Thank you, Operator. Good day, everyone, and welcome to Kornit Digital's Second Quarter 2025 Earnings Conference Call. Joining me today are Chief Executive Officer, Ronen Samuel; and Lauri Hanover, Kornit's Chief Financial Officer. For today's call, Ronen will provide comments on the second quarter of 2025 and provide an update on our market. Lauri will then review the second-quarter results and provide our third-quarter outlook before we open it up for Q&A. Before we begin, I would like to remind you that forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws will be made on this call. These forward-looking statements include, but are not limited to, statements relating to the company's plans, strategies, projected results of operations or financial condition, and all statements that address developments that the company expects will occur in the future. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause results to differ materially from those implied by the forward-looking statements. I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20-F filed with the SEC on March 28, 2025, which identifies specific risk factors that could cause actual results to differ materially. Any forward-looking statements are made currently, and the company undertakes no obligation to publicly update any forward-looking statements, except as required by law. Additionally, the company will be making reference to certain non-GAAP financial measures on this call. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's earnings release published today, which is also posted on the company's Investor Relations website. At this time, I would now like to turn the call over to Ronen.

Good morning, and thank you for joining us. We delivered second-quarter revenues of approximately $49.8 million within our guidance range but below the midpoint. Gross margin was 46.3% and adjusted EBITDA margin came in at negative 2.3%. While service and consumable revenues were softer than expected, system sales and our all-inclusive click business model continue to drive growth. Q2 marked modest year-over-year revenue growth of 2%, bringing total first-half growth to approximately 5%. During the quarter, we increased our annual recurring revenues by $4 million, reaching approximately $19 million, which is a clear reflection of our progress in building a more predictable and resilient Atlas business. Service revenues declined year-over-year, primarily due to fewer Atlas MAX upgrades, which had contributed meaningfully to service revenue in the comparable period of 2024. While overall consumer sentiments remain relatively soft, which continues to affect our customer appetite for new capital investment, we are seeing consistent and encouraging growth in production across our installed base. Impression grew 5% to $222.7 million on a trailing 12-month basis, with strong double-digit growth among our top customers in both the DTG and roll-to-roll segments. Despite this increase in impression, Q2 consumable revenues declined year-over-year, largely due to the lingering impact of the October 7 war, which led several key customers to significantly increase inventory in late 2023 and early 2024. In the first half of this year, those customers adjusted their inventory approach and began drawing down existing stock, temporarily reducing replenishment activity. We expect this to normalize in the second half of the year. Our strategy remains sharply focused, driving impression growth across our customized design installed base while accelerating our penetration into the screen market by transforming analog workflows to digital and capturing net new impressions in bulk apparel. The opportunity ahead is significant, and we are executing with discipline and intent. In the customized design segment, momentum is continuing. These customers, many of whom have partnered with us for years, continue to increase utilization of their systems, translating into higher throughput and stronger productivity. This quarter, we saw clear examples of capacity expansion across our installed base. Cimpress, a global leader in mass customization, added the second Apollo system, along with 3 additional Atlas MAX Plus units, to their large fleets of Kornit systems, reinforcing both their confidence in our technology and their intent to scale globally. T-Shirt & Sons in the U.K., part of PF Concept Group, added a second Apollo as well to their Poland site under AIC, building on their growing Atlas MAX fleet. Snuggle in the U.K. added multiple Atlas MAX Plus systems to their growing fleet of Atlas MAX as a response to strong demand and consistently high performance. Another exciting addition is Flashship Print, a net new digital customer that joined our installed base with 1 Apollo and 2 Atlas MAX Plus systems under the AIC model. On top of that, our global strategic customer placed follow-on orders to expand their MAX technology deployment across several sites, further validating the value they see in our platform. While many long-standing customers continue operating under our traditional CapEx model, new customers are increasingly adopting AIC as a way to align cost with production and scale more efficiently. We expect this model to remain a key driver of growth as both utilization and footprint expand. In parallel, we are making strong progress in the screen printing market, which is a critical pillar of our long-term growth plan. This segment, long dominated by analog, is starting to embrace digital solutions, driven by the need for shorter lead times, labor efficiency, and the ability to profitably handle mid- to short-run jobs. Our Atlas MAX Plus and Apollo systems, especially under the AIC model, are now opening doors to customers who just a year ago would not have considered digital a viable alternative. A standout example is Promos, one of the largest screen printers in the U.S., serving major brands and national retailers. They installed their first Atlas MAX Plus just 6 months ago, expanded to 3, and added an Apollo under AIC in Q2, with more Apollo units now in discussion. We are also seeing strong adoption from new screen customers globally. In the U.K., Basic Thinking installed an Apollo under AIC. In Quebec, Printeez adopted 2 Atlas MAX Poly systems focused on performance sportswear. And T-Shirt Factory in the U.K. added 2 Atlas MAX Plus units under AIC to replace screen. These are just a few examples of how traditional screen printers are turning to Kornit to modernize their offering and stimulate growth. This rapid expansion and growing confidence from analog players is a powerful validation of our technology, business model, and strategic direction. Looking at production across these accounts, we are seeing a clear increase in net new impressions for bulk apparel. Many jobs now fall within the 250 to 500 unit range, and we are seeing more runs produce well above 1,000 units, which were volumes unreachable for digital before the Apollo and the Atlas MAX Plus. The screen market pipeline continues to build with most deals aligned to the AIC model. Midsized players are adopting Atlas MAX Plus and Atlas MAX Poly, while larger customers are deploying Apollo or combining both platforms to address a broader range of applications and run lengths. Our value proposition is clear: better total cost of ownership, superior print quality, and unmatched agility. These customers are already seeing measurable improvements in productivity, flexibility, and economics. To accelerate this momentum, we are investing in application development automation, print quality, and ASC offerings designed for longer-run production and large-scale operators. While the transformation is underway, adoption in the screen market is progressing at a measured pace. Bulk apparel remains a highly established analog-driven segment, and shifting the production model takes time. That said, it is the largest opportunity in front of us with a massive installed base ready for disruption. Kornit is uniquely positioned to lead this shift. We are in the midst of a paradigm shift. The strength of our customer relationships, expanding pipelines, and differentiated technology position Kornit at the forefront of the analog-to-digital transformation in the screen market. Apollo, Atlas MAX Plus, Atlas MAX Poly, and our AIC model together create a powerful foundation for long-term disruption and market leadership. We also made meaningful progress this quarter in expanding into new verticals with additional systems being installed at key footwear customers across China, Vietnam, and Europe. Each of these customers is adopting Kornit's technology to meet the specific demands of mass-market sports footwear production, which demonstrates the scalability and adaptability of our technology across regions and use cases. In parallel, we are advancing breakthrough innovations for functional applications and plan to unveil new capabilities later this year that will open entirely new high-value markets where Kornit has not previously participated. We also signed a strategic development agreement with one of the world's top sports brands to co-develop a proprietary application, leveraging our unique functional technology. While details remain confidential for now, this partnership highlights the increasing relevance of our technology for global brands looking to innovate, design, and deliver with speed, sustainability, and agility at the core. Looking ahead to the second half of the year, we expect modest top-line growth of low single digits while further expanding our ARR base and setting the stage for meaningful growth in 2026. We are executing against a defined plan, scaling Apollo, accelerating ASC adoption, strengthening our screen market funnel, and maximizing utilization across the global installed base. At the same time, we are maintaining tight operational discipline, continuing to target full-year adjusted EBITDA profitability and positive cash flow from operations. In addition, we're actively managing potential impact from the recently announced 15% tariff on products originating from Israel. While we do not expect a material effect on our financials, we have developed mitigation strategies and cost-saving initiatives to minimize any impact. In closing, we remain confident in our strategy and our ability to deliver on our long-term goals. We are in the midst of a profound transformation. On-demand sustainable digital production is no longer a future vision. It is happening now. Our value proposition is clear. Our strategy is aligned with long-term industry trends, and we have intense focus on execution. While this change takes time, we are building a healthier, more resilient, and more scalable business with the right technology, the right model, and the right team in place. Thank you for your continued support. Now I'll turn the call over to Lauri.

Thank you, Ronen, and good day to everyone. Second quarter revenues were $49.8 million at the low end of the guidance range of $49 million to $55 million we provided in May. Year-over-year, we saw growth in product revenues, largely attributable to an increase in system sales and the continued expansion of our AIC program. Growth in systems and AIC was partially offset by a decline in consumable sales, largely reflective of customers returning to more normal levels of inventory after last year's buildup in the wake of tensions in the Middle East. Service revenue declined year-over-year due mainly to fewer Atlas MAX upgrades as expected. Moving to margins. Second quarter non-GAAP gross margin was 46.3% compared with 48.6% in the same period last year. The year-over-year decline in gross margin was primarily the result of the lower sales of consumables and Atlas MAX upgrades. Looking at operating expenses. Total second quarter non-GAAP operating expenses were $26.7 million, a decrease of $1.2 million or about 4.4% from $28 million in the same period last year. We continue to manage operating expenses closely and plan to deliver positive adjusted EBITDA on a full-year basis in 2025. For the second quarter, adjusted EBITDA was negative $1.2 million. This was an improvement versus the negative $1.6 million we reported in the same period last year. Adjusted EBITDA margin for the second quarter of 2025 was negative 2.3%, within the guidance range we provided in May. Our balance sheet remains robust with our quarter-end cash balance, including bank deposits and marketable securities, standing at $489 million. Operating cash flow was $3.7 million compared with $4.5 million in the same period last year. Cash flow less capital expenditures and investment in equipment on lease for AIC in Q2 was negative $2.1 million, which was in line with our plan. This compared to positive $3 million in the same period last year. Moving to our share repurchase activity. During the second quarter, we completed our $100 million accelerated share repurchase program, which ran subsequent to our initial $75 million plan announced in 2023. Through a mix of an accelerated share repurchase and a traditional open market repurchase, we purchased approximately 3.6 million shares at an average price paid of $28.1 per share. Repurchases during Q2 specifically were 758,000 shares at an average price paid of $22.67 per share. This brings our total repurchases since 2023 to 6.7 million shares for a total consideration of $164.8 million, reflecting an average price paid of $24.54 per share. Ending with our third quarter guidance. We currently expect third quarter revenues to be between $49 million and $55 million and adjusted EBITDA margin to be in the negative 3% to positive 3% range.

Thank you, Lauri. Operator, please open the call for Q&A.

I guess I'd like to just start with maybe some broader commentary relative to what we talked about back in May. I don't know if it's easier to sort of break down the sort of the new implied second half outlook by segment. But just kind of curious kind of what's changed? How much of the maybe more subdued outlook is inventory destocking? How much is system sales or at least placements shipping to 2026, less upgrade orders? I don't know, maybe just a little bit more color on all that.

Yes. Thanks, Greg, for the question. I will start by saying we are in the middle of transforming our company, both in terms of technology, in terms of the market that we are serving, in terms of the customer base, our go-to-market, and business model. While Q2 results came below where we expected, although within the guidance that we gave to the market, this was reflected due to softness in some areas, but we also see a very positive sign in other areas, which I will touch probably later on in this call. I actually would like to start with areas that we saw some softness in Q2 and to explain them. First of all, in Q2, primarily driven from lower-than-expected ink and service revenue. This, despite a very strong growth that we saw in system sales, actually, system sales doubled versus last year, and a strong growth in the AIC revenue. So we saw a soft and actually decline in revenue in ink and services. Let me explain from where this is coming. In the ink revenue decline, this is due to the inventory buildup that was done by a few customers in late 2023, a few key customers, much of which was consumed during the first half of 2025, and they didn't order much ink. Therefore, we saw a decline in this revenue. This is more of a technical correction versus any fundamental issues with the ink because we see an increase in impression across our installed base. In terms of the service revenue decline, this decline came mainly due to fewer Atlas MAX upgrades compared to the same period last year, which was very strong in terms of upgrades to the MAX platform. We expect when looking ahead for ink and services to normalize in the second half of this year. Additionally, we need to remember that a portion of the ink and service revenue is now embedded within the growing ARR or the AIC revenue that is now embedded in our product category. So we differentiate between the growth that we see on the ink line to the AIC. So this is the main impact in terms of the softness of Q2. A few more points that I would like to mention, which are relevant to what we've seen in Q2. One is about Apollo system shipment, which currently is tracking below what we were intending to ship this year. This is mainly due to the longer sales cycle and particularly with net new customers from the traditional screen market. As you know, this year, we are focusing very much on taking the Apollo to net new customers. Each one of those Apollo, most of the installations of the Apollo are going to net new customers, and this takes longer in terms of implementation, but also a longer sales cycle. We are actively building lighthouse accounts. I mentioned a few lighthouse accounts in my prepared notes. And some of them will, of course, influence those lighthouse accounts will demonstrate Apollo performance and reduce the fear factor of switching to digital from other screen printers. We believe that this will accelerate the growth of the Apollo moving forward. We have a very strong pipeline for the screen market and specifically for the Apollo, and we believe that this will be a major growth engine moving forward. The third point that I would like to mention is regarding the ARR. And it's currently the ARR that we reported close to $19 million, but it's tracking below our expectation. This is primarily due to slower-than-anticipated rollout and adoption of the AIC model. This is coming from different areas. Launching the AIC required a shift in mindset, both internally within Kornit, but also educating our customers about this model, especially this year that we are selling both CapEx and AIC, and we need to meet the CapEx revenue. So even inside Kornit, we are debating which deal we should drive into CapEx deal versus AIC. Moving forward, you will start seeing that our focus is increasingly shifting towards AIC first engagement. This model will gain traction with new deals that we will sign and many more that we have right now in the pipeline, particularly within the screen segment. We expect that our ARR exiting in 2025 will be meaningful for the beginning of 2026 to deliver momentum and meaningful growth in 2026. So I was trying, Greg, to cover those areas that were relatively softer from what we internally expected to deliver. There are many areas of strength and growth, and I'm sure that I will touch on them later on in other questions.

No, that's very helpful. Appreciate the color. And I mean just on the ink, I'm kind of surprised that it's taken this long to see an impact. So I'm curious how many months of inventory would a customer typically have on hand? And again, just kind of thinking back to when you saw the initial kind of stockpiling, why is it taking sort of this long? Like what's changed more recently where all of a sudden, they're destocking now, versus why didn't they do it 6 or 9 months ago?

Yes. First of all, we need to understand that in specifically a few key large customers, okay? Usually, those key large customers are keeping inventory between 2 to 3 months. What we have seen in late 2023 and H1 2024, they have increased their safety inventory to about 6 months of inventory. We were assuming that they would consume along 2024, but they have decided to change their inventory level only at the beginning of 2025 and are gradually now reducing their inventory and starting to replenish it back to 2 months or 3 months of inventory. This takes time, and we saw the impacts specifically in Q2. We assume that most of the impact is behind us. There will be continued some impact in H2.

This is Will on for Chris. You're targeting 30 Apollos in 2025. How many do you already have orders for? And how concentrated is the customer base on that 30?

Yes. So as I mentioned before, we are very, very encouraged by the feedback that we are receiving from the Apollo and bringing the Apollo and installing it in net new customers. However, we are tracking below the 30 system targets that we put in front of ourselves. I won't provide more detail on that in terms of numbers. What I can say is that we see more and more customers adopting their second systems. Of course, we have customers that already have 7 systems and are planning to place more systems very soon. But more and more customers are placing their second system. When we monitor those systems, we really see that many of them are running long runs, many jobs above 1,000, while most of the jobs are between 250 to 500. Those are volumes that have never been seen in digital before. These are all incremental volumes to Kornit, showing that our value proposition and the Apollo itself is the right fit to the market. During the first year of the Apollo, of course, we worked heavily to ensure that the product utilization and stability are best in class. We see a lot of improvement. We have some work to do ahead of us as well, but we are fully confident that these products, including the MAX product line of Atlas MAX and Atlas MAX Poly, will change a market that we've never penetrated before. The addressable market for these customers is 5 billion impressions below the 1,000 run. Just to remind everyone, our customers today are doing something like 220 million. This is a massive growth potential. We have the right technology and the right business model with the all-inclusive click. We now have the right go-to-market strategy and team to really transform this market into digital.

And could you add any color to what you roughly expect the mix to be for FY '25 between systems, consumables, and services? And will it be much different in FY '26?

So I don't have it exactly in front of me. I can try to go back to you later on to all of you. But what I can say is like this: first of all, we see a massive change in system shipment and revenue from the system. When you look at system revenue, we actually doubled the revenue on the system and doubled the number of systems that we have shipped to the market. Some of this is due to the CapEx, some of it is because of the AIC model. This is a very important indicator for the future growth of impression and the growth of Kornit. So you should assume that the portion of the system is starting to get bigger, although still the ink is massive. Of course, the AIC is trending very strongly up. We believe that the ARR that we will end 2025 will be very meaningful for growth into 2026. We also see a significant penetration into the screen market. You will see, there, by penetrating the screen market is both in terms of new systems, because most of them, or all of them, are new customers, but you will see massive growth in ink and AIC in each one of those installations. A lot of it is related to Apollo. We also see a recovery in the customized design, which you will see the implications on ink revenue moving forward. We see impression growth in the customized design in many of our customers, strong double digits. Many of them are adding additional systems. I mentioned Cimpress as an example. Cimpress is a global strategic customer who added another Apollo and 3 Atlas MAXes to a very large fleet of addresses they already have. It's just one example of customized design that is growing very rapidly right now. We see the pipeline for both the screen and customized design is growing. The most encouraging aspect is that the model we just launched about a year ago, the AIC model, is gaining massive traction. This is a game-changer for the industry. We are the only company providing it, and we see that it is opening almost every door for customers adopting it. This will be one of the main vehicles of growth and penetration into the screen market moving forward.

I'm trying to reconcile your comments that ARR is tracking below expectations, but that you expect to exit the year with much stronger ARR, which presumably is going to contribute to stronger growth in 2026. So what are you seeing or anticipating that really contributes to that view?

First of all, everything is against expectation. So in 1 year, from the moment we've launched the AIC program, we announced today that we have already $19 million of ARR. We are starting to have a more meaningful revenue from AIC every quarter. Of course, H2 is in front of us, and we have a pipeline to increase the ARR further. So you should see meaningful increases during 2025, and we will start the next year with ARR that is already revenue for the beginning of the year. What we see is generating further growth. First of all, we have a pipeline. We see the funnel is getting stronger. It took a while for the company to really change the DNA to fully understand what the AIC means and to balance between the CapEx deal to the AIC. Remember that we still need to deliver the revenue on a quarterly basis for systems while the ARR is more long-term. However, we are driving the company into more of an ARR business. We see that the adoption of the AIC model is now not only within net new customers in the screen market but also some key customers in the customized design. Existing customers are expanding and adopting this model, which is fantastic to see.

Maybe just shifting to the Atlas MAX upgrade business. I'm wondering how we should be thinking about that upgrade business in the second half, just given the order you noted from your global strategic account. Are you anticipating that more skewed toward Q3 in preparation for higher utilization in Q4?

Yes. Most of our installed base has already been upgraded to Atlas MAX, and we are currently busy upgrading the majority of our installed base to Atlas MAX Plus. Our global strategic customers began their upgrades in Q4 last year, and we were eager to find out when they would proceed further. I’m pleased to report that we received a purchase order for the continuation of upgrades for some of their installed base, which is a strong indication of their confidence in our technology and platform going forward. These upgrades will contribute to our revenues in Q3 and Q4, and they are factored into my previous comments about our expectations for low single-digit growth in the second half of the year. Naturally, this will also add to revenue from our service business.

If I could just slip one quick one in. How many customers do you feel have adjusted their inventory levels going back to what you referenced earlier?

It's only a few, which we believe that we have an impact. It's less than a handful of customers, but some of them are very meaningful without going into more detail.

I'm curious about the larger deals that were being developed earlier in 2025, which I believe have been pushed back. You mentioned that the sales cycle is longer. Do you have any insight into whether those deals might take place in 2026? Are these customers simply delaying their decisions but likely to return to finalize these deals once they determine where to place their machines? Could you elaborate on that?

Yes. Before that, I just want to emphasize once again, if you look at the systems line by itself, both in terms of revenue and in terms of the number of systems that we are shipping, we actually doubled the number of systems that we are shipping in the revenue versus last year. We see very good momentum. While we would like to see more and some of it is related to the AIC, what we found out is that we need to shorten the time between funnel development to closing the deal and the implementation. In the screen market specifically, what we identify as a barrier really to get the acceleration is to have more lighthouse accounts across the world. We are very focused on building those lighthouse accounts like Promos, which just 8 months back or 6 months back installed 1 Atlas MAX. Now they have 3-plus Apollo and very soon, hopefully, more Apollo. This will be a lighthouse in North America, and the same thing will be a lighthouse in the U.K. with Basic Thinking and more and more. By doing so, we will spread the confidence in the screen market that not only we have the right quality, the right productivity, and the right automation but also the total cost of ownership and those customers are successful. This transformation of an industry takes time, but it is accelerating as we are gaining momentum, accumulating experience, and the rumors about our success are starting to spread in the market.

I would like to ask more directly about a specific customer. Previously, you mentioned they have seven Apollos, which is more than any other customer. Can you provide an update on their potential to take on ten more Apollos?

Yes. So this customer mentioned that they're planning to take 10 more Apollos, and we hope that they will do it. I cannot get into the specifics of their business. There were some changes moving to one new site. I cannot get into more details than that. However, I can say that those 7 Apollos are performing incredibly well, running around the clock 24/7. They are super pleased with the performance. They are great partners, and they will continue to grow together with us moving forward.

Could you comment on whether your customers are increasingly motivated by the recent legislation and the associated accelerated depreciation? Could this lead to any activity before the end of the year?

Yes, definitely. It's very relevant for our North America business. Our North America team is engaged with many customers who see it as an opportunity. Of course, this will move some of the deals from AIC into CapEx, but it's great for the customer. It's great for us. It's great for the economy. So it's definitely going to influence H2. We still don't have clarity on how many additional deals we are going to gain from it or how many deals it's going to accelerate, but it's a positive indication to the capital markets.

You've talked a lot about the success you're seeing with screen printing customers. Can you maybe quantify that for us a little bit more? How much revenue comes from these customers? I understand it's largely Apollo-based, but what they're buying? And what kind of revenue or impression growth did you see from them? And as we look into the second half, how does this change at all?

Yes. Let me provide some insights into this market. We are new to it and learning continuously. There are various customer types, including large ones like Promos and smaller ones we are beginning to engage with. For the smaller customers, we focus on understanding their business, such as the volume they can shift to digital and their annual volume below 1,000 copies. Our goal is to find the right solution for their needs. Many smaller customers lack the volume to justify an Apollo machine, which is why we see strong adoption of the Atlas MAX and Atlas MAX Poly among small to mid-sized screen printers. Larger customers typically have sufficient volume to warrant more than one Apollo. Some begin with Atlas MAX to familiarize themselves with the technology and subsequently add Apollo as they continue. Automation is crucial, and while the preference is usually for Apollo, some risk-averse clients may start with Atlas MAX. We are also learning that our AIC model needs to be tailored to different customer types. For instance, many screen printers operate differently from customized design customers, with the latter often working on demand and running nearly 24 hours, typically across two shifts. Many screen printers, even those who are larger, work only one shift. This creates a significant risk in committing to the Apollo AIC for them, so we are working on adjusting our AIC model to accommodate those operating one shift and encourage longer runs. This approach allows them to benefit from lower costs per impression on longer runs compared to shorter ones. There is a substantial opportunity here, and we are seeing positive engagement in discussions with potential clients. The main challenge remains addressing their apprehensions, particularly as many of them are transitioning from analog to digital for the first time. To mitigate these concerns, we need to promote our successes, quality, and productivity to build confidence. Therefore, our team is dedicated to this effort. From my past experiences in transforming industries within the print market, I can assure you that the shift to digital is inevitable for the screen printing market; it is only a matter of time. We are accelerating this transition through our unique AIC, making it easier and less risky for customers to move to digital.

And then one last one for me. Trailing 12-month impressions were up about 5% year-over-year. That's a deceleration from what we saw in 1Q. Obviously, we don't have a lot of history. But why are impressions slowing? And how does this trend differ by customer segment? Are you seeing stronger growth in one area of the market versus another?

Excellent point, Maya. First of all, I mentioned in my script that we see many of our installed base are growing at strong double digits. The top 20 customers are mostly growing very, very strong. So then you ask yourself, how come it's only 5% on trailing 12 months? Let me explain. It's a bit complex, but listen carefully. As Lauri mentioned last quarter in her prepared remarks, the impressions are calculated in 2 ways. For customers that are connected to our Connect system, we track the actual impression printed in real-time. So this is accurate. However, we have customers for those that are not connected to Connect, and the way we are calculating it, within those customers, there are a few big customers, we estimate impressions by translating delivered ink into an average consumption rate. Specifically in Q2, this method was impacted by lower ink shipment due to the issues of October 7 that I mentioned before. This temporarily reduced the estimated impression, even though that production remained very steady and the growth is much more than the 5% that we have mentioned. Okay. Thank you very much for being on the call. My last comment is that while we are still in a transition phase, we are confidently building a stronger, more resilient, more profitable growth business for mid- and long-term. Our technology, customer win pipeline, and business model are laying the foundation for leadership in both customized design and the large-scale digital transformation of the screen market. We are confident in our positioning to drive meaningful growth in 2026, not only in the customized design but also in the massive opportunity of digitizing the screen printing market. Thank you very much, and hope to see you soon.

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.