Leadership Transition
Kevin Carrington takes over as CEO, expressing confidence in future growth and profitability. Jess Jankowski's tenure as a leader was marked by significant achievements, including the establishment of Solesence as an industry leader with over 90 patents.
Employee Retention Credit Payment
The company received a $1.2 million payment from the US Department of the Treasury under the employee retention credit program, positively impacting the financial results for the quarter.
Strategic Improvements in Operations
The company has implemented changes in product design, labor efficiency, and inventory control, which are expected to improve profitability and operational efficiency. Labor efficiency improvements led to a 25% reduction in average labor per unit and a 10 percentage point increase in OEE performance.
Sales and Market Position
Despite a decrease in Q3 revenue, the company reported a $10 million increase in revenue for the first nine months of 2025 compared to 2024, and expects full-year revenue to be $12 million higher.