Earnings call transcript: Wrap Technologies Q3 2025 earnings miss, stock drops

Wrap Technologies Inc. (WRAP) reported its Q3 2025 earnings, revealing a net loss with an EPS of -$0.06 and revenue of $2 million. The company’s stock experienced a decline of 6.25% in aftermarket trading, closing at $2.16. Despite innovative product launches and strategic expansions, the negative earnings and uncertain future guidance have impacted investor sentiment.

Key Takeaways

• Wrap Technologies reported a negative EPS of -$0.06 for Q3 2025.
• Revenue for the quarter was $2 million, with 12% from subscription-based sales.
• The stock price dropped by 6.25% in aftermarket trading.
• The company is expanding its product line and manufacturing capabilities.
• Future guidance remains uncertain, affecting investor confidence.

Company Performance

Wrap Technologies is focusing on scaling its business with a shift towards higher-margin system sales and subscription-based revenue streams. The company is positioning itself for profitability through recurring revenue, despite the current quarter’s financial challenges.

Financial Highlights

• Revenue: $2 million for Q3 2025.
• Earnings per share: -$0.06 for Q3 2025.
• Subscription-based sales accounted for 12% of total revenue.

Market Reaction

Following the earnings report, Wrap Technologies’ stock fell by 6.25% in aftermarket trading. The stock’s performance is currently closer to its 52-week low of $1.20, reflecting investor concerns over the negative earnings and future profitability.

Outlook & Guidance

Wrap Technologies is targeting expansion into defense, homeland security, and commercial markets. The company is also exploring opportunities in healthcare, transportation, and education sectors, with potential declassification of technology for international markets.

Executive Commentary

CEO Scott Cohen emphasized the company’s evolution from a single device to a comprehensive non-lethal response ecosystem. President and COO Jared Novick highlighted the company’s commitment to providing non-lethal solutions.

Risks and Challenges

• Continued negative earnings could affect investor confidence and stock performance.
• Uncertainty in guidance and potential capital raising may create market volatility.
• Competitive pressures from other non-lethal technology providers.

Q&A

Analysts inquired about potential public market capital raising and the positioning of Wrap Technologies’ products as non-lethal versus less-lethal. Discussions also included ongoing negotiations for international deals, such as in Chile.

Full transcript - Wrap Technologies Inc (WRAP) Q3 2025:

Lou, Moderator/Operator, Wrap Technologies: We appreciate your time and continued interest in Wrap. Before we begin, please note that certain statements made on today’s call are forward-looking statements within the meaning of the Federal Securities Law. These statements are based on current expectations, assumptions, and projections, and involve risks and uncertainties that may cause actual results to differ materially. Important factors are discussed in our filings with the U.S. Securities and Exchange Commission, which are available at sec.gov. The forward-looking statements included in this conference call are only made as of the date of this call, and we disclaim any obligation to update forward-looking statements except as required by law. Nothing on this call constitutes an offer to sell or the solicitation of an offer to buy any security. Any offering, if made, will be pursuant to an effective registration statement and prospectus.

Unless otherwise indicated, our commentary compares the quarter ended September 30, 2025, with a prior year period. As a reminder, we may reference non-GAAP measures to provide additional insight into our operating performance. Reconciliations to the most directly comparable GAAP measures are or will be provided in our supplemental materials. With that, I’ll turn the call over to our CEO, Scott Cohen.

Jared Novick, President and COO, Wrap Technologies: Thanks, Lou. Good afternoon, everybody, and thank you for joining us. The third quarter represented our strongest in the past two years, delivering $2 million in gross revenue, 12% of which came from subscription-based sales, suggesting a clear improvement in our core fundamentals. We believe it also marked a pivotal stage in our transformation from being a straightforward device manufacturer to becoming a provider of non-lethal response subscription solutions for law enforcement and for counter-UAS operations. Through a series of coordinated product launches, strategic partnerships, and opening of our new U.S. manufacturing hub, we believe we are advancing our mission of safer outcomes while expanding our reach into federal, defense, and international markets. Beyond the financial results, we believe Q3 was a pivotal moment of traction and validation, demonstrating the strength of our technology in the field and the clarity and direction that now is guiding us forward.

Over the past 90 days, data collected from 516 law enforcement agencies shows a measurable and accelerating shift in use of force practices. BolaWrap adoption continues to be on the rise, while we have observed Taser, pepper spray, and baton use declining. I wish we could take credit for it, but it’s the fact that the policies are tightening around the country, making it harder and harder to use the tools on the belt today. At the same time, we’re observing a huge run-up in hands-on incidents. As that happens, this results in officer injury and litigation expenses that far exceed the billions of dollars. Many times, these events occur when the officers at the highest risk, closing the gap of time and distance. That is precisely where our non-lethal response aims to change the equation.

We are now seeing that when departments are fully deployed and properly trained, BolaWrap becomes the most used tool on the belt, allowing officers to recognize the opportunity to gain safely at a distance through non-lethal pre- and pre-escalation solutions. As of today, BolaWrap 150 has now demonstrated a 92% field success rate with zero reported deaths, zero serious injuries, and zero lawsuits, a record unmatched by any other known or widely deployed tool in public safety. Departments across North Carolina, Colorado, and Kentucky are reporting to us that their BolaWrap deployments are outpacing Taser use, even though there are fewer BolaWraps in circulation. We attribute this acceleration to policy reform, community expectations, and command-level support across the country. As these conversations deepen, we uncover a powerful truth. We realize that the successful non-lethal adoption isn’t just about delivering device or providing training.

The third critical element is policy alignment. That realization, that success deeply depends on, along with trainings and policies, is driving our evolution. We’re now building a non-lethal response. Our President and COO, Jared Novick, will now explain what non-lethal response actually means. Thank you, Scott. Here at Wrap, we’re building a connected ecosystem of training, policy, and tools that are designed to work together to deliver safer outcomes, measurable performance improvements, and recurring value for our customers. I’ll break that down into three areas. For training, our Wrap Tactics platform is a subscription platform, and it provides behavioral, scenario-based officer training. It’s now active in agencies such as Highland Park in Illinois, Lee County in Florida, both of which have converted to recurring subscription models that combine BolaWrap use with ongoing digital learning analytics and performance tracking.

On policy, through our collaboration with LETAC USA, we’re helping departments nationwide create non-lethal responses and those policies that align with it tactically. These aim to ensure agencies not only have the tools and the training, but also the policy framework to use them effectively. Beyond the BolaWrap 150, we’ve expanded our product family to include Wrap Vision, the body-worn camera system, and Wrap Reality, an immersive VR training platform. Now, our new Merlin unmanned aerial payload, enabling drone-based response and interdiction. Together, these three pillars, training, policy, and tools, form the foundation of a recurring system business model, transforming what was a one-time hardware sale into a multi-year subscription contract that integrates hardware, software, and training. We believe this model creates scale, predictability, and enduring partnerships with agencies by shifting Wrap from a transactional sales to a long-term systems provider at the heart of modern non-lethal response.

This advancement is also reflected in our financial results. While managed services contribute to lower margin professional services revenue, the higher margin system sales, driven by BolaWrap, Wrap Tactics, and Wrap Vision, delivered the majority of our growth. We believe this shift towards recurring and an integrated systems revenue is driving margin expansion and positioning Wrap for profitability. Our focus remains on scaling the business responsibly, improving efficiency, strengthening the balance sheet, and expanding high-margin recurring revenue streams. I’ll pass it back to Scott.

Scott Cohen, CEO, Wrap Technologies: Thanks, Jared. Wrap is bringing back non-lethal. I now predict a clear future where non-lethal responses can integrate with drones and law enforcement, defense, and homeland security, and a future where policy leaders demand that ground robots protecting schools, hospitals, and transportation systems invest in non-lethal responses. We’ve already demonstrated the world’s first drone-to-person interdiction using BolaWrap’s patented technology, demonstrating that Wrap’s capability extends beyond the streets, into the sky, and into the future of public safety. We believe our integrated ecosystem positions Wrap to lead the next era of innovation across multiple domains. The U.S. law enforcement market includes roughly 18,000 agencies and approximately 1 million officers, an enormous opportunity to own. The adjacent markets, the private security market, the commercial market, corrections, healthcare, transportation, and defense, are at least 20 times larger.

Looking at the counter-UAS market, which our Merlin and Panda programs address, is projected to exceed $15 billion globally by 2030. By integrating our non-lethal response technology into aerial and robotic systems, Wrap is tapping into one of the fastest-growing segments in the defense and homeland security. Jared, why don’t you give an explanation of what we’re doing federally?

Jared Novick, President and COO, Wrap Technologies: Yeah, thanks, Scott. Now that our total addressable market is no longer limited to just law enforcement, it is now expected to encompass all of global public safety. To support our expansion into defense and homeland security markets, we established Wrap Federal. That is designed to be our DCAA-compliant federal division, and we have begun building a presence in Washington, D.C. We have added new hires and contracted federal advisors to strengthen relationships across key agencies and to help ensure that we, as Wrap, are aligned with the Department of Defense and the Department of Homeland Security and their procurement standards. This structure, through Wrap Federal, positions us to participate in upcoming federal modernization initiatives focused on non-lethal, counter-UAS, and machine-to-man capabilities. Internationally, Wrap continues to demonstrate strong momentum.

These international markets also represent significant reorder volume and growing demand for officer recertifications as agencies expand training programs and renew subscriptions under our Wrap Tactics ecosystem. Together, our federal and international efforts reflect a unified strategy, advancing Wrap’s mission from a U.S. law enforcement solution to a global provider of scalable non-lethal response. In September, we officially opened our Norton, Virginia Manufacturing and Training Facility, inaugurated by Governor Glenn Youngkin and state leadership. This facility anchors our Made in America production strategy. We are seeking to expand capacity, create high-tech jobs, and ensure Wrap’s eligibility under federal procurement preferences for domestic content. It also serves as our hub for R&D, product demonstration, and immersive training, bringing agencies and partners together to experience Wrap’s technologies firsthand.

This investment is intended to strengthen our ability to scale, innovate, and deliver systems that keep people safe, all built right here in the United States. We acknowledge that lethal tools will always have a role in policing and defense, but our mission is to ensure that non-lethal comes first. That’s the bridge between today’s encounters and tomorrow’s outcomes, saving lives, reducing liability, and restoring trust. Our integrated ecosystem of training, policy, and tools presents a key opportunity to extend into commercial, healthcare, transportation, defense, and education sectors. We’re protecting communities, schools, hospitals, and critical infrastructure across the U.S. and abroad. I’ll pass it back to Scott.

Scott Cohen, CEO, Wrap Technologies: Thanks, Jared. The third quarter has shown that our fundamentals are solid, our systems are working, and our strategy is gaining traction. We’re bringing today’s momentum to tomorrow’s larger opportunity, one that is intended to reshape the role of non-lethal response worldwide. What began as a single device is now a non-lethal response of tools, training, and policy that operate on the ground, in the air, and across public domains. Our mission remains clear: safer outcomes for officers, safer outcomes for community. We believe our opportunity has never been greater. Thank you for your continued trust and support. We’re now going to turn the line over to questions. Lou, back in your court.

Lou, Moderator/Operator, Wrap Technologies: Thanks, Scott. The first question coming in is from Twitter. Now that the company seems to be heading in the right direction, and as you think about your future capital needs, do you see Wrap finally being able to approach the capital markets and execute a public secondary as opposed to very dilutive and expensive private placements and preferred offerings of the past?

Scott Cohen, CEO, Wrap Technologies: Yes, I do see us being able to tap those markets. The board and management is regularly evaluating financial options. Yes, the capital markets have been open to us, and the answer to that is yes, we will continue to evaluate those options.

Lou, Moderator/Operator, Wrap Technologies: Thank you. The next question comes from online. What made you go back to non-lethal, and how is that different than less-lethal?

Scott Cohen, CEO, Wrap Technologies: When we started this company, it was started as a non-lethal device. In fact, we started a site, non-lethalnews.com. Axon at the time was called Taser, Pepper Spray. They were all categorizing themselves as non-lethal. Actually, we went out to market as a non-lethal tool, if some of you remember from way back in the early days. It was not until the data that we have been so aggressively seeking. As we have really got to look at this data and shared it with a number of different influencers in the space, use of force experts, a number of different types of lawyers that specialize in this area, we are absolutely clear this device is non-lethal. You are going to hear us talk a lot more about that.

That puts us in a different category than the other companies that are the other products that are on the belt today. They’ve all gone into a less-lethal category. We feel very strong about our non-lethal status. We know, and just looking at the data, as the data comes in and continues to build, that non-lethal status just gets clearer and clearer to us. I think bringing back that word was really driven by the data that we’re looking at. When you look at the data sets that we’re looking at, it’s super clear to us. Yes, we’re coming back. Yes, we think there’s a big difference between less-lethal and lethal. This is the space that we’re playing. This is the space that we’re going to—this is the space we’re going to grow in.

This is the space that we’re going to innovate in, both on the policy side, the tools side, and the training front.

Lou, Moderator/Operator, Wrap Technologies: Got it. Thank you. The next question comes from Twitter. Can you provide clarity on the bylaws amendment and if you guys are planning on doing any splits?

Scott Cohen, CEO, Wrap Technologies: On the bylaw amendment, there’s a pretty detailed explanation in the SEC filing. For anybody who wants the details, it’s right there for you. It’s pretty lengthy. I suggest you go to that. With splits, we have no intentions to split. That was a protective measure that offers flexibility. There’s no intention to do any kind of reverse split. Next question.

Lou, Moderator/Operator, Wrap Technologies: Thank you. Yes. Next question comes from online. What gives you the confidence that adoption is happening and that departments are moving away from other less-lethal tools and solutions?

Scott Cohen, CEO, Wrap Technologies: I want to have a conversation about this. Jared, would like you to weigh in here. For me, what’s driving our clarity is the documented cases, the documented deployments. The deployment data is spiking. We’re getting reports regularly. Yesterday, we just got a report of a department that had 10 devices. They’ve had 17 successful deployments in less than 18 months with 70 laser deployments. Those numbers, yeah, it’s just 10 devices. There’s no reason why that should be an isolated success story. That success, that was led by a connected trainer that has been leading around some certain belief and a mindset around our program. I haven’t talked to that chief directly, but that data set right there, if you would just take that to a neighboring—there’s a neighboring county right to the county that reported this.

If you just compare that to the Taser use of a neighboring department, it’s an actual county. Literally, our device is being deployed 1,800% more than a Taser or a Pepper Spray. I just have to think, with that kind of traction, with that kind of usage, to me, this is clear. It’s being adopted with--and I’d love to take credit for it, but I think it’s just--I can tell you, most of this deployment, a lot of the success, is coming from the policies getting tighter and tighter. Therefore, they’re going to the BolaWrap because their choices are now limited. As we get our training integrated in a more connected way, you’ll see, because we’re seeing this now, we’re seeing deployments continue to take off.

I believe that the rate that we’re seeing this, this will have to spread to the rest of the country because it’s being used. It’s being used because it’s needed. It’s because it’s making officers safer. It’s giving them an advantage, a clear advantage they never had. I think our whole company believes in that because we’re looking at the videos, we’re looking at the body cam, we’re looking at the data, and it just gets clearer and clearer every day.

Jared Novick, President and COO, Wrap Technologies: Jared, I’ll add to that. Yeah, I can add in on that. Look, the reason we feel that way is because in our conversations, and remember, we have spent time over the last quarter and the previous quarters directly engaging with departments who have BolaWraps. We also engage with departments that do not have BolaWraps. For those that do, this is data coming right from them in their conversations. They are using the BolaWrap, we keep saying, to gain an advantage in time and distance because we start having these conversations. We ask, "How many arrests do you make a day that end up in handcuffs?" The answer is that is actually probably one of the riskiest things that an officer does, is that when they put their hands on a subject, it is also the exact moment when the subject is likely to resist violently.

That’s when their reality sets in, like, "This is getting real." Now, all of a sudden, when you give an officer a BolaWrap and they have the legal right to apprehend someone, how are they going to close that distance and minimize the risk? They’re not maybe legally allowed in their policy to use higher uses of force. They may not be allowed in policy to use a Taser or a baton or anything else. What we’re seeing in these discussions, and these are trusted conversations, is that hands-on incidents are going up because they don’t have the tool. When the hands-on go up with someone who has unknown intentions, they’re getting into a fistfight. That means injuries are going up. That means claims are going up.

When that light bulb goes off, it’s less about the buttons on the BolaWrap, which we certainly have a great training program on how to teach you to use a BolaWrap. The real key is when and how. Realizing as soon as there’s a legal right to apprehend and an officer has to get from over here to over there, that’s probably one of the riskiest things they do in their job. If we can help them minimize that risk in a pain-free way, that’s our core value proposition. It has to be delivered not just as a product sale. It’s not just a widget. We have to make great widgets, and we will, and we do. We also have to support it the right way with training.

The training has to also be allowed to be trained that way with the right policy. What you heard in our earlier call is that we’re now going to market with an integrated policy-led non-lethal response policy that allows officers to deploy the BolaWrap early and often from where they’re the most safe to help apprehend subjects and people safely, and all parties win. When that talk track happens and occurs and we’re pulling data, we are seeing that adoption skyrocket because there’s, frankly, more opportunities every day for officers to use a BolaWrap than anything else on their belt. When that catches momentum, and we believe it does, it is, that’s where we’re seeing declining usage of other uses of force and the increasing usage of BolaWrap.

We also said in our script that we do believe that a lethal response is part of the job. It’s probably an unfortunate truth to the job. We support officers in their split-second decision-making to make that lethal call. We also think it’s our duty to give them a non-lethal response. Everything else between non-lethal and all the way to lethal is a bit you carry a chance of a fatality. If we have technology today, and our technology is out in front of policy, we have to fix that. If we have technology and tools and training and policy solutions today, it’s our company’s duty to get that into departments to support them. How they operate and how they solve things tactically, that’s up to them. We’re not going to be Monday morning quarterbacks and always judge with the benefit of hindsight.

We have to empower them with what we have as a core offering. When we fully embraced non-lethal, we said that this cassette does not have to just be on a handheld device on the belt. Why do you not put it on a drone? Are there ways you can put this cassette and give officers multiple engagements for their opportunities? Can you put these drones into schools? What does that mean for private security when you have a non-lethal response? As we have figured out our go-to-market and got adoption from conversations in law enforcement, and as our technology got better and explored adjacent markets, our whole addressable market just grew significantly. It grew into the Department of Defense and the Department of Homeland Security.

I personally get, and it’s contagious in the company, we all feel empowered and have a duty to present these technologies in an integrated way. I think it’s excellent, it’s rooted in data. It’s rooted in real conversations. And it’s been a request from us, from users, to do it. It’s not a guess. We’re clear on our direction, our execution.

Lou, Moderator/Operator, Wrap Technologies: Next question. Thank you, guys. Next question came from the online portal. Do you have any updates on where we’re at with the potential Chile deal you mentioned in Q2?

Scott Cohen, CEO, Wrap Technologies: I’ll take it. We’re dealing with Chile on a weekly, sometimes a daily basis. It is a constant effort. There is a tremendous opportunity that we’re all reading about in Chile. We get the news when you get the news. We’re seeing it. We’re very active. We are anticipating doing some real business down there. Hopefully, it is next year. Lots of engagement. We continue to fight the fight and present and show up when we need to show up. We are tracking it. We think they’re looking for a non-lethal solution. Guess what? When you’re looking for a non-lethal solution, there are not too many things you’re going to find around that. There are not too many things out there. If non-lethal is what you truly want, you’re coming to find us. You will find us.

Hopefully, we find you, but you’ll find us because this is the only place you can get it right now. That is why the Chile, we do not believe Chile is going anywhere. We do not believe any of these conversations are going anywhere. We got to get them over the line. Now we are putting the team together to execute and get these deals over the line to bring what we all want, which is a much bigger business. We had to get, we had to discover who we were. That took a lot of work. It took a long time. I apologize for that. Guess what? We are here now. We are clear. We know what we have got. You guys invested in the right tool. This tool works, but it just could not be a tool that was sold.

It had to be coupled with training, integrated training. Policies matter. We are in policy discussions on a daily basis here now. It is part of our go-to-market. It is part of our talk track. It matters. The clarity is setting in. There is a lot of movement. You will be hearing us unpack over the next couple of quarters that will signify how we are positioning and how we are getting after this opportunity.

Lou, Moderator/Operator, Wrap Technologies: Thank you. The next question comes from online. What makes DFR-X different than DFR?

Jared Novick, President and COO, Wrap Technologies: Hey, Scott, I can take that one.

Lou, Moderator/Operator, Wrap Technologies: Please.

Jared Novick, President and COO, Wrap Technologies: Law enforcement and public safety today are now becoming more and more accustomed to drone as a first responder. Just the idea of drones was somewhat new not too long ago. The way they’re being utilized today, by a large part, at least in public safety, is to put what we call eyes on in advance and respond quickly with situational awareness to officers. They can be rapidly launched. There are sometimes two-way audio, and they relay video. In terms of capability beyond that, they’re largely limited to just a remote passive observer. Now, with the expansion of what we do, just the idea, can you put a BolaWrap on a drone? Technically, you don’t need the yellow device to launch and deploy a BolaWrap. That means you now have a small form factor.

Because drones have limited size, weight, and power, we’re actually able to stack small form factors of cassettes onto the drone. When you do that, you have, if you want, four, six, eight, however many the drone can support. Remind you, we can partner with any drone capability that we’d like. Now you’re giving officers everything they have with drone as a first responder, but now you’re allowing them to do something. That doing something is the X part in DFR-X. We believe that when you put these cassettes on the drone, you now can interdict. What does that mean? When you manage the threat or you’re trying to increase safety and buy time and distance, those are our mottos. You’re actually able to deter and delay and distract with BolaWrap technology. That’s novel. That’s unique. That’s protected.

We have a proprietary way to add a non-lethal response that’s just not on the belt, but also on a drone. We’re now taking to the skies. What we are doing with DFR-X is taking the next evolutionary step in DFR. We’re giving a proactive control element before things escalate, multiple engagement opportunities, with the aim of keeping everyone safer.

Lou, Moderator/Operator, Wrap Technologies: Thanks, Jared.

Jared Novick, President and COO, Wrap Technologies: Yeah.

Lou, Moderator/Operator, Wrap Technologies: We’re going to go pretty quick on these last two, Lou. You want to ask the next one, and I’ll close with the I’ll take the next two.

Jared Novick, President and COO, Wrap Technologies: Sure. Absolutely.

Lou, Moderator/Operator, Wrap Technologies: The next question came from the online portal. Please comment on your plans to obtain sales. Can you describe your sales force?

Scott Cohen, CEO, Wrap Technologies: Yeah. So probably about 18 months ago, or call it two years ago, we were getting pretty close to 150 or so employees. We got all the way down to probably 15, I think, at a low sometime about eight months ago. Now we’re ramping. Why are we ramping? Because we’re clear. We’ve taken—and this should tell you the fact that we are playing offense. We’ve gone from one person in marketing and one person in sales to—I think we have a total count—we’ve onboarded close to 18 people that touch sales and marketing, including the D.C. office. It’s a huge push. It’s the largest resource. It’s the biggest hiring spree we’ve done. It’s all in sales and marketing. It shows you what we’re thinking. We’re going to press this because the time’s now. You don’t get this opportunity many times in your lifetime.

There’s a problem out there. Technology got ahead of the policies. We came out with this tech. No one had ever seen it before. Nobody ever thought of it before. There weren’t policies supporting it. There wasn’t training supporting it. We came up with our own training. That is changing. We get to ride that change. You’ll see this—we believe this is going to move a lot faster now. The heavy work, the heavy lifting has—a lot of heavy lifting, a lot of wood chopped. Now, with this kind of sales force and team, that’s a big indicator. We think there’s a very big and large opportunity for us there. I think the final question was, where’s the company on declassification? The government shutdown didn’t help things, but we think we’re—we don’t think this should have been classified as a firearm to begin with.

We put a lot of effort into it because we know what it unlocks. If we get this declassified, it unlocks a very large international opportunity for us. It allows us to sell into a much larger security guard market where they’re basically unarmed and they’re not trained. They have really lousy policies. The corporate side, let’s call it the commercial side of this, is actually bigger. That is hard to get your head around. Jared mentioned our TAM has actually gotten massive here. If this starts tracking like we hope, and we’re all on the call here because you guys are—we’re downloading to you our latest and greatest. This company should be going on a higher spree. This company is going through a growth stage now. We are certainly putting our money and resources behind marketing and selling of the product.

That’s where we need to be right now. The big step is we finally know who we are. We’re clear about it. That’s it, I think, Lou. Let’s wind this up.

Lou, Moderator/Operator, Wrap Technologies: Sure. Thank you, Scott. That concludes our question-and-answer portion. On behalf of Scott, Jared, and the entire Wrap team, thank you for your engagement and support. We look forward to updating you on our progress. This concludes Wrap Technologies’ third quarter 2025 earnings call. Have a good evening.

Thank you for participating in today’s conference. You may now disconnect.

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