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Ladies and gentlemen, thank you for standing by and welcome to the AdRen Holdings, Inc. Second Quarter 2026 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at this time, just press star followed by the number one on your telephone keypad. And if you would love to withdraw your question, just click the star button. Just press star one again. During the course of the conference call, AdREN representatives expect to make forward-looking statements that reflects management's best judgment based on factors currently known. However, these statements involve recent assertions, including the successful development and market acceptance of our products, the ability of our third-party suppliers to supply components and products, our ability to convert our backlog into revenue, our inability to maintain current expected delivery schedules, competitive pricing, and acceptance of all our products. Intellectual property matters, the effect of economic conditions, the impact of tariffs and trade policy, and other risk factors described in our most recent annual report on Form 10-K and in our quarterly finance with the Securities and Exchange Commission. At-Ran Holdings assumes no obligation to update any such forward-looking statements. During today's call, management will refer to the certain non-GAAP financial measures. Reconciliations of GAAP to non-GAAAP measures and certain additional information are also included in our investor presentation and our earnings release. AdRenholding has not provided reconciliation of its third quarter 2026 outlook with regard to non-GAAP operating margins because it cannot predict and quantify without unreasonable effort all of the adjustments that may occur during the period. The investor presentation has been updated and is available for download on the AdRent Investor Relations website. Hosting today's call is Tom Stanton, AdRents Holdings Chief Executive Officer and Chairman of the Board, and Timothy Santos, Senior Vice President and Chief Financial Officer. It is now my pleasure to turn the call over to Tom Stanton, Chief Executive Officer of Adeline Holdings. Sir, please go ahead. Thank you, operator. Good morning, everyone. Although we are disappointed with the reported results of this past quarter, we believe they were driven by a specific set of factors. As we communicated in our preliminary results press release, a project delay from a single customer combined with unfavorable impacts from product and customer mix caused our results to fall short of our guidance. Despite these factors, demand across our markets, our end markets remains healthy. Our strategic priorities remain on track and our customer base continues to diversify. We believe those underlying fundamentals position us well as we look ahead into 2027. As we shared in our pre-announcement, one of our customers adjusted the timing of a project, which affected our results for the quarter. This customer remains committed to its deployment objectives, and we view this as a timing adjustment rather than a change in demand. Overall customer demand remained strong during the quarter, but a challenging supply environment limited our ability to fulfill that demand, constraining shipments and resulting in an unfavorable mix. To be clear, absent these incremental supply constraints, we would have met our original revenue guidance. Against this backdrop, AdTrans delivered second quarter revenue of $281.1 million, consistent with our preliminary results, and non-GAP operating margin of approximately 3.8%, also in line with our pre-announcement. While these results reflected the items I just discussed, several indicators of our strategic progress continued to strengthen during the quarter. Our optical business continued to serve as a key growth engine, and our growth was broad-based across service provider, enterprise, government, and cloud customers, and reflects continued demand for higher capacity optical infrastructure, AI-driven networking expansion, and secure connectivity. We are also generating tangible benefits from our diversification strategy. Revenue from enterprise, government, and cloud customers grew a strong 47% year-over-year and 19% sequentially, accounting for 25% of total company revenue in the quarter. Within this customer segment, revenue from hyperscalers increased 97% year-over-year, underscoring the strength of our diversification strategy. This momentum is being driven primarily by our data center interconnect business. In parallel, we continue to expand engagements with hypersalers and large-scale content providers for our upcoming Micromux Quattro and the LightWave 800 pluggable optics solutions. The results highlight our growing participation in attractive end markets beyond our traditional service provider base and reflect the opportunities created by continued investment in cloud and AI infrastructure. As we broaden our customer adoption and expand our solutions footprint, we believe we are well-positioned to benefit from these longer-term growth trends. Secure connectivity is another area where we continue to drive increasing customer demand. Our recently announced collaboration with EU Networks highlights growing demand for quantum-safe networking solutions and validates the strength of our multi-layer encryption portfolio and integrated cryptographic management capabilities as service providers and enterprises place greater urgency on addressing quantum-secure vulnerabilities. Within our service provider segment, we continue to unlock opportunities driven by vendor replacement systems, network modernization initiatives, broadband expansion efforts, and increasing security requirements. These trends are driving investment across transport and access networks and position us to benefit from large-scale broadband initiatives such as BEAD in the U.S., Project Gigabit in the UK, Germany's Gigabits Strategy 2030, Natalia's 1GIGA, alongside growing demand streaming from European network security and trusted vendor initiatives, including the proposed EU Cybersecurity Act 2, or CSA2. Now some specifics of our product categories. Optical networking revenue was $109.7 million, up 22% year-over-year and 13% sequentially. Access and aggregation solutions revenue was 86.9 million and was directly impacted by the customer timing dynamics I discussed earlier. solutions revenue was 84.5 million, reflecting normal variability following a very strong first quarter. Subsequent to quarter end, we strengthened our financial foundation through the completion of a senior secured credit facility. This refinancing lowers borrowing costs and extends maturities, providing additional financial flexibility as we execute our long-term strategy. In summary, the underlying drivers of our business remains intact and demand for our products is strong. Although the company's gross margin performance has continued to improve over the past the last three years, including being able to overcome the product and freight cost increases we have experienced over the last few quarters, Q2 results reflected a tightening of supply, which resulted in unfavorable product mix as our ability to ship higher margin products was impacted and ultimately lowered gross margins. As the supply chain outlook remains uncertain we continue to advance actions that will strengthen our margins and better align our performance with our long-term operating objectives of 42 to 43 percent gross margin amidst the current supply environment we are maintaining strong operating expense control and remain committed to our 10 percent non-gap operating margin target we continue to gain momentum momentum in optical networking further diversifying our customer base and see a clear path forward towards improving profitability. We remain confident in our strategy and our ability to create long-term shareholder value. With that, I'll turn the call over to Tim to review our financial results in greater detail and follow up with questions. Tim? Thank you, Tom, and thank you all for joining us today. Revenue for the quarter was $281.1 million, representing growth of 6.1% compared to the second quarter of 2025. Geographically, U.S. revenue was $134.4 million, representing approximately 48% of total revenue, up 12% year-over-year. Non-U.S.-revenue was $146.7 million, representing approximately 52% of Total Revenue, and up 1% year- over-year By product category, Optical Networking Solutions revenue was 109.7 million or 39% of total revenue, increasing 22% year-over-year and 13% sequentially. Access and aggregation solutions revenue was $86.9 million or approximately 31% of total revenue. While down 5% year over year and 4% sequentially, U.S. access and aggregations revenues were up a healthy 13% year-over-year, partially offsetting the non-U.S. customer order timing described earlier. Subscriber solutions revenue was $84.5 million, or 30% of total revenue, up 1% year over year and down 14% sequentially following a strong first quarter. According to margins, non-GAAP gross margin was 40.7% compared to 41.4% in the second quarter of 2025 and 43% in first quarter of 2026. Gross margin reflected the factors Tom discussed earlier, primarily the combination of product mix, customer mix, and higher product costs. operating expenses were 103.9 million dollars compared to 103.3 million dollars in the first quarter of 2026 and 101.7 million in the second quarter of 2025. And as we continue to actively manage operating expenses related costs against inflationary pressures. Non-GAAP operating income was $10.6 million, resulting in non-GAAP operating margin of 3.8% compared to 8 million and 3% on a year-over-year basis, however, down from 19.9 million and 6.9% on a sequential basis. Non-GAap tax expense during the quarter was $2.6 billion, reflecting an effective non-GAP tax rate of 33.7%. Non-GAAP net income attributable to AdTran Holdings was $3.4 million or 4 cents per diluted share compared to break-even results in the second quarter of 2025 and 11 million and 14 cents in the prior quarter. Turning now to the balance sheet and cash flow. We continued to make progress improving our working capital metrics during the quarter with $245.2 million of networking capital at quarter end. Inventory was $208.8 million with days inventory outstanding of 107 days down three days sequentially. Trade accounts receivable were $205.8 million with DSO of 67 days, down one day sequentially. Accounts payable were $169.3 million with DPO of 65 days, also down one days sequentially, These improvements contributed to operating cash flow of $25.9 million during the quarter and free cash flow of $8.7 million. We ended the quarter with $79.2 million of cash and cash equivalents net repurchases of AdTrend Network's SE shares and dividend payments made during the quarter of $22.6 million. This compared to $88.3 million at March 31st, 2026. Also of note, we recently completed the refinancing of our credit facility led by J.P. Morgan. This new facility replaces our prior credit agreement while maintaining total revolver capacity, reducing borrower costs by 200 basis points, and extending our maturity to 2031. Turning our outlook to the third quarter, we expect revenue to be between $275 million and $295 million and non-GAAP operating margin to be between 1.5 percent and 5.5. Our outlook reflects the current expectations regarding customer deployment timing supported by continued strength in the optical networking solutions business healthy demand across cloud enterprise and government markets. This concludes our prepared remarks however before turning the call back to Tom i'd like to note that we'll be participating in the rosenblatt virtual technology summit on august 17th and the b riley tmt conference in new york on september 10th we hope to see many of you there and with that i'll turn the call back to tom thanks very much tim okay at this point we're ready to open up for any questions people may have we will now begin the question and answer session if you would like to ask a question at this time just press star followed by the number one on your telephone keypad and if you would like to withdraw your question press star 1 again we will pause for a moment to compile the q a roster and our first question comes from the line of ervin liu with evercore isi ervin please go ahead hi thank you for the question um tom can you help us understand the nature of the project delay at the single large customer is this more of a financial or strategic decision on their end and what gives you assurance that this is demand deferred and not demand destroyed well um the biggest assurance that we have and of course we we do talk to them on a very very regular basis but the biggest insurance that we have is they've come out and recommitted to their plan so So, including the timing of their plan, and it's a very visible, very easy-to-check-on number, and those plans haven't changed. So, I think really what may be a high-level way to look at it is they have multiple plans now in flight. Some of them include the normal footprint expansion that we have been involved in for a few years now. Some of it has to do with Huawei replacement or vendor replacement, which is kicking off. Some of the has to with upgrades and speed, and then some of it has to deal with expanding that footprint expansion to even a greater extent than they had initially planned. All of those are in flight, but what we're seeing right now is kind of a repositioning of priorities within those different buckets. And, you know, we may see one of the other ones kick in. we expect to see one of the other ones kick in sooner than originally planned. And this is all just kind of getting all the plans in place before they move forward, and they have enough inventory to continue to deploy at their committed rate as they kind of reposition these plans. Got it. Did that answer the question? Did that make sense? I know it's a long, drawn-out answer. That did, Tom. Thank you. And then for my follow-up, I guess it's good to see your commitment to your 10% operating margin target. And you're currently at low to mid-single digits due to product mix headwinds in addition to component and freight cost headwind. But can you discuss any sort of margin mitigation strategies you might have and walk us through the path from low to middle-singled-digit operating margins currently to perhaps low double-digit margins um longer term sure maybe the easiest way to think about that of course the the the bigger driver in all of this is revenue so um we had envisioned on our um basically historical profile getting into that double digits right around the low 300s say somewhere between 310 and 320 um and that that assumes a gross margin in the 42 to 43 percent that gross margin this quarter and i will say with this quarter and not i don't want to at all minimize the fact that it was low but you know we've had over two years almost three years now raising gross margins pretty much every quarter you know over any significant length of time you can just see the trend moving upwards um and and that's benefited us and of course that allows that revenue number to be lower um when the numbers uh you know when i think about 310 320 that's kind of of in the midpoint of where our margin has been but the environment is tougher and really what that the way that it is that it impacted us this last quarter was it cut rid of some of our flexibility so we saw the decline with our large customer which has got you know it's in the it's well we saw that decline in a large customer. And we had plenty of demand. The problem is, you know, the pluggables are really hot right now. Those are not high margin products. We shipped a significant amount of those. We could have shipped a whole lot more if we had access to them. And some of the higher gross margin products were also just limited in supply. So our flexibility got impacted of this quarter. I think that flexibility problem is not a fixed next quarter problem. So we've kind of factored that into our numbers. Now, what we're doing, one is we can, of course, raise prices. I don't want to over kind of rotate on that, knowing that there was a mixed problem more so than anything else um but we have already executed on our price increases and we we continue to keep our pricing uh in check with what we think the supply environment is going to be when those products ship so we'll continue to execute on that we have started doing some redesigns and that's just to give us more supplier flexibility i i think the gross margin piece is is not the, you know, I don't worry so much about gross margin because I don t think we re in a really bad place. I think we do have a mixed issue. But we need to make sure that we can continue supply no matter what happens. So we have kicked off redesigns in order to effectively mitigate supply issues, which ultimately will improve gross margins. And then as we had talked about maybe a year ago or so, we continue to move on reducing our our OPEX in our COGS-related areas. So we're seeing some benefit in gross margin, although it was hard to actually see through that this quarter. Did that answer your question? Got it. Thank you. Okay. That did. All right. Thank you And our next question comes from the line of Brian Kuntz with Needham and Company. Brian, please go ahead. Great. Thanks. Maybe just following up on the last question and your comment about supply impacts on higher gross margin products. I think we've all been assuming that memory has been a big concern, mostly impacting the CPE side of the business. And maybe we saw some of that in the quarter with customers running inventory hotter or maybe even some pull forward before price increases that drove the big uptick in Q1. So maybe you can kind of unpack kind of the customer PRAM side gross margin trend, as well as your comment around higher gross margin products that were impacted on supply. Thank you. Yeah, sure. So it is more than memory. I hope I'm not the first one to tell you guys that. But it is definitely, you know, it has gotten tighter in other areas. Optical amplifiers are definitely tight. There are kind of certain pieces of silicon that are fairly nebulous that are getting very tight. So it is a broader base set of problems. There are some areas where, you know, even PC boards are getting tight. So, you Know, what's really important, you know, the way that it impacts us is we still tend to book a lot of what we ship within the quarter. um and that ability to flex up for incremental demand which we definitely saw this quarter especially in optical our ability to flux up has really diminished and so our our forecasting is more important but i would say the hardest thing at this point so i'm sure we've talked about in the past memory was one of those things i wasn't so much worried about the pricing of memory i could pass a lot of that on what i couldn't do though is make supply that wasn't there so it was all about getting memory at least in our supply chain memory today is not the biggest issue right there are issues there now that have eclipsed that and memory is although incredibly expensive um that supply isn't as problematic as it was let's say six months ago or three months Got it. That's really helpful. Right. Okay. And maybe as a follow-up, your comment around optical and the strength you're seeing in enterprise and cloud, what sort of use cases are you seeing there? Is this mostly for your line systems? You talked about pluggables. Can you see color on product mix there within the kind of enterprise and cloud use cases? Be really helpful? you yeah so um definitely on ols's as well as you know just standard pluggables i would say across the board it was high i will tell you ols is our line systems were a little more difficult to ship because of the constraints that we just talked about um pluggable is is generally speaking upgrading of bandwidth and as you knows we have some hyperscaler um content there and we're seeing a kind of a you know significant uptick in uh in that activity as people are trying to upgrade their their networks so i think it's all just about bandwidth increases not so much footprint but just bandwidth increases got it really helpful thank you very much okay all right our next question comes from the line of george knorr with wolf research george please go ahead Hi, guys. Thanks a lot. I was just trying to get a better sense for where you guys are on the balance sheet. I know there was some talk about the real estate transactions, kind of wondering where you are on those. Any update would be great. Thanks. Tim, you want to grab that? Yes, we'll do. Morning, George. You know, the best news there as Huntsville is very hot. The first 600 or so individuals for Space Command will have seats in housing by the end of this year. We've seen a large uptick in military defense and other contracts being awarded to the Huntsdale area, and that has driven up significantly the interest in our property. Beyond that, George, when we have something to announce, we will announce it, but uh you know we're continuing to hold out for the best deal and the best uh opportunity for the company let me just add a little because i also am very nervous about trying to pre-forecast something but our showings on that property have gone up substantially over the last couple of months that's right great thank you all right and our next question comes from the lineup bill Dezenum with Titan Capital. Bill, please go ahead. Thank you. You put out a press release this morning relative to Toknet and them beginning the trial. Would you talk a little bit about that and in the spirit of which I ask this is I don't recall AdTran being in Japan historically. So provide some backdrop there, if you would, please. Yeah, to be honest with you, I don'T have that press release in front of me, but we do sell into Japan, and this was in the optical space that we have sold for some period of time, and I wish I did have that press release in front of me bill but I doubt it momentarily oh okay yeah so that that is there is also Japan is an interesting area because they were one of the first to build out G pond and there are you know so the the population base is pretty much covered and they are i would say leading the charge as in moving to 50 gig um they're not you know we have a lot of people that are trialing 50 gig and want to have kind of um marketing you know uh capabilities around 50 gig um i would Say from a country perspective japan is probably the at the forefront of literally looking at making that transition more wholesale so and this is just this is just that great thank you and then relative to the the supply issues and the customer schedule adjustment how does all of this affect 2027 I guess Another way to ask that is, is the second half of 26, is that a long enough period to adjust component supply chain and make these various adjustments that you need to be back on track? Or is this a longer sort of adjustment period? Let me answer that a couple of different ways, and I'll try to be as direct as I can. So one is, you know, the root cause of the situation was really born from a dynamic within a particular customer, which we think will be worked out before the end of the year. So if it weren't for that root, we would not be talking about this. But then it did highlight in going through the quarter, once that effect kind of permutated through the company, it did high-light the fact that flexibility within the rest of the product set is getting tighter and tighter. So I want to first put it in the right frame. I don't see that tightness going away in the near term. I do know, and probably many people on this call know, that there's talk about additional capacity, especially in the higher nanometer process, which is kind of where our products are, let's say 12 and up, coming online next year, which would alleviate some of these issues that we're talking about. But I think we're just in a tighter supply chain environment. And the best way for us to be able to mitigate that tightness is literally just better forecast, more order coverage. And, you know, I preach that to our customers every time I can. You need to get your orders in. We need to be able to have visibility to it and secure supply. And I do think the customers are getting it. It's amazing. It's taken a long time, but I do thank customers for getting it, but I can tell you what would mitigate a particular chip today, but I Can tell you it'll be a different chip or a different problem six months from now. So I just think we're living in a tight period right now and I can't tell you going to disappear next year um or you know in you know what quarter it would disappear if it does disappear next i think it's all about discipline with internally we have as as uh we've talked about you know we've gotten some more key components um in our inventories now to make sure that um we can mitigate the problems that are known but like this quarter there was issues that were not an issue last quarter right so we have to get better at forecasting where those future issues will be not just the ones that we're currently facing so that's not a good answer but um that's kind of the environment we're in now that is helpful and so i'll ask one more question before i hop off tom does that imply that we should anticipate you all uh kind of building extra inventory in certain areas so that you can adjust that flexibility not with your supply chain, the product mix flexibility, not through the supply chain as much as just through your own warehouse, for lack of a better phrase? Yeah, it does imply that. And I will tell you that that has been happening already. You just haven't seen it so much. And the reason is is we've been able to draw down old inventory back from the supply chain crisis down to a point to where we're kind of mitigating that increase. But you can think about it as old inventory versus new inventory, and that new inventory is directly related. Our inventories would be going down more if we weren't adding these kind of key components. But at some point in time, that old inventory is going to not be so old anymore, and you'll see an uptick in that inventory. but i don't think that's a i i don' think it'll be material to to the numbers great thank you for taking all the questions sure our next question comes from the line of dave kang with b riley securities dave please go ahead uh good morning thank you um first question is wondering if you can provide uh what the book-to-bill was and more interest in optical book- to-bills, if you can provide those. We really don't do book-tobill as a metric that we actually publish. It was, I will tell you, optical was probably the, I'm guessing here, but probably the strongest area. And it was, let's just say all the numbers were either at one or above one. Got it. And then regarding the revenue miss, obviously it was a project delay, but it sounds like if you had enough components that you would have made up that revenue. Was that the message? Basically, you're saying that demand is so strong that it would have made up that 12 million revenue shortfall if you had enough components? Yes, without a doubt. I mean, no hesitation at all. If we had plenty of material, we would not be talking about the downtick. And what about the current third quarter? Can you talk about that project delay where you are? And also, I mean you talked quite a bit about supply situation, but how that's going to play out in third quarter. Obviously, they're looking for sort of a flattish quarter sequentially. Yeah. So we don't see an uptick in the customer that we're talking about right now. And to be honest with you, we just don't see a change in the procurement environment. So we think things are going to stay in the kind of status quo that they're in right now, maybe even get a little bit tighter in certain areas we are fighting for more supply i mean literally calling we have people calling every day trying to get more of whatever it is that we have on order or don't have on order um so that's just kind of seeing through that that mix of what's going to be available and what's not going to available is kind of what our forecasting process has turned into um and um so yeah it's just assuming the environment doesn't change well i think um you know i was juggling a couple of things uh obviously you've seen that this fcc uh planning to ban chinese transceivers just wondering if you if you were sourcing transceiver or pluggables from chinese vendors and if so how quickly can you pivot to american vendors um we do do some pluggables from china um let's say transceivers from china we also source from other places and i don't know i i i'm i'm not versed enough to give you a direct answer to that so that's something that we can cover at you know you can call in and talk more about it but yeah it's a clearly a fluid situation i'm sure there are a lot of questions there my last question is um any update on lpo activities any qualification or yeah well it's still we're not talking about qualification yet it is still on track um as i talked about before why we would get units in right around the half or you know second quarter and get them to customers we do have a significant i will tell you another piece of this which we haven't really talked much about which is the Quattro. And we've got multiple customers, including multiple hyperscalers that are very interested in that product as well. That one actually delivers earlier. So I would expect to see trial units before, let's say sometime in the first quarter. We have people right now that are trialing kind of alpha units. And that seems to be going well. So, I think both of those, Both of them are on track, but both of those are getting some traction, so that seems to be going well. Thank you. Okay. Our next question comes from the line of Tim Cervazo with Nord Capital Markets. Tim, please go ahead. Yeah, good morning. You mentioned a growth metric around the cloud portion, talked about 25% of revenue being from government enterprise, and I think it was something in the 90s in terms of cloud growth. I just want to go back and confirm that and also try to get a sense of within that 25% of revenue, how large is the cloud piece? And I'll follow up from there. Yeah, let me see if I have that. I don't think I have the number, but I do kind of generally know where we are in that space. So the specific number that we gave was, I think it was 97% growth in hyperscalers. And so we look at cloud as being broader than hypers scalers, because that would include typically large content cloud providers, so hyperscalers specifically, was 97%. And that's not a surprise. I mean, I think we kind of signaled in our last call that that area we expected to be solid this year and continue to grow, and that seems to be the case. And what was the second part of your question, Tim? I was just trying to get a sense of, you know, within that category, however you want to describe it, how significant is that? I assume that's a relatively small percent of that 25% of the broader category, but go ahead. My sense, just from remembering, is it's somewhere between 30% and 50%. It's getting to be a big piece of that pie. Of that 25%? Okay. 25%. Yeah. No, I got it. And just a quick one. Any 10% customers in the quarter, and also as you look out to the Q3 guide, I'd be interested in what's happening there from a segment perspective. It sounds like you don't expect access and aggregation to rebound given the customer push. Then you've got a little sequential growth there. I mean, I guess the overall question is, do you expect to see opticals continue to grow? Yes. The direct answer is absolutely yes. I talked a little bit about the order flow there, and yes. So I mean that's – we expect that to grow. You know, subscriber is one of those that's probably the most difficult thing to forecast because it is very much demand driven and people have chunks of inventory and then they go away for a while. So you'll see, you'll always see more volatility. I'll say typically see more relativity and that subscriber piece of that one's less firm in our numbers and knowing exactly where it's going to end up. Access and ag, you're right. We don't expect a rebound because that single customer is such a large piece of that content. I will tell you that access in Europe, notwithstanding that customer, was actually pretty strong. We continue to expect that strength in the third quarter, but optical is going to be the biggest. And I can confirm there were no 10% customers this quarter. Great. Thanks very much. Okay. Our next question comes from the line of Michael Genovese with Rolls-Royce Securities. Michael, please go ahead. Thanks. Hey, Tom. I want to ask more about pluggables. So I wantto clarify a couple of things on the call. When you mentioned the mix shift earlier and that you were selling more pluggable, Could you just talk about what business specifically that was in and which were kind of pluggables and selling more pluggable as opposed to, I guess, embedded systems and optical? Is that for DCI and long haul and metro? Is that what you were talking about? Yes, but most specifically, I will tell you, we probably had the strongest 100 ZR quarter we've ever had so that you know that should tell you kind of what we're talking about okay that makes sense and then um you've just mentioned earlier the quad um you know because we're you know i guess asking about the uh the lpo product which i think has a different name um and then the quad could you talk more about the difference between those two products yeah so the the other product that we've talked about that got a lot of press was the light wave 800 um the quad is actually a 4x100 uh it's in the micro mux family so it's a 4 by 100 a mux that's very very efficient i don't know if there's anything out on the market today that's like that um so you know plugs right into a router and uh gives you multiplexing capability at a very low cost okay sorry sorry if i'm not mistaken though the the lightweight 800 is is different from these products because it's a new market of inside the data center for you as opposed to you know between data centers where most of your business is now is that is that a correct you know is that a correct understanding yes that's the light wave 800 is as intra data center which yeah we we have not played in that space we don't have a micro much product either by the way i mean so both of these are kind of incremental to the um piece that we have traditionally done but um i would say my the light waves is a farther reach yes okay and and the timing though is the MicroMUX is earlier in 27 and the LightWave is mid-27? Is that correct? The MicroMuX is going to be out earlier. So we should be trialing units end of this year or early next year. And then the current schedule for the lightweight is getting units trialing middle of next year, you know, we're saying into Q2. And then production towards the end of the year or the first part of the following year. Okay, great. And then just a final question from me, I guess, maybe it's a two-part question, but, You know, with the transceivers for inside the data center, you know, this is a very large market, right? It's a new TAM that you're going into. And I'm kind of used to seeing deals there being, you don't get 25 or even $50 million deals. Every time I see somebody win a transceiver deal, it's at least $100 million, and it could be a billion. I'm just wondering if the larger deal sizes, as you start to work on that market, make make sense to you, if that sounds reasonable. And then just, you know, your ability to sell into that market and to have a sales force that interacts with that side of the customer and to kind of, you Know, it's a big TAM, but basically you're the confidence of AdTran that they can execute in that market from a sales and market. I mean, the product specs look great, but if we can assume you can make the product, can you, are you confident that you can sell the product? Yeah, so, Michael, you may not – we sell to most of these customers already. Now, we sell different products, but most of them have – well, for instance, like I mentioned before, Hyperscaler was the fastest-growing area in our enterprise segment, and he was a significant contributor. So they know who we are, I would say, without a doubt. you know we've even sold access products to one of the hyperscalers that was really into access so they know who we are i think they i don't think there's a a trust problem with thinking that we can scale and that we build pro quality products we have increased our sales force into that area to make sure that we're covering all of the bases we've already done that um we're trying to get all the pieces in the right place i it's not like they won't have have heard us, and I doubt if there would be any issue with worries about scalability with us. In relation to the numbers that you're talking about, you are correct. I think my job is to not get us too overhung out there. We need to be able to deliver what we need to be to deliver, but the numbers are typically bigger than the numbers we're talking about. Great. Okay. Thanks so much. Appreciate it. All right. And, Seth, I see that we're at the end of the call list, so I appreciate everybody for joining us today, and we look forward to talking to you next quarter. This concludes today's call. You may now disconnect.