse: Gross profit margin was primarily higher due to the company recording more direct sales of products as compared to sales of third-party products through distributors. Gross margin continues to be at a strong level and believe this level is sustainable as we sell more primary products and utilize our direct sales channels.

Speaker #5: Gross margin continues to be at a strong level and believe this level is sustainable as we sell more primary products and utilize our direct sales channels.

Speaker #5: Total operating expenses were $2.98 million. In the first quarter of 2026, which is slightly up compared to $2.88 million in the first quarter of 2025, showing continued tight expense controls.

Chad Clouse: Total operating expenses were $2.98 million in Q1 2026, which is slightly up compared to $2.88 million in Q1 2025, showing continued tight expense controls. EBITDA, a non-GAAP figure, was approximately $107,000 for Q1 2026, compared to -$20,000 in the same quarter a year ago. Improvements to EBITDA levels for Q1 were due to higher gross margin and tighter expense controls. Net loss was $203,000 for Q1 2026, compared to a net loss of $350,000 for Q1 a year ago. Basic and diluted net income per share was $0.0 per share for Q1 2026 and $0.0 per share for Q1 2025. Moving to the balance sheet, we ended the quarter and year with nearly $800,000 in cash.

Speaker #5: EBITDA non-GAAP figure was approximately $177,000 for the first quarter of 2026 compared to a negative $20,000 in the same quarter a year ago. Improvements to EBITDA levels for the first quarter were due to higher gross margin and tighter expense controls.

Speaker #5: Net loss was $203,000 for the first quarter of 2026 compared to a net loss of $350,000 for the first quarter a year ago. Basic and diluted net income per share was 0.0 per share for the first quarter of 2026 and 0.0 per share for the first quarter of 2025.

Chad Clouse: Net loss was $203,000 for Q1 2026, compared to a net loss of $350,000 for Q1 a year ago. Basic and diluted net income per share was $0.0 per share for Q1 2026 and $0.0 per share for Q1 2025. Moving to the balance sheet, we ended the quarter and year with nearly $800,000 in cash.

Speaker #5: Moving to the balance sheet, we ended the quarter and year with nearly $800,000 in cash. Accounts receivables were significantly lower, relative to prior quarters, ending the first quarter just under $3 million, down from $3.3 million at the end of the fourth quarter and $4.2 million at the end of the third quarter last year.

Chad Clouse: Accounts receivables were significantly lower relative to prior quarters, ending Q1 just under $3 million, down from $3.3 million at the end of Q4 and $4.2 million at the end of Q3 last year. Lower receivables have helped our cash flows, we were able to lower our payables in the last two quarters, putting the company on a better footing. We believe the capital structure is sufficient to meet our budgetary needs for the remainder of the year. That concludes my comments. I'll now turn it back to Trent.

Speaker #5: Lower receivables have helped our cash flows, and we were able to lower our payables in the last two quarters, putting the company on a better footing.

Speaker #5: We believe the capital structure is sufficient to meet our budgetary needs for the remainder of the year. That concludes my comments. I'll now turn it back to Trent.

Speaker #1: Thanks, Chad. To summarize the team at Aurora, are highly focused and driven to build this company with the lineup of proprietary products we've developed in the past few years.

Trent Northcutt: Thanks, Chad. To summarize, the team at Aurora are highly focused and driven to build this company with the lineup of proprietary products we've developed in the past few years. We are well-positioned to take advantage of the emergence of the minimally invasive procedures for the spine health and for many new proprietary products. We are very pleased about our product offering and believe that they will have meaningful years to come. We are excited for what lies ahead for Aurora and continue to expand and tweak our internal sales team as we continue to expand our territory coverage in the US. We are in the midst of reworking the sales team and optimizing our efforts. We expect the Q2 revenues levels to be in line or slightly lower than we have reported a year ago.

Speaker #1: We are well positioned to take advantage of the emergencies of the minimally invasive procedures for the spine health and for many new proprietary products we are very pleased about our product offering and believe that they'll have meaningful years to come.

Trent Northcutt: We are very pleased about our product offering and believe that they will have meaningful years to come. We are excited for what lies ahead for Aurora and continue to expand and tweak our internal sales team as we continue to expand our territory coverage in the US. We are in the midst of reworking the sales team and optimizing our efforts. We expect the Q2 revenues levels to be in line or slightly lower than we have reported a year ago.

Speaker #1: We are excited for what lies ahead for Aurora and continue to expand and tweak our internal sales team as we continue to expand our territory coverage in the US, we are in the midst of reworking the sales team and optimizing our efforts we expect the second quarter revenues levels to be in line or slightly lower than we have reported a year ago.

Speaker #1: That said, we believe that we are on the right track to enhance the company's revenue growth right through new products and offering and including two new product extensions that will be launched later this year.

Trent Northcutt: That said, we believe that we are on the right track to enhance the company's revenue growth rate through new products and offering, including two new product extensions that will be launched later this year. We're very excited about the company's future opportunities and the product lines that we have brought to the market. We will continue to build the sales team efforts and educate the marketplace of our products and the value they bring to patients. We are very excited about the future for Aurora Spine for 2026 and beyond. With that said, operator, we are ready for any questions.

Speaker #1: We are very excited about the company's future opportunities and the product lines that we have brought to the market. We will continue to build the sales team efforts and educate the marketplace of our products and the value they bring to patients.

Speaker #1: We are very excited about the future for Aurora Spine for 2026 and beyond. With that said, operator, we are ready for any questions.

Speaker #3: We will now begin the question and the answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.

Operator: We will now begin the question and answer session. Our first question comes from Tom Fedichin with Microcap Connection. Please go ahead.

Operator: We will now begin the question and answer session. To ask a question, you may press star then on on your touch-tone phone. If you are using a speaker phone please pick up your hands-up before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question please press star and then two. Our first question comes from Tom Fedichin with Microcap Connection. Please go ahead.

Speaker #3: If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. Our first question comes from Tom Fedeklin with Microcap Connection.

Speaker #3: Please go ahead.

Speaker #6: Good morning, guys. Tom Fedeklin. I wanted to ask about forward-looking guidance. I know you had mentioned the next quarter will be slower as you take a step backwards and reorganize the sales team.

Tom Fedichin: Good morning, guys. Tom Fedichin. I wanted to ask about forward-looking guidance. I know you had mentioned the next quarter will be slower as you take a step backwards and reorganize the sales team. What's it going to take to increase sales 15% to 20% year over year? I think that's what we've all invested in the story for. I know the AERO is not being rolled out at the moment due to some changes. What's it going to take to get those numbers up?

Speaker #6: What's it going to take to increase sales 15 to 20 percent year over year? I think that's what we've all invested in the story for.

Speaker #6: I know the facet has not been rolled out at the moment, due to some changes. But what's it going to take to get those numbers up?

Speaker #1: Well, we're going to have to find the right people who fit into the right areas as far as regional sales directors in those markets.

Trent Northcutt: Well, we're going to have to find the right people who fit into the right areas as far as regional sales directors in those markets. We do a good job of qualifying people that have experience or that they have history in the particular market, like either interventional or in spine. Then it comes down to can they execute on that plan in those areas. During the interview process, we're really diligent. We don't hire quick. We interview very slow, and we go through a process with people in our sales organization that they have to go through a series of interviews. When you get down to it, when they get hired, the rubber needs to hit the road there where people have to perform on what they estimated themselves. So what is it going to take?

Speaker #1: We do a good job of qualifying people that have experience or that have history in the particular market, like either an eventual or in spine.

Speaker #1: But then it comes down to, can they execute on that plan in those areas? During the interview process, we were really diligent. We don't hire quick.

Trent Northcutt: During the interview process, we're really diligent. We don't hire quick. We interview very slow, and we go through a process with people in our sales organization that they have to go through a series of interviews. When you get down to it, when they get hired, the rubber needs to hit the road there where people have to perform on what they estimated themselves. So what is it going to take?

Speaker #1: We interview very slow. We go through a process with people in our sales organization that they have to go through a series of interviews.

Speaker #1: But when you get down to it, when they get hired, they have to the rubber needs to hit the road. We're people have to perform on what they estimate themselves.

Speaker #1: And so what is it going to take? It's going to take some humor regions that are going to be added online, which Matt Goldstone has done.

Trent Northcutt: It's going to take some few more regions that are going to be added online, which Matthew Goldstone has done. He's added, recently, three new individuals into the sales market in areas that were previously either vacated because of lack of performance or in areas that we actually didn't have anyone participating in the sales drives in those locations, such as regional coverage or new distribution opportunities. I'll let Matt touch on that to go over more on how we can get to the 20% plus growth.

Speaker #1: He's added recently three new individuals into the sales market in areas that were previously either vacated because of lack of performance or in areas that we actually didn't have anyone participating in the sales drives in those locations, such as regional coverage or new distribution opportunities.

Speaker #1: And all that Matt touched on that to go over more on how we can get to the 20% plus growth.

Speaker #6: Thank you, Trent. Yeah, I agree with all of your points. And I really think it is an amount of people carrying the water together.

Matthew Goldstone: Thank you, Trent. Yeah, I agree with all of your points, and I really think it is a amount of people carrying the water together. In the past, as we have hired people, a lot of it has been to optimize the regions that we were currently focusing on. As we have expanded across new territory, that opportunity will drive new revenue. As we're able to put more people into these markets, that will ultimately be able to press the number up to the expected amount.

Speaker #6: In the past, as we have hired people, a lot of it has been to optimize the regions that we were currently focusing on. But as we have expanded across new territory, that opportunity will drive new revenue.

Speaker #6: So as we're able to put more people into these markets, that will ultimately be able to press the number up to the expected amount.

Speaker #1: For when I look at the company year over year, and I look at being relatively flat, it begs the question as to the adoption of doctors.

Tom Fedichin: When I look at the company year over year and I look at being relatively flat, it begs the question as to the adoption of doctors as you bring on more physicians who use your products. Is the longevity there? Are the doctors continuing to use your product year after year? Is there an issue with stickiness or is it just that it's a slow process to ramp doctors up and that they just don't convert so quickly?

Speaker #1: As you bring on more physicians who use your products, is the longevity there? Are the doctors continuing to use your product year after year?

Speaker #1: Is there an issue with stickiness or is it just that it's a slow process to ramp doctors up? And if they just don't convert, so quickly.

Speaker #6: I think there's a lot of shiny objects that come out that might distract physicians on a momentary basis. But I think the continued clinical success of the Aurora portfolio is sticky.

Matthew Goldstone: I think there's a lot of shiny objects that come out that might distract physicians on a momentary basis, but I think the continued clinical success of the Aurora portfolio is sticky. We have phenomenal outcomes with our SI joint patients. We have phenomenal outcomes with our lumbar fusion patients, and I continually hear back from physicians. How impressed they are with how well their patients are doing. That into itself, I think, drives the continued success. I think it really does come down to the manpower and the consistency of coverage.

Speaker #6: We have phenomenal outcomes with our SI joint patients. We have phenomenal outcomes with our lumbar fusion patients. And I continually hear back from physicians, how impressed they are with how well their patients are doing.

Matthew Goldstone: How impressed they are with how well their patients are doing. That into itself, I think, drives the continued success. I think it really does come down to the manpower and the consistency of coverage.

Speaker #6: So that into itself, I think, drives the continued success. So I think it really does come down to the manpower and the consistency of coverage.

Speaker #1: Okay. And when do you guys I'm sorry.

Trent Northcutt: And also part of-

Speaker #6: I just want to the one of the things that we see through the interventional side of the market, the interventional doctors are still they are still pioneering the space, right?

Tom Fedichin: Sorry, go ahead.

Trent Northcutt: One of the things that we see through the interventional side of the market, the interventional doctors are still pioneering the space. This particular space of minimally invasive procedures being performed by interventionalists is still brand new. It is not like they have been at this for 20 years now. It is only been going on for a few years. So many of the interventional doctors will start out with a handful of cases, and then they will follow those cases to see how they perform. They are still dealing with the dynamics of that marketplace with the ortho and the neuro community, where they are trying to balance that referral base, that just playing nice in the sandbox approach to medicine.

Speaker #6: This particular space of minimally infusion, minimally invasive procedures being performed by interventionalists is still brand new. It's not like they've been at this for 20 years now.

Speaker #6: It's only been going on for a few years. So many of the interventional doctors will start out with a handful of cases, and then they'll follow those cases to see how they perform.

Trent Northcutt: So many of the interventional doctors will start out with a handful of cases, and then they will follow those cases to see how they perform. They are still dealing with the dynamics of that marketplace with the ortho and the neuro community, where they are trying to balance that referral base, that just playing nice in the sandbox approach to medicine.

Speaker #6: They're still dealing with the dynamics of that marketplace with the ortho and the neuro community where they're trying to balance that referral base, that just playing nice in the inbox, approach to medicine.

Speaker #6: It's a dynamic that is still being developed. And it's an exciting market because it's growing and expanding, but it's growing and expanding at a rate that is slower than, say, an ortho and a neuro how that got expanded into spinal procedures.

Trent Northcutt: It's a dynamic that is still being developed, and it's an exciting market because it's growing and expanding, but it's growing and expanding at a rate that is slower than, say, an ortho and a neuro, how that got expanded into spinal procedures, but expanding from the standpoint that these new doctors are now offering this procedure option to their patients without having to go have a big surgery at the hospital.

Speaker #6: But expanding from the standpoint that these new doctors are now offering this procedure option to their patients without having to go have a big surgery at the hospital.

Speaker #1: I gotcha. I gotcha. What are the growth drivers that are going to get you to 15 to 20 percent? I ask you because I think I like many investors was looking at the facet, thinking that was the growth driver for this year.

Tom Fedichin: I got you. What are the growth drivers that are going to get you to 15% to 20%? I ask you because I think I, like many investors, was looking at the AERO thinking that was the growth driver for this year, knowing that is not being marketed as at the moment. Maybe you can give us an update on when you think that will get marketed again. What will be, other than just having new salespeople, where do you see the growth coming from for the balance of the year?

Speaker #1: Knowing that that is not being marketed at the moment, and maybe you can give us an update on when you think that will get marketed again.

Speaker #1: But what will be other than just having new salespeople, where do you see the growth coming from for the balance of the year?

Speaker #6: I think the product the good news is sorry, go ahead. I was just going to point out that our spinal portfolio is maturing. We've had DEXA see out for a couple of years now, but the launch of DEXA-L at the end of last year we are well with into our alpha launch and will be going into a limited launch later this year.

Trent Northcutt: I think the product-

Tom Fedichin: The good news is. Go ahead.

Trent Northcutt: I was just going to point out that our spinal portfolio is maturing. We've had DEXA-C out for a couple of years now, but the launch of DEXA-L at the end of last year, we are well into our alpha launch, and we'll be going into a limited launch later this year. Our DEXA portfolio will be driving a lot of growth and getting APOLLO back onto the market really allows us to have a procedural solution for an ACDF, which makes the sell and the opportunity in the OR a lot stronger. Otherwise, we were losing dollars, and a lot of times you didn't need two people in the room to do one case. Now we're able to really offer a full procedure option.

Speaker #6: So our DEXA portfolio will be driving a lot of growth and getting Apollo back onto the market, really allows us to have a procedural solution for an ACDF.

Trent Northcutt: Our DEXA portfolio will be driving a lot of growth and getting APOLLO back onto the market really allows us to have a procedural solution for an ACDF, which makes the sell and the opportunity in the OR a lot stronger. Otherwise, we were losing dollars, and a lot of times you didn't need two people in the room to do one case. Now we're able to really offer a full procedure option.

Speaker #6: Which makes the sell and the opportunity in the OR a lot stronger. Otherwise, we were losing dollars in a lot of times you didn't need two people in the room to do one case.

Speaker #6: And so now we're able to really offer a full procedure option.

Speaker #1: So that's good. That's good. You were going to say there, Trent?

Tom Fedichin: That's good. You were going to say there, Frank?

Speaker #6: Yeah, what I was going to say was the silo X product, which is lateral oblique, gives us another shot on goal, which we did not have before.

Trent Northcutt: Yeah, what I was going to say was the SiLO-X product, which is lateral oblique, gives us another shot on goal, which we did not have before. The market had changed from just a pure lateral approach to allograft, which was a posterior approach. The coding and reimbursement was that headwind that we had talked about, you remember when we had to deal with that. The oblique approach, which was just putting a couple screws in, lateral oblique approach, was a procedure that became more and more familiar with some interventional doctors and even ortho doctors who didn't want to put in three lateral screws, just wanted to work through a smaller incision versus the old approach. That was the two that were really driving the SI joint market, which was a posterior approach like Silencia.

Speaker #6: The market had changed from just a pure lateral approach to allograft, which was a posterior approach. But the coding, the reimbursement was at headwind that we had talked about.

Speaker #6: You remember when we had to deal with that. And the oblique approach, which was just putting a couple of screws in lateral oblique, approach was a procedure that became more and more familiar with some interventional doctors.

Trent Northcutt: The oblique approach, which was just putting a couple screws in, lateral oblique approach, was a procedure that became more and more familiar with some interventional doctors and even ortho doctors who didn't want to put in three lateral screws, just wanted to work through a smaller incision versus the old approach. That was the two that were really driving the SI joint market, which was a posterior approach like Silencia.

Speaker #6: And even ortho doctors who didn't want to put in three lateral screws just wanted to do a smaller incision versus the old approach. And that was the two that were really driving the SI joint market, which was a posterior approach like Xylocaine instead of us just finding the system.

Trent Northcutt: Instead of us just fighting the system, we said, Well, we can get an approval on that. We'll just make our own lateral link system. That way, if there's an objective to using a posterior approach or they're just not familiar with going posterior, then we have another opportunity to present to them. When that product gets released toward here in H2, that's going to be a growth driver for the company because those are really the two fastest-growing segments in the SI joint fusion market.

Speaker #6: We said, "Well, we can get an approval on that. We'll just make our own lateral oblique system." That way, if there's an objective to using a posterior approach or they're just not familiar with going posterior, then we have another opportunity to present to them.

Speaker #6: So when that product gets released, here in the second half of the year, that's going to be a growth driver for the company because those are really the two fastest growing segments in the SI joint fusion market.

Speaker #6: The other part of our development of silo is to continue to expand the portfolio, which is what we've done, which we've been talking about for a couple of years now, that we would always stay ahead of it.

Trent Northcutt: Okay.

Trent Northcutt: The other part of our development of SiLO is to continue to expand the portfolio, which is what we've done, which we've been talking about for a couple of years now, that we would always stay ahead of it, and that's what we've done.

Speaker #6: And that's what we've done.

Speaker #1: And could you give us an update on the facet where we stand with that?

Tom Fedichin: Mm-hmm. Could you give us an update on the AERO? Where are we standing with that?

Speaker #6: Yeah. The good news is I have no bad news. That's really where we are with it. It's with the FDA. There may not even have to be a change.

Trent Northcutt: Yeah. The good news is I have no bad news. That's really where we are with it. It's with the FDA. There may not even have to be a change. It's just a matter of a conversation. I'm very optimistic about the conversation that we had. We have two very high-end FDA consultants that work for us, and the conversation has been pleasant, hasn't been difficult, and we're making progress.

Speaker #6: It's just a matter of a conversation. So I'm very optimistic about what the conversation that we had. We have two very high-end FDA consultants that work for us.

Speaker #6: And the conversation has been pleasant. It hasn't been difficult. And we're making progress, but I can't I don't have a crystal ball in front of me.

Speaker #6: But the good news is I have no bad news. And we are in the discussion with the FDA and it might just be something as simple as getting some additional testing biomechanical testing and we're hopeful that that could be the result that we need and then to continue to bring the product back into the market.

Trent Northcutt: I don't have a crystal ball in front of me. The good news is I have no bad news.

Trent Northcutt: We are in the discussion with the FDA, and it might just be something as simple as getting some additional testing, biomechanical testing. We're hopeful that that could be the result that we need to then to continue to bring the product back into the market. The product is-

Speaker #6: The product is for the record still FDA approved. It has not been pulled from the market. It is FDA approved. We are just working with the FDA on some questions that they have that we are answering and addressing.

Trent Northcutt: Okay

Trent Northcutt: for the record, still FDA approved. It has not been pulled.

Tom Fedichin: Oh

Trent Northcutt: from the market. It is FDA approved. We are just working with the FDA on some questions that they have that we are answering and addressing.

Speaker #1: Okay. And the TFX you had some sort of there was a legal issue with the I guess the company or group that you licensed it from.

Tom Fedichin: Okay. The TFX you had some sort of a legal issue with the company or group that you licensed it from, that you were working through, that you didn't think was going to be an issue. How is that going? Has that come to a resolution, or does it look any closer to a resolution?

Speaker #1: That you were working through that you didn't think was going to be an issue. How is that going? Is that kind of come to a resolution or is it look any closer to a resolution?

Speaker #6: It's closer to a resolution. We make progress on it. I don't want to say weekly, but we make progress on it on a monthly.

Trent Northcutt: It's closer to a resolution. We made progress on it. I don't want to say weekly, but we made progress on it on monthly. Ultimately, I think it'll get resolved.

Speaker #6: And ultimately, I think it'll get resolved.

Speaker #1: Okay. Fair enough. Yeah. I think that's pretty much it. Other than really just other than really just asking as we look forward, I know you say we're taking a step back.

Tom Fedichin: Okay, fair enough. Yeah, I think that's pretty much it other than really just asking, as we look forward, I know you say we're taking a step back. If there's anything that we should be looking for or any metric that we should be asking you, what would that be? What should an investor be focused on as we go into Q2, Q3, maybe even Q4?

Speaker #1: If there's anything that we should be looking for or any metric that we should be asking you, what would that be? What should an investor be focused on as we go into Q2, Q3, even Q4?

Speaker #6: Well, we had to make some changes with some of our salespeople. Some people made their own changes and helped make the decision easier for us.

Trent Northcutt: Well, we had to make some changes with some of our salespeople. Some people made their own changes and helped make the decision easier for us. We've just added some new salespeople. Some of them had spine experience. We touched on that during the reporting, that we wanted to add more salespeople that could be focused and have a spine experience background. One of the individuals that we added actually came from a very successful lateral SI joint management. He had management experience in SI joint. He's now part of the team, and he's now in an area that we didn't have any coverage in, actually, since we started the company. It's in the northeast part of the country, which we're really pleased with. Sorry, northwest part of the country.

Speaker #6: We are we've just added some new salespeople. Some of them had spine experience. We touched on that during the reporting that we wanted to add more salespeople that could be focused and have a spine experience background.

Speaker #6: One of the individuals that we added actually came from a very successful lateral SI joint management. So he had management experience in SI joint.

Trent Northcutt: One of the individuals that we added actually came from a very successful lateral SI joint management. He had management experience in SI joint. He's now part of the team, and he's now in an area that we didn't have any coverage in, actually, since we started the company. It's in the northeast part of the country, which we're really pleased with. Sorry, northwest part of the country.

Speaker #6: He's now part of the team and he's now in an area that we didn't have any coverage in actually since we started the company.

Speaker #6: So it's in the northeast part of the country, which we're really pleased with. Sorry, northwest part of the country. And we're very pleased with that.

Speaker #6: So that's a good addition. Adding these people that are going to be focused on either cultivating a new area where there's opportunity because there's already some existing business, but now they can really expand on it because there's customers there just haven't been called on because we've been flying people in to cover those cases from across the country.

Tom Fedichin: Awesome.

Trent Northcutt: We're very pleased with that. That's a good addition, adding these people that are going to be focused on either cultivating the new area where there's opportunity because there's already some existing business, but now they can really expand on it because there's customers there who just haven't been called on because we've been flying people in to cover those cases from across the country. Now having a person in that area, a local, if you will, I think will make a big difference for us in those sales cycles.

Speaker #6: Now having a person in that area a local, if you will, I think will make a big difference for us in those sales cycles.

Speaker #6: I don't know if Matt will touch on that further.

Tom Fedichin: Okay.

Trent Northcutt: I don't know if Matt wants to touch on that further.

Speaker #1: Okay. Yeah.

Speaker #6: Yeah. We'll just add that all of the five salespeople that have been added to the team over the last quarter, our stratified over the last three months, just say, and it takes about that three-month window to start seeing the contribution of they're getting their feet underneath them, getting their facilities organized, getting engaged with the physicians that they want to target.

Tom Fedichin: Okay, yeah.

Matthew Goldstone: Yeah. I would just add that all of the five salespeople that have been added to the team over the last quarter are stratified over the last three months, just say. It takes about that three-month window to start seeing the contribution of they're getting their feet underneath them, getting their facilities organized, getting engaged with the physicians that they want to target. We are starting to see contributions from them already, and I expect to see that ramp up substantially over the next three to four months.

Speaker #6: So we are starting to see contributions from them already. And I expect to see that ramp up substantially over the next three to four months.

Speaker #1: Okay. And with the new sales directors on board and trained up and with the prospects of growth ahead, the one thing that's missing, I think, would be going to different events, whether it be Planet Microcap or whether it be Small Cap Discoveries events or do you see yourself going on the road and selling the story trend?

Tom Fedichin: Okay. With new sales directors on board and trained up and with the prospects of growth ahead, the one thing that's missing, I think, would be going to different events, whether it be Planet MicroCap or whether it be Smallcap Discoveries events. Do you see yourself going on the road and selling the story, Trent? You did a great job at Planet MicroCap in Vegas. I don't know of anybody that wasn't impressed. I think there's one thing that I could suggest would be, or would suggest, is that maybe to get on the road and sell the story. I think that you would probably attract a lot more people to the stock.

Speaker #1: You did a great job at Planet Microcap in Vegas. I don't know of anybody that wasn't impressed I think there's one thing that I could suggest would be or which suggests is that maybe to get on the road and sell the story.

Speaker #1: And I think that you would probably attract a lot more people to the stock.

Speaker #6: I'm completely on board with that. I did close out the year I'm sorry. Close out the year. We did have in the two things that we've done recently.

Trent Northcutt: I'm completely on board with that. I did close out the year, I'm sorry, not to close out the year. Two things that we've done recently, we participated at the ROTH Conference up here in Southern California. It's just north of us. We also most recently met the new president of the Toronto Stock Exchange, the CSE, and the TMX team, which is the TMX Group. We are making changes to the way that we put out our press releases. We're working directly with the TMX on that. We think that that's going to help get us in more areas that we just weren't penetrating, like we just weren't getting out there. The messaging wasn't carrying. The Microcap Conference. Today, I have a handful of one-on-one presentations, and I want to be able to get out to get the story to resonate because there is a resonating story here, and there is a growth strategy and a growth story that is underway.

Speaker #6: We participated at the Roth conference up in up here in Southern California. It's just north of us. And then we also most recently joined the met the new president of the Toronto Exchange, the TSX, and then the TMX team, which is the Toronto marketing exchange team.

Trent Northcutt: We also most recently met the new president of the Toronto Stock Exchange, the CSE, and the TMX team, which is the TMX Group. We are making changes to the way that we put out our press releases. We're working directly with the TMX on that. We think that that's going to help get us in more areas that we just weren't penetrating, like we just weren't getting out there. The messaging wasn't carrying. The Microcap Conference. Today, I have a handful of one-on-one presentations, and I want to be able to get out to get the story to resonate because there is a resonating story here, and there is a growth strategy and a growth story that is underway.

Speaker #6: And we are making changes to the way that we put out our press releases. We're working directly with the TMX on that. We think that that's going to help get some get us some more areas that we just weren't penetrating.

Speaker #6: We just weren't getting out there the messaging wasn't carrying. And then the Microcap conference today, I have a handful of one-on-one presentations and I want to be able to get out to get the story to resonate because there is a resonating story here and there is a growth strategy and a growth story that is underway.

Speaker #1: Perfect. Perfect. Well, guys, thank you for your time, Russell, pretty much just the questions I've got. But appreciate you taking the opportunity and to have this call.

Tom Fedichin: Perfect. Well, guys, thank you for your time. That's all pretty much just the questions I've got. Appreciate you taking the opportunity to have this call, and wish you the very best as we go forward into Q2 and beyond.

Speaker #1: And wish you a very best as we go forward into Q2 and beyond.

Speaker #6: Thank you so much.

Speaker #3: Well, we really appreciate you staying with us and carrying the story yourself. So thank you for being a big believer in Aurora.

Matthew Goldstone: Thank you so much.

Trent Northcutt: Matt, we really appreciate you staying with us and carrying the story yourself. Thank you for being a big believer in Aurora.

Speaker #1: No. Thanks, guys. Have a great day.

Tom Fedichin: No worries. Thanks, guys. Have a great day.

Speaker #2: This concludes our question and answer session. I would like to turn the conference back over to Trent Northcutt for any closing remarks.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Trent Northcutt for any closing remarks.

Speaker #6: Want to thank everyone for joining us for today's call. We are very pleased with the way that we are positioning ourselves in Aurora for 2026.

Trent Northcutt: I want to thank everyone for joining us for today's call. We are very pleased with the way that we are positioning ourselves in Aurora for 2026. If you have any questions, please schedule any more meetings with Adam Lowensteiner or at Lytham Partners, and we will be happy to address your calls. Thank you, and I will conclude the call.

Speaker #6: If you have any questions, please schedule any more meetings with Adam Lowensteiner at Litham Partners. And we'd be happy to address your calls. Thank you.

Speaker #6: And I'll conclude the call.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.