NanoVibronix, Inc. (NAOV): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, no-nonsense breakdown of NanoVibronix, Inc.'s (NAOV) operating environment as of late 2025, and honestly, the picture is one of high-potential technology battling persistent financial headwinds and a complex regulatory maze. The direct takeaway is that their proprietary Surface Acoustic Wave (SAW) technology, particularly the UroShield product, is a strong differentiator in the growing non-opioid and infection prevention markets, but their small scale and history of net losses-around -$5.4 million for the trailing 12 months ending June 30, 2025-make them a high-risk, high-reward play.

Political Factors: Regulatory Oversight and Government Access

NanoVibronix regained NASDAQ compliance in April 2025, which was a critical financial step, but the company remains under mandatory panel monitor until April 2026. This shows the constant pressure of regulatory oversight. Still, they have a solid US government sales channel access via the Federal Supply Schedule for both PainShield and UroShield. FDA updates in April 2025 caused stock price volatility, highlighting just how much regulatory influence impacts market sentiment. Global sales defintely depend on varied national regulatory approvals, like the US FDA clearance and the European CE Mark.

Economic Factors: Cash Burn and Margin Strength

The company is burning cash, with trailing 12-month net losses of approximately -$5.4 million as of June 30, 2025. To strengthen the financial base, they completed a $10 million public offering in May 2025. Here's the quick math: Gross profit margins are relatively strong, ranging from 45.6% to 59.6%, which shows cost-efficient production once a sale is made. The low debt-to-equity ratio of 0.11 suggests low leverage, but also constrained liquidity for a growth company. Plus, US healthcare cost-containment pressure favors non-invasive, at-home solutions like their portable devices.

Sociological Factors: Patient Demand and Market Pull

There is a strong market pull for non-opioid pain management solutions, which PainShield directly addresses. Patients increasingly demand convenient, at-home therapeutic medical devices, moving care out of the clinic. UroShield tackles the significant healthcare-associated infection risk of Catheter-Associated Urinary Tract Infections (CAUTIs). Also, the expanded distribution deal with Dukeill Healthcare in Australia signals international market acceptance of their core products.

Technological Factors: Proprietary Edge and Robotics Move

The core proprietary low-intensity Surface Acoustic Wave (SAW) technology is a key competitive edge that differentiates them from standard medical devices. A new U.S. patent was granted in September 2025 for electromagnetic navigation via the ENvue subsidiary, securing their intellectual property (IP) position. NextGen prototypes for PainShield and UroShield are complete, suggesting a refreshed product pipeline is coming. The development of ENvue Drive, an intelligent robotic platform, signals a clear move into advanced medical robotics, diversifying their technology base.

Legal Factors: IP Protection and Liability Risk

Regaining NASDAQ compliance was critical, but the company remains a smaller reporting company and non-accelerated filer, meaning less scrutiny but also fewer resources. Intellectual property (IP) protection is vital, underscored by the new U.S. patent in September 2025. Product liability risk is constant in the medical device sector, especially with at-home, disposable products where user error is a factor. Anyway, the regulatory pathway for new products, like the advanced ENvue Drive, is a long-term legal and clinical hurdle that requires significant investment.

Environmental Factors: Medical Waste and E-Waste Challenges

Products like UroShield and PainShield use disposable components (clips/actuators) which contribute directly to medical waste. The industry is under growing pressure to reduce Scope 3 emissions (indirect emissions from a company's value chain) from the manufacturing and disposal of single-use medical supplies. Portable, battery-powered devices, like the UroShield driver, create e-waste challenges upon end-of-life disposal. To be fair, the shift to point-of-care and at-home use, while convenient for the patient, decentralizes and complicates waste management for the company.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Political factors

Regained NASDAQ compliance in April 2025, but remains under mandatory panel monitor until April 2026.

The regulatory environment for a publicly traded company like NanoVibronix is defined by exchange compliance, a political factor that directly impacts investor confidence and capital access. The company successfully regained full compliance with the Nasdaq Capital Market's listing requirements on April 9, 2025. This was a critical step, as it resolved the previous listing matter concerning the minimum bid price and stockholders' equity requirements, which must be at least $1.00 and $2.5 million, respectively.

While compliance is restored, the political oversight remains high. Pursuant to Nasdaq Listing Rule 5815(d)(4)(B), NanoVibronix is subject to a Mandatory Panel Monitor until April 9, 2026. This continued oversight signals to the market that while the immediate risk of delisting is gone, the company must maintain strict financial and operational discipline for the next year. The stock responded to the compliance news positively, posting a 173% return in the week leading up to the announcement.

US government sales channel access via Federal Supply Schedule for PainShield and UroShield.

A significant political and economic opportunity for NanoVibronix is its access to the U.S. government's procurement system. Both PainShield and UroShield are available through the Federal Supply Schedule (FSS), which facilitates sales to government agencies, primarily the Department of Veterans Affairs (VA). This channel is crucial because it streamlines the acquisition process for the VA, which serves approximately nine million enrolled veterans annually.

The PainShield product was added to the FSS through a five-year contract effective May 1, 2024, awarded to Delta Medical, LLC, a service-disabled veteran-owned small business. This access provides a stable, high-volume potential market for the company's non-opioid pain therapy and infection prevention devices. The government's focus on non-pharmacological pain management further strengthens the political tailwind for PainShield. For context, the company reported revenue of approximately $4.44 million for the latest period as of May 2025, making the FSS channel a vital component for future revenue growth.

FDA updates in April 2025 caused stock price volatility, highlighting regulatory influence on market sentiment.

The U.S. Food and Drug Administration (FDA) is the single most powerful regulatory body influencing the company's valuation and market sentiment. Any change in the FDA's stance or a new update can cause defintely sharp stock price movements, illustrating the direct political risk. For example, on April 11, 2025, the company's stock was trending down by -13.95 percent following market reaction to negative 'FDA updates,' despite the positive NASDAQ compliance news just two days prior.

This volatility shows the market's sensitivity to regulatory signals. A positive FDA designation, however, can provide an immediate boost, as seen by a surge of 94.22 percent in June 2025, driven by optimistic market sentiment from recent FDA designations related to the ENvue System. This is a clear example of how political/regulatory decisions, even perceived ones, are a primary driver of short-term value.

Global sales depend on varied national regulatory approvals (e.g., US FDA clearance, European CE Mark).

International expansion requires navigating a patchwork of national regulatory bodies, which is a core political challenge for a global medical device firm. The ability to sell in major markets hinges on securing and maintaining these clearances.

• European Union: UroShield is a CE-marked Class IIa medical device. This designation confirms its compliance with European health, safety, and environmental protection standards, allowing for sales across the European Economic Area.
• Australia: The company renewed and expanded its exclusive distribution agreement with Dukehill Healthcare in Australia in April/May 2025, a move that signals regulatory confidence and market penetration in a key international territory.
• Canada: PainGuard and UroGuard (private label products) were approved by Health Canada as licensed medical devices in 2022, demonstrating the company's capability to meet stringent foreign regulatory standards.

Securing these approvals is a political hurdle that, once cleared, translates directly into market access and revenue potential, especially when international sales contribute significantly to the latest reported revenue of $4.44 million.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Economic factors

Trailing 12-month net losses were approximately -$5.4 million as of June 30, 2025, indicating a cash burn challenge.

You need to look at the cash burn rate first, because that's the lifeblood of a growth-stage company like NanoVibronix, Inc. The company's financial results show a significant challenge in achieving profitability, which is a major economic risk. Specifically, the trailing 12-month (TTM) net loss was approximately -$5.4 million as of June 30, 2025, which translates to a negative profit margin of -231.9% on TTM revenue of $2.34 million. This level of loss means the company is quickly depleting its cash reserves to fund operations, a situation that demands consistent capital raises to stay solvent. Honestly, a TTM net loss of over $5 million on $2.3 million in revenue is a tough spot.

Completed a $10 million public offering in May 2025 to strengthen the financial base.

To counteract the cash burn, NanoVibronix, Inc. executed a critical financing move in May 2025. The company announced the pricing of an underwritten public offering with expected gross proceeds of approximately $10 million. This capital raise, which included Series G convertible preferred stock and warrants, was essential. The immediate goal was to use the net proceeds to redeem $1.3 million of an outstanding debenture and partially repay up to $700,000 of an outstanding note, with the rest allocated for general corporate purposes. This infusion has bought them time, but it also resulted in shareholder dilution, a necessary evil for a company in this stage.

Gross profit margins are relatively strong, ranging from 45.6% to 59.6%, showing cost-efficient production.

Despite the net losses, the company demonstrates a strong core operational efficiency, which is a key opportunity. The gross profit margin-what you have left after accounting for the cost of goods sold-has shown a positive trend, with the latest twelve months' figure hitting 59.6%. This figure indicates that the cost of manufacturing and distributing their devices, such as PainShield and UroShield, is relatively low compared to their selling price. For context, here is a snapshot of recent gross margin figures:

The fact that they can maintain a gross margin near 60% means the business model is fundamentally sound on the production side; the losses are driven by high operating expenses, primarily in R&D and SG&A (Selling, General, and Administrative) costs, which are common for medical technology companies focused on market penetration.

Low debt-to-equity ratio of 0.11 suggests low leverage but also constrained liquidity for a growth company.

The company's capital structure is conservative, which is a double-edged sword. A low total debt-to-equity ratio of 0.11 as of a recent report indicates that NanoVibronix, Inc. is not heavily reliant on debt financing. While this minimizes interest expense risk, it also suggests that the company has constrained liquidity (Current Ratio of a weak 0.5) and may not be taking on enough debt to accelerate growth and market penetration, especially with a $10 million capital raise being used partly for debt redemption. This low leverage is great for stability, but for a growth company, it means the primary source of funding for expansion is equity, which leads to shareholder dilution.

US healthcare cost-containment pressure favors non-invasive, at-home solutions like their portable devices.

The broader US healthcare economic landscape is shifting in a way that directly benefits NanoVibronix, Inc.'s product portfolio. The persistent pressure on healthcare providers and payers to contain costs is a major driver. This pressure is accelerating the shift from expensive, acute care settings (like hospitals) to more cost-effective, non-acute care, such as home health.

This trend is a significant tailwind for their non-invasive, portable devices like UroShield and PainShield, which are designed for at-home administration.

• The US homecare medical devices market is valued at $22.4 billion in 2025.
• The market is projected to grow to $28.2 billion by 2035, with a Compound Annual Growth Rate (CAGR) of 2.3%.
• Remote Patient Monitoring (RPM) devices, including connected home devices, are seeing increased reimbursement from Medicare and private insurers, provided they improve patient outcomes and reduce costly hospital readmissions.

The economics favor technologies that keep patients out of the hospital, so the value proposition of non-invasive, at-home care is defintely strong for NanoVibronix, Inc.'s products.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Social factors

You're looking for the core social drivers that validate NanoVibronix's market position, and the picture is clear: the public and the healthcare system are demanding non-invasive, at-home solutions that address major health crises. The company's products, PainShield and UroShield, sit squarely at the intersection of two powerful social trends-the opioid crisis and the push for decentralized, infection-free home care.

Strong market pull for non-opioid pain management solutions, which PainShield directly addresses.

The social pressure to move away from opioid-based pain management is a massive tailwind for PainShield. The global non-opioid pain treatment market is valued at approximately $51.86 billion in 2025 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.12% through 2034. This growth is directly fueled by heightened public awareness of opioid risks and the subsequent push by governments and medical organizations for safer alternatives.

The market acceptance of PainShield, a non-invasive Surface Acoustic Wave (SAW) therapeutic device, is quantified by its commercial agreements. For example, NanoVibronix extended its exclusive distribution agreement with Ultra Pain Products, Inc. (UPPI) in late 2024, securing a minimum purchase commitment for PainShield products valued at $12 million over the five-year term. This commitment provides a clear, near-term revenue floor tied to the social shift toward non-addictive pain relief.

Increasing patient demand for convenient, at-home therapeutic medical devices.

The shift in patient preference toward receiving care in the comfort of their own homes is a fundamental social change. Patients overwhelmingly prefer home care, which reduces the stress and inconvenience of frequent hospital or clinic visits. This trend is reflected in the market size for homecare medical devices in the USA, which is valued at $22.4 billion in 2025 and is projected to grow to $28.2 billion by 2035.

Both PainShield and UroShield are portable devices designed for administration at home or in any care setting without continuous professional assistance. This design aligns perfectly with the social desire for patient autonomy and the economic drive to reduce hospital stays. The aging population and the rise in chronic disease prevalence further solidify this demand, making portable therapeutic devices a necessity, not a luxury.

UroShield addresses the significant healthcare-associated infection risk of Catheter-Associated Urinary Tract Infections (CAUTIs).

CAUTIs are a major social and financial burden on healthcare systems globally. UroShield's value proposition is a direct response to this critical unmet need in infection control. The device's ability to prevent bacterial colonization and biofilm formation on indwelling catheters is a significant clinical and social advantage, improving quality of life for long-term catheterized patients.

Here's the quick math on the social impact, based on a retrospective case series conducted from September 2023 to January 2025:

The presentation of these results at the Association for Continence Professionals (ACP 2025) conference in May 2025 further validates the device's clinical efficacy and its role in mitigating catheter-associated risks.

Expanded distribution deal with Dukeill Healthcare in Australia signals international market acceptance.

A key indicator of social acceptance is the willingness of established international partners to deepen their commitment. NanoVibronix announced the renewal and expansion of its exclusive three-year distribution agreement with Dukehill Healthcare Pty Ltd in Australia on April 1, 2025.

This expansion is significant because it:

• Broadens UroShield's reach beyond the initial focus areas of Queensland and New South Wales.
• Confirms confidence in UroShield's clinical efficacy following its use in the Australian market.
• Leverages heightened awareness, as Dukehill will showcase UroShield at the 33rd National Conference on Incontinence in May 2025, targeting clinicians across Australia.

The renewal of a major distribution partnership defintely signals that the device is resonating with both patients and healthcare providers in a sophisticated international market.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Technological factors

The technological landscape for NanoVibronix, Inc. (NAOV) is defined by a strategic pivot in 2025, shifting focus from its legacy acoustic platform to the more scalable electromagnetic navigation technology of its ENvue subsidiary. This move is a clear signal that the future growth narrative is tied to advanced, minimally invasive solutions, particularly in the high-growth medical robotics and real-time imaging sectors. Your investment decision here rests on the successful execution of this platform transition.

Core proprietary low-intensity Surface Acoustic Wave (SAW) technology is a key competitive edge.

NanoVibronix's original technological foundation is its proprietary low-intensity Surface Acoustic Wave (SAW) technology. This platform is the core of legacy products like PainShield and UroShield, which are designed for non-invasive therapeutic use, specifically for pain relief and disrupting bacterial colonization (biofilms) in catheter-based devices. The SAW technology is unique because it allows for miniature transducers that transmit low-frequency ultrasound waves through flexible surfaces, enabling portable, at-home use.

However, the company announced a strategic review in November 2025, which identified the ENvue platform as the strongest growth driver. This means the company is actively exploring strategic alternatives-like partnerships or divestitures-for its legacy SAW assets, suggesting a de-emphasis on this core technology in favor of the navigation platform.

New U.S. patent granted in September 2025 for electromagnetic navigation via the ENvue subsidiary.

A critical technological milestone in the 2025 fiscal year was the expansion of the intellectual property (IP) portfolio for the ENvue Medical Holdings subsidiary. The U.S. Patent and Trademark Office granted two key patents in September 2025, significantly bolstering the company's position in the electromagnetic (EM) navigation space.

The core innovation protected by these patents is the ability to overlay EM navigation data directly onto real-time medical imaging, such as X-ray, CT, ultrasound, and MRI. This feature is designed to reduce the risk of misplacement and associated complications during procedures like feeding tube insertion.

Here's the quick math on the IP protection granted in September 2025:

This patent strength creates a significant barrier to entry for competitors in the real-time, bedside navigation market.

NextGen prototypes for PainShield and UroShield are complete, suggesting a refreshed product pipeline.

Despite the strategic shift toward ENvue, the company did complete a significant upgrade to its legacy product line early in 2025. The design phase for the next-generation PainShield and UroShield prototypes was finished in December 2024, with the devices moving into the validation and testing phase in 2025.

The goal of this NextGen effort was not just clinical improvement but also operational efficiency. The prototypes were designed to:

• Reduce the cost of assembly and manufacturing.
• Future-proof the componentry to ensure supply availability.
• Enhance the user experience with updates like USB-C connectors on the actuator cable.

What this estimate hides is the potential for these products to be divested or spun off, meaning the new technology may not contribute to NanoVibronix's (soon to be ENvue Medical's) revenue, which was $2.34 million over the last twelve months (LTM) as of September 2025.

Development of ENvue Drive, an intelligent robotic platform, signals a move into advanced medical robotics.

The most forward-looking technological development is the official launch of the ENvue Drive™ robotic development initiative in June 2025. This platform is an intelligent robotic system being developed to automate the electromagnetic navigation process for enteral (feeding tube) and vascular access procedures at the bedside.

This initiative moves NanoVibronix from a medical device company into the advanced medical robotics space, a segment of the market that is expected to see significant expansion. The robotic catheter navigation segment is forecasted to grow at a Compound Annual Growth Rate (CAGR) of over 14%, reaching a market size of $500 million by 2030.

The company is targeting a massive need; in the U.S. alone, over 10 million nasoenteric feeding tubes are placed annually. The ENvue system is currently commercially available in 38 hospitals, giving the company a foundational customer base for the robotic platform's eventual introduction.

Moving into robotics is defintely a high-risk, high-reward strategy. It is expensive and complex, but the potential market, projected to reach approximately $1.8 billion in the U.S. enteral feeding market by 2030, justifies the R&D investment.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Legal factors

Regaining NASDAQ Compliance and Filing Status

The most immediate legal and regulatory win for NanoVibronix, Inc. in 2025 was achieving full compliance with the Nasdaq Capital Market's continued listing requirements. This was formally confirmed by Nasdaq on April 9, 2025, effectively closing a potential delisting matter related to the minimum bid price and stockholders' equity requirements. The company had to address the need to maintain a minimum bid price of $1.00 and stockholders' equity of $2.5 million.

Still, the company's size and financial profile keep it under less burdensome regulatory scrutiny than larger corporations. It is officially designated as a Smaller reporting company and a Non-accelerated filer by the SEC. This classification means the company can take advantage of certain scaled disclosure requirements, which reduces compliance costs and administrative load.

Here's the quick math on the company's status around the time of compliance:

Intellectual Property Protection is Vital

Intellectual property (IP) is the core legal asset for a medical technology company like NanoVibronix, and 2025 saw significant fortification of its portfolio, particularly for the ENvue Medical division. The company secured two important U.S. patents in September 2025, which create a stronger barrier to entry for competitors.

These new patents primarily protect the proprietary systems for guiding medical device insertion, like feeding tubes, using electromagnetic positioning technology.

• U.S. Patent No. 12,402,953 B2: Issued September 2, 2025, protecting the method of overlaying electromagnetic navigation data onto real-time medical imaging (like X-ray or CT).
• U.S. Patent No. 12,409,105 B2: Issued September 9, 2025, titled 'Insertion Device Positioning Guidance System and Method.'

The patents are defintely a long-term asset, protecting the technology that improves real-time visualization and accuracy, which in turn reduces the risk of misplacement and associated complications during procedures. This IP strength is critical as the company pivots its strategic focus to the ENvue platform.

Product Liability Risk in the Medical Device Sector

The medical device sector carries an inherent, constant product liability risk, and NanoVibronix is exposed on two fronts: the non-invasive, at-home use products (PainShield, UroShield) and the minimally invasive, clinical-use platform (ENvue).

For the acoustic-based therapeutic devices like PainShield, the risk is amplified because they are designed for self-administration at home without continuous clinician oversight. This increases the potential for claims related to:

• Failure to warn or inadequate instructions for lay users.
• Misuse leading to injury or lack of efficacy (which can be a form of injury).
• Manufacturing defects in high-volume, disposable components.

For the ENvue system, which is FDA 510(k) cleared for adult feeding tube placement, the risk shifts to design defect or failure-to-warn claims related to the navigation technology itself. Even with FDA clearance, the company is subject to strict liability in product liability lawsuits, meaning a claimant only has to prove a defect existed and caused harm, not that the manufacturer was negligent.

Regulatory Pathway for New Products

The development of next-generation products, particularly the robotic platform, presents a significant long-term regulatory hurdle. In June 2025, the company announced the launch of the ENvue Drive robotic development initiative, an intelligent robotic platform for bedside feeding tube and vascular line navigation.

While the existing ENvue system has 510(k) clearance, the ENvue Drive represents a new class of device-an intelligent robotic platform-that will require a new and complex regulatory roadmap. The company has yet to file for clearance for this new platform, and its successful commercialization depends entirely on navigating the Food and Drug Administration (FDA) process. This process involves extensive development, clinical validation, and regulatory submissions, which can take years and are subject to regulatory changes in the U.S. and abroad.

NanoVibronix, Inc. (NAOV) - PESTLE Analysis: Environmental factors

Products like UroShield and PainShield use disposable components (clips/actuators) which contribute to medical waste.

The core business model relies on a razor-and-blade structure: a reusable driver unit paired with a single-use disposable component. For UroShield, the disposable clip is replaced every 30 days with the catheter, and for PainShield, the actuator patch is for single-use application. This is a clear environmental risk, especially when you consider that approximately 90% of all medical device waste consists of disposable, single-use products or components. This reliance on disposables creates a continuous waste stream, which runs directly counter to the growing industry push for circularity and reprocessing.

For a company with NanoVibronix's 2024 revenue of $2.5 million, the environmental cost per dollar of sales is likely high, given the low volume and high-touch nature of the device's supply chain. This is a strategic blind spot, as the global single-use medical device reprocessing market is projected to grow at a Compound Annual Growth Rate (CAGR) of 12.1% from 2025 to 2033, reaching $2,533.6 million by 2033. You defintely want to be on the right side of that trend.

Here's the quick math on the industry's waste challenge:

The industry is under growing pressure to reduce Scope 3 emissions from the manufacturing and disposal of single-use medical supplies.

Scope 3 emissions, which cover the entire value chain-from raw material sourcing to product disposal-are the elephant in the room for medical device manufacturers. For the broader pharmaceutical and medical device sector, Scope 3 emissions account for a staggering 90% to 92% of total normalized Greenhouse Gas (GHG) emissions. This means the environmental impact of manufacturing the plastic and electronic components in the UroShield and PainShield disposables is far greater than the company's direct operational footprint (Scope 1 and 2).

The market is demanding that companies tackle this. To align with the Paris Agreement, the pharmaceutical industry is being pushed to reduce its emissions intensity by 59% from 2015 levels by the end of 2025. For a smaller company like NanoVibronix, this pressure translates into a need for supply chain transparency and a shift to eco-design principles, like using recycled materials or designing for disassembly, which is a major capital expenditure risk.

Portable, battery-powered devices like the UroShield driver create e-waste challenges upon end-of-life disposal.

The reusable driver unit is a portable, battery-powered electronic device, and that introduces a significant e-waste liability. The global volume of e-waste is expected to surpass 60 million metric tons in 2025, and medical devices are a growing contributor to this pile. These devices contain valuable materials like rare earth metals, but also hazardous substances like lead and cadmium, which require specialized, costly disposal.

The challenge is that the intricate design of medical electronics makes dismantling and recycling difficult, and the cost of proper disposal can be a deterrent for smaller healthcare providers or even patients at home. This is a regulatory risk, as the U.S. Food and Drug Administration (FDA) is actively guiding the industry toward responsible disposal practices in 2025, including the use of certified e-waste recycling programs.

The shift to point-of-care and at-home use, while convenient, decentralizes and complicates waste management.

NanoVibronix's main selling point is the portability of its devices, allowing patients to use UroShield and PainShield at home. This is great for patient care, but it's a nightmare for waste management. When a patient replaces their UroShield disposable clip every month, that waste is no longer consolidated in a hospital's regulated medical waste stream.

The waste is now decentralized, moving from a controlled environment to a residential setting, which complicates compliance and increases the risk of improper disposal. This shift means the company needs a clear, funded, and easy-to-use take-back program for both the disposable components and the end-of-life driver units. Without it, the environmental cost is effectively pushed onto the consumer, creating a reputational risk that can be hard to recover from.

• Design a take-back program for the driver unit to manage e-waste.
• Source biodegradable or highly recyclable materials for the disposable clips/actuators.
• Calculate and report Scope 3 emissions intensity (tCO2e per million USD revenue).

Finance: draft a budget for a national e-waste take-back program by end of Q1 2026.