Willis Lease Finance Corporation (WLFC): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine behind Willis Lease Finance Corporation (WLFC)'s recent success, and what you'll see below isn't just a simple leasing operation; it's a durable, diversified services flywheel in action. Honestly, the numbers from 2025 back this up: they hit a record $76.6 million in core lease rent revenue in Q3 2025, all while managing a $2.83 billion asset base and pushing hard into the future with Sustainable Aviation Fuel projects. If you want the precise, nine-block breakdown of how they generate revenue from their 348 engines and manage those key partnerships, dive into the full Business Model Canvas right here.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships that keep Willis Lease Finance Corporation (WLFC) moving, especially as they expand into new areas like Sustainable Aviation Fuel (SAF). Here's the hard data on the key players supporting their operations as of late 2025.

Willis Mitsui & Co. Engine Support Limited (WMES) joint venture.

This is a 50% owned equal partnership between WLFC and Mitsui & Co., Ltd., headquartered in Dublin. WMES recently bolstered its financial footing.

• Secured a new $750.0 million, five-year, revolving credit facility, finalized on October 31, 2025, available until October 31, 2030.
• Managed assets totaling approximately $380 million as of June 2025, following the acquisition of Willis Mitsui & Co. Asset Management Limited (formerly Bridgend Asset Management Limited) in June 2025.
• WLFC recognized a $43.0 million gain on the sale of its consultancy business to WMES in the second quarter of 2025.

Green Finance Institute (GFI) for UK Sustainable Aviation Fuel (SAF) project.

WLFC's subsidiary, Willis Sustainable Fuels UK (WSF), is working with GFI to de-risk its SAF project at Wilton International. The project targets 14,000 tonnes of production per year.

The UK's SAF mandate requires increasing levels of SAF in the national jet fuel supply, reaching 10 per cent in 2030 and 22 per cent in 2040. GFI has a track record of mobilizing £77 billion in committed capital for the energy transition.

The SAF project has secured £7.6 million in total funding through two rounds of the UK Government's Advanced Fuels Fund.

CFM International for acquisition of new LEAP engines.

WLFC reaffirmed its commitment to exercise options for 30 new LEAP spare engines from CFM International. This commitment, combined with a 2017 order, makes WLFC the largest independent lessor of LEAP spare engines, with a total of 70 units, excluding those acquired through financings. This is part of a larger 2019 agreement for up to 60 LEAP engines, the largest order in WLFC's history.

The LEAP engines offer 15 per cent more fuel efficiency and 15 per cent lower carbon emissions compared to prior-generation CFM56 engines. As of June 30, 2025, WLFC's portfolio included 348 engines.

Financial institutions for credit facilities and asset-backed notes.

WLFC utilizes structured financing, with its subsidiary, Willis Engine Structured Trust VIII (WEST), issuing asset-backed notes secured by engine portfolios. WLFC's market capitalization was $929 million as of June 2025.

In June 2025, WEST priced a $596 million fixed rate notes offering.

The notes are secured by a portfolio of 62 aircraft engines and two airframes. WLFC maintained a healthy current ratio of 3.08.

Sembcorp Industries for the Wilton International SAF site.

The pioneering SAF project by WSF UK is located at the Wilton International facility in Teesside, which is owned and operated by Sembcorp Industries.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Key Activities

You're looking at how Willis Lease Finance Corporation (WLFC) actually makes money and keeps the wheels turning in this tight market. It's a mix of core finance, hands-on maintenance, and a big bet on future fuels. Here's the quick math on what they're actively doing as of late 2025.

Leasing large and regional commercial aircraft engines.

This is the bread and butter, you know, putting engines on lease to airlines globally. The portfolio is growing, which is a good sign of demand, even if utilization dipped slightly from the mid-80s peak. As of September 30, 2025, the total lease portfolio value stood at $2,888.5 million. That portfolio represented 354 engines, 20 aircraft, one marine vessel, and other leased parts and equipment. The equipment held in the operating lease portfolio specifically was valued at $2,700.4 million on that date. Portfolio utilization was 86.0% at the end of the third quarter, though it hit 88.3% at the end of the second quarter. This activity directly drives the core recurring revenue stream.

Check out the revenue generated from this activity:

The growth in lease rent revenue reflects both a larger portfolio size and better average utilization compared to the prior year period.

Providing engine maintenance, repair, and overhaul (MRO) services.

Willis Lease Finance Corporation supports its leased assets and third parties through maintenance services, which is crucial when airlines are trying to keep older engines flying longer to avoid new engine costs. Maintenance reserve revenue is a big part of their recurring income story, showing the contractual flow of funds for future work.

• Maintenance reserve revenue for Q3 2025 was a record $76.1 million, up 52.8% from Q3 2024.
• Short-term maintenance revenues from engines on lease with non-reimbursable usage fees hit $45.3 million in Q1 2025.
• Long-term maintenance revenue, recognized upon lease end, was $9.6 million in Q1 2025.

The surge in maintenance reserve revenue is definitely tied to the increased size of the lease portfolio and the number of leases on short-term conditions.

Trading and selling spare parts and equipment.

When they sell assets, whether it's an engine or surplus parts, it generates immediate, non-recurring income, often with a gain. This activity is highly variable quarter-to-quarter, so looking at the latest available data point is key. Spare parts and equipment sales reached $30.4 million for the three months ended June 30, 2025. That was a significant jump compared to the $3.3 million recorded in the first quarter of 2024. The heightened demand for surplus material, as operators extend the lives of their current generation engine portfolios, drove the $3.1 million, or 49.3% quarter-over-quarter increase in spare parts sales in Q2 2025.

Managing third-party aviation assets (Willis Asset Management).

Willis Asset Management Limited handles assets for others, which diversifies the business away from just their owned fleet. While I don't have a specific 2025 AUM number, the scale of their owned portfolio gives you a sense of the management expertise they apply. The total value of assets owned or overseen by WLFC and its JVs was $3,254.1 million as of June 30, 2025. This activity is integrated with their core leasing and trading functions.

Developing the Sustainable Aviation Fuel (SAF) production project.

This is the future-facing activity, a strategic move into decarbonization through their subsidiary, Willis Sustainable Fuels (WSF) UK. They are targeting a facility at Wilton International in Teesside. The project aims for an annual production capacity of 14,000 tonnes of SAF, which is about 50,000 litres a day. This SAF is projected to offer an 80% reduction in greenhouse gas emissions compared to conventional jet fuel. They are currently in the detailed design phase, with a target to begin commercial operations in Q1 2028. To get there, the project has secured £7.6 million in total funding from the UK Government's Advanced Fuels Fund across two rounds. The immediate action item for this activity is reaching a Final Investment Decision (FID) by 2026.

The key partners involved in this development include Johnson Matthey and Axens for technology, and McDermott for early engineering, procurement, and construction (EPC) services.

Finance: draft 13-week cash view by Friday.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Key Resources

The Key Resources for Willis Lease Finance Corporation (WLFC) center on its tangible, high-value aviation assets and the specialized operational capabilities built around them. These resources allow Willis Lease Finance Corporation to command strong pricing power in the current market environment.

The physical asset base is the foundation. You see this reflected in the scale of the portfolio, which is actively managed for high deployment. The intellectual capital, tied to its subsidiaries, is crucial for maximizing asset value throughout its lifecycle, from leasing to end-of-life processing.

Here's a look at the core quantitative resources as of mid-to-late 2025:

The operational strength is evidenced by the utilization rate, which ticked up to 86.0% in Q3 2025, up from 82.9% in the comparable period of 2024. This high utilization, combined with a larger asset base, drove record lease rent revenue of $76.6 million in Q3 2025.

The intellectual capital and service network are embedded within Willis Lease Finance Corporation's wholly-owned and vertically-integrated subsidiaries. These entities are the mechanism for realizing value beyond simple leasing income.

• Willis Aeronautical Services, Inc. (Willis Aero): Provides 'end-of-life' solutions for aviation materials and services related to aircraft engines.
• Willis Engine Repair Center: Offers Part 145 engine maintenance.
• Willis Aviation Services Limited: Provides aircraft line and base maintenance, parking and storage, and airport FBO and ground/cargo handling services.
• Disassembly Capabilities: Explicitly part of the service offerings, supporting the intellectual capital in asset disposition.

The company's ability to generate a $16.1 million gain on the sale of leased equipment in Q3 2025 suggests that the expertise in asset management and end-of-life solutions is translating into tangible financial benefits, implying margins near 22% on those specific sales.

Also, note the strategic asset expansion during Q3 2025, where Willis Lease Finance Corporation purchased 16 engines and six aircraft for approximately $136.4 million, further growing the physical resource base.

Finance: draft 13-week cash view by Friday.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Value Propositions

Cost-efficient engine leasing to avoid expensive shop visits.

You're looking to keep your fleet flying without getting hit by massive, unexpected maintenance bills. Willis Lease Finance Corporation (WLFC) helps here because airlines use their leasing, parts, and maintenance capabilities to avoid protracted, expensive engine shop visits. For instance, in the third quarter of 2025, growth was driven by demand for these cost-effective solutions amidst rising engine costs. The core lease rent and maintenance reserve revenues for Q3 2025 hit $152.6 million, up 33.1% from Q3 2024, showing this value proposition is in high demand. The company's subsidiary, Willis Aeronautical Services, Inc. (Willis Aero), specifically has a history of successfully assisting customers in driving down the price of these costly shop visits.

Immediate access to spare engines to minimize aircraft downtime.

When an engine goes down, every hour counts. WLFC offers immediate access to spare engines, which directly impacts your asset utilization. Portfolio utilization for Willis Lease Finance Corporation stood at 86.0% as of September 30, 2025. That's up from 76.7% at the end of 2024, showing their assets are actively supporting airline operations and minimizing grounding time. This high utilization reflects the quick deployment of their spare engine pool.

Integrated solutions: leasing, maintenance, parts, and asset management.

This isn't just about renting an engine; it's a full ecosystem. Willis Lease Finance Corporation integrates its leasing with several key services:

• Leasing and engine/aircraft trading.
• Engine lease pools and asset management via Willis Asset Management Limited.
• End-of-life solutions through Willis Aeronautical Services, Inc.
• Part 145 engine maintenance via Willis Engine Repair Center®.

The financial scale of these integrated parts and services is significant. Spare parts and equipment sales reached $30.4 million in the second quarter of 2025. Also, the gain on the sale of leased equipment in Q3 2025 was $16.1 million, following the disposal of ten engines, one airframe, and other components.

Flexible, customized short-term leasing solutions for airlines.

You might need an engine for a short, specific period, not a long-term commitment. Willis Lease Finance Corporation provides these flexible arrangements, often seen in their short-term maintenance revenue figures. For the quarter ended June 30, 2025, engines on lease with "non-reimbursable" usage fees-a proxy for short-term activity-generated $50.2 million in maintenance revenues, marking a 9.5% increase over the same period in 2024. In Q1 2025, this short-term revenue was $45.3 million.

Future-proofing through investment in Sustainable Aviation Fuel (SAF).

Willis Lease Finance Corporation is positioning for the future through its subsidiary, Willis Sustainable Fuels (WSF) UK. This initiative targets compliance with the UK's SAF mandate, which requires an increasing blend, starting at 2% in 2025, rising to 10% by 2030, and 22% by 2040. WSF's project in Teesside, which uses proven technology to make SAF from waste, is targeting an annual production of 14,000 tonnes of SAF. To advance this, the project has secured £7.6 million in total funding across two rounds from the UK Government's Advanced Fuels Fund, with a goal to reach Final Investment Decision (FID) in 2026. This demonstrates a clear, funded pathway to address future regulatory demand.

Here's a quick look at the scale of the core leasing business supporting these value propositions as of Q3 2025:

Finance: draft 13-week cash view by Friday.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Customer Relationships

You're looking at how Willis Lease Finance Corporation (WLFC) locks in its value with its global customer base as of late 2025. It's a mix of long-term commitments and responsive transactional support.

Long-term, contractual relationships with major airlines globally

The foundation of Willis Lease Finance Corporation's relationship structure is built on recurring revenue from long-term placements with airlines across the Americas, Europe, Asia, Africa, and the Middle East. This stability is evident in the core financial performance metrics. For the second quarter of 2025, core lease rent and maintenance reserve revenues aggregated to $123.0 million, a 4% increase year-over-year, showing the sticky nature of these contracts even as other revenue streams surged. Also, the lease renewal rate for H1 2025 stood at a very strong 95%. The company's total owned portfolio, which represents these assets under lease, had a book value of $3.25 billion as of June 30, 2025. This focus on core recurring revenue accounted for approximately 80% of sales before the full impact of the Sustainable Aviation Fuel (SAF) initiatives. The portfolio utilization rate hit 88.3% at the end of Q2 2025, demonstrating successful asset deployment with existing lessees. For instance, in March 2025, Willis Lease Finance Corporation signed engine sale and leaseback agreements with Air India Express for 26 CFM56-7B engines, a clear example of a significant contractual placement. Still, Willis Lease Finance Corporation does not believe it is dependent on any single customer, given the global transferability of its engines.

Here's a look at the revenue components that reflect these contractual relationships for Q2 2025:

Dedicated account management for engine manufacturers and MROs

Willis Lease Finance Corporation actively engages with engine manufacturers and Repair, Maintenance, and Overhaul (MRO) providers worldwide, alongside its primary airline customers. The company leases engines to these entities as well. This requires a dedicated approach to manage these specialized relationships. The platform works in close coordination with airline engineering departments to find tangible ways to create efficiency and save airlines money, which suggests a high level of dedicated, non-transactional support is required to maintain these partnerships. The integrated nature of the Willis PlatformTM, which includes leasing, materials supply, and asset management, necessitates dedicated teams to interface with the technical and procurement departments of manufacturers and MROs.

Transactional sales for spare parts and end-of-life equipment

Beyond long-term leases, Willis Lease Finance Corporation generates significant, albeit more variable, revenue from the materials and parts segment, primarily through its subsidiary, Willis Aeronautical Services, Inc. This is a direct response to customer needs arising from maintenance events or fleet extensions. The transactional volume shows a clear spike in demand for surplus material as operators extend the service life of their current-generation engine fleets. Spare parts and equipment sales surged dramatically in Q2 2025 to $30.4 million, up from $6.2 million in the same period of 2024. Spare parts sales alone increased by 49.3% in that quarter. To give you a concrete example of asset turnover, the Q2 2025 equipment sales included $21.1 million from the sale of one engine. This contrasts sharply with Q1 2025, where spare parts and equipment sales totaled $18.2 million, a 454.7% increase over Q1 2024's $3.3 million. As of the end of 2024, the carrying value of the spare parts inventory stood at $41.0 million.

High-touch advisory for complex asset management services

The advisory relationship is channeled through Willis Asset Management Limited, which offers high-touch consulting services. This is not a simple lease transaction; it involves deep technical partnership. Willis Asset Management provides data analytics, fleet planning, and general power plant consulting to its customers. This service helps customers manage the full life cycle of their assets. As of December 31, 2024, Willis Asset Management had 158 engines, excluding those owned by WLFC, under its management. This service is critical for customers looking to accurately predict the timing and cost of shop visits across entire fleets. You can see the integration, as these advisory services support the core leasing business by enhancing asset returns and providing certainty to lessees.

• Willis Asset Management managed 158 engines (excluding WLFC owned) as of December 31, 2024.
• The advisory focus includes data analytics and fleet planning consulting.
• This service helps customers manage shop visit timing and cost projections.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Channels

You're looking at how Willis Lease Finance Corporation (WLFC) gets its services and assets in front of customers as of late 2025. It's a mix of direct engagement and specialized service subsidiaries, all feeding into that core engine leasing business.

The direct sales and leasing teams are the frontline, obviously. They are engaging airlines and MROs globally to place engines from their growing portfolio. The utilization rate is a key indicator of how effectively these teams are placing assets; it was 86.0% as of September 30, 2025. This is up from 76.7% at the end of 2024. The lease portfolio itself, which represents the assets being channeled to customers, stood at $2,888.5 million as of the end of the third quarter of 2025. This portfolio is comprised of 354 engines, 20 aircraft, one marine vessel, and other leased parts.

Here's a quick look at the revenue generated through these core leasing and maintenance channels for Q3 2025:

The Willis Engine Repair Center and other owned service facilities are where the maintenance capabilities are channeled. These services help airlines avoid those protracted, expensive shop visits. The company's service offerings include Part 145 engine maintenance and aircraft line and base maintenance through subsidiaries like Willis Engine Repair Center and Willis Aviation Services Limited. To support this, Willis Lease Finance Corporation expanded its physical footprint; its subsidiary signed a 250-year lease for an additional 50 acres at Teesside International Airport on October 21, 2025, specifically to increase MRO capacity.

For parts and end-of-life solutions, Willis Aeronautical Services, Inc. ("Willis Aero") is the dedicated channel. This subsidiary focuses on 'end-of-life' solutions for aviation materials. The demand for surplus material, which feeds this channel, has been strong as operators extend engine lives. While the Q3 2025 breakdown isn't fully detailed in the latest release, the prior quarter showed significant activity in parts and equipment sales, which is a good proxy for this channel's performance when operators are keeping engines longer. You saw spare parts and equipment sales hit $30.4 million for the three months ended June 30, 2025. Furthermore, the gain on the sale of leased equipment, which includes engines and other parts, was $16.1 million in Q3 2025.

The online and direct marketing efforts support the spare parts and surplus material sales. The growth in these sales reflects the success of channeling this material to the market. For instance, the spare parts and equipment sales for Q1 2025 were $18.2 million, a big jump from $3.3 million in Q1 2024, partly influenced by a discrete $7.0 million sale. The overall strategy is to use these service and parts channels to support the core leasing business, which is definitely working given the $183.4 million total revenue in Q3 2025.

Finance: draft the Q4 2025 cash flow projection based on Q3 results by next Tuesday.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Customer Segments

You're hiring before product-market fit... well, Willis Lease Finance Corporation (WLFC) is definitely past that, operating in the established aviation leasing space. Here are the hard numbers defining who they serve as of late 2025.

The primary customer base consists of commercial airlines worldwide, who utilize Willis Lease Finance Corporation's assets to manage operational demands and control costs associated with engine maintenance.

• As of December 31, 2024, Willis Lease Finance Corporation served 70 lessees across 37 countries.
• Portfolio utilization reached 86.0% as of September 30, 2025.
• Core lease rent and maintenance reserve revenues for Q3 2025 totaled $152.6 million.
• Lease rent revenue for Q3 2025 was a record high of $76.6 million, a 17.9% increase year-over-year.
• Maintenance reserve revenue for Q3 2025 reached $76.1 million, a 52.8% rise year-over-year.
• Willis Lease Finance Corporation's portfolio includes engines for the Airbus A320 and Boeing 737 families.

Willis Lease Finance Corporation also serves other industry players through its leasing, trading, and asset management offerings, often via its subsidiary, Willis Aeronautical Services, Inc. ("Willis Aero").

The company's services extend to providing end-of-life solutions for aviation materials, which inherently involves MRO providers and potentially OEMs looking for parts or disassembly services. Willis Lease Finance Corporation is the premier independent jet engine lessor in the commercial finance space.

For financial institutions and investors, Willis Lease Finance Corporation offers asset management services through its wholly owned subsidiary, Willis Asset Management Limited ("Willis Asset Management"). This group provides fleet management, technical services, and consultancy, which appeals to capital providers looking for specialized asset oversight. The company's total owned portfolio value, including equipment for operating lease, maintenance rights, notes receivable, and investments in sales-type leases, stood at $3,302.6 million as of September 30, 2025.

• Equipment held in operating lease portfolio (as of 09/30/2025): $2,700.4 million.
• Managed lease portfolio for other parties (as of 12/31/2024): 277 engines, aircraft and related equipment.
• Gain on sale of leased equipment in Q3 2025: $16.1 million from the sale of 10 engines, one airframe, and other parts.

The focus on high-demand, fuel-efficient engines like the CFM LEAP family, where Willis Lease Finance Corporation is the largest independent lessor, shows a clear alignment with the long-term needs of major airline operators. This strategic asset positioning directly influences the types of financial institutions and investors attracted to their leasing structures.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Cost Structure

You're looking at the core costs driving Willis Lease Finance Corporation's operations as of mid-2025, based on the first quarter results. It's clear that funding the asset base and managing the associated debt are massive line items, but recent strategic moves are also showing up in overhead.

High capital expenditure for acquiring new lease assets like LEAP engines is a constant driver. Willis Lease Finance Corporation exercised purchase rights for 30 additional LEAP engines to support the A320neo/737 MAX fleets in Q1 2025. This aggressive expansion is what necessitates the large debt load.

The company's balance sheet as of March 31, 2025, showed total assets at $3.27 billion, with the lease portfolio valued at $2.82 billion. Funding this scale means significant finance expenses are baked into the cost structure.

For the first quarter of 2025, net finance costs hit $32.1 million, a notable increase from $23.0 million in the comparable period of 2024. This rise was directly linked to an increase in indebtedness, as total debt obligations grew from $1.7 billion at March 2024 to $2.2 billion at March 2025. Also, the quarterly weighted average cost of debt, including interest rate hedge positions, rose to 6.16% in Q1 2025, up from 4.56% in Q1 2024.

You see the pressure from overhead in the General and Administrative (G&A) line. G&A costs rose by 61.3% in Q1 2025, reaching $47.7 million compared to $29.6 million in Q1 2024. Honestly, this jump was largely due to $11.4 million in consultant-related fees, predominantly tied to the company's sustainable aviation fuel project. Management anticipates that the Q1 spend represents the bulk of the net anticipated spend for 2025, which will be partially offset by a U.K. governmental grant later.

Operating costs also include the non-cash hits from asset depreciation and any necessary write-downs. Depreciation expense on leased equipment for the first quarter was up 11.3% to $25 million for the quarter, reflecting the increased portfolio size and new engines coming online. Furthermore, there was a write-down of equipment totaling $2.1 million for Q1 2025, which represented an impairment on 5 engines moved to held-for-sale status.

Here's a quick look at some of those key Q1 2025 cost components:

• Depreciation Expense: $25 million
• Net Finance Costs: $32.1 million
• General and Administrative (G&A) Costs: $47.7 million
• Asset Write-down of Equipment: $2.1 million
• Increase in G&A Consultant Fees (SAF): $11.4 million

To be fair, the cost structure is also influenced by the maintenance and service side of the business, which is being built out. The company is developing a testing cell in Florida and recently opened a new aircraft maintenance hangar in Teesside to manage these operational needs.

Here is a table summarizing the key expense and liability figures we have for the first quarter of 2025:

Finance: draft 13-week cash view by Friday.

Willis Lease Finance Corporation (WLFC) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Willis Lease Finance Corporation (WLFC)'s financial engine-the revenue streams. Honestly, the structure shows a clear pivot toward high-quality recurring income, but the trading/sales component still provides significant, albeit lumpy, boosts. Here's the quick math on how they are bringing in the top line as of late 2025.

The core business is clearly anchored by leasing and maintenance collections. For the third quarter ending September 30, 2025, the recurring revenue components hit new highs, which is what management really wants to see because it signals asset deployment strength and pricing power in a tight market. The total for these two categories in Q3 2025 was substantial.

Here is a breakdown of the key revenue components from the most recent reported quarters:

• Core lease rent revenue, which hit a record $76.6 million in Q3 2025.
• Maintenance reserve revenue, which was $76.1 million in Q3 2025.
• Sales of spare parts and equipment, totaling $30.4 million in Q2 2025.
• Gain on sale of leased equipment, which was $16.1 million in Q3 2025.

The Trailing Twelve Months (TTM) revenue figure gives you the big picture of the full year's activity leading up to the end of 2025. That number sits at $0.68 Billion USD.

To give you a clearer view of how the recurring and transactional elements stacked up around the Q3 2025 period, look at this comparison. Note that the parts sales figure is from Q2 2025, as specified, while the others are from Q3 2025.

The maintenance reserve revenue jump is particularly telling; it was up a massive 52.8% year-over-year in Q3 2025, which means WLFC is collecting more cash upfront from lessees to cover future maintenance obligations. That's cash in hand now. Also, the $76.6 million in core lease rent shows the portfolio is both growing in size and being utilized at better rates. It's defintely a sign of strength.

When you look at the TTM revenue versus the prior full year, you see the growth trajectory:

• Total Trailing Twelve Months (TTM) revenue as of December 2025: $0.68 Billion USD.
• Annual Revenue in 2024: $0.56 Billion USD.
• Annual Revenue in 2023: $0.41 Billion USD.

Finance: draft 13-week cash view by Friday.