Good morning, and welcome to the AstroNova Fiscal Fourth Quarter and Full Year 2025 Financial Results Conference Call. Today's call is being recorded. My name is Ezra, and I will be your coordinator on today's call. [Operator Instructions] I would now like to turn the conference call over to Scott Solomon of the company's Investor Relations firm, Sharon Merrill Advisors. Please go ahead, sir.

Thank you, Ezra, and good morning, everyone. Our Q4 fiscal 2025 earnings release and the slide presentation accompanying management's prepared remarks are posted on the Investor Relations page of our website, www.astronovainc.com. Turning to Slide 2 of the presentation, statements made on today's call that are not statements of historical fact are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on a number of assumptions that could involve risks and uncertainties. Accordingly, actual results could differ materially except as required by law. Any forward-looking statements speak only as of today, April 14, 2025. AstroNova undertakes no obligation to update these forward-looking statements. For other information regarding the forward-looking statements and the factors that may cause differences, please see the risk factors in AstroNova's annual report on Form 10-K and other filings that the company makes with the Securities and Exchange Commission. On today's call, management will refer to non-GAAP financial measures. AstroNova believes that the inclusion of these financial measures help investors gain a meaningful understanding of the changes in the company's core operating results and helps investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. The non-GAAP financial measures are reconciled to the most directly comparable GAAP measures in today's earnings release. Turning to Slide 3. Hosting this morning's call are Greg Woods, AstroNova's President and Chief Executive Officer, and Tom DeByle, AstroNova's VP and Chief Financial Officer. Greg will begin the call with management's -- an overview of management strategy to make AstroNova a stronger company. Tom will review financial results and pass it back to Greg for concluding comments. We'll follow the formal presentation with time for management to take your questions. Now, please turn to Slide 4 as I hand the call over to Greg.

Thank you, Scott. Good morning, everyone, and thank you for joining us. We had a challenging year in fiscal 2025, but have been aggressively making changes at AstroNova to improve our performance. We had a tough integration of the MTEX acquisition, faced lower demand resulting from the Boeing strike, and had delays in large defense industry orders. While disappointed in our performance in fiscal '25, there were some bright spots. For example, our Test & Measurement segment, which will be renamed the Aerospace segment starting in the first quarter of fiscal 2026, had record revenue. This name change better reflects the end markets we serve with that business segment. I'll be referring to the segment as Aerospace throughout my prepared remarks. Nonetheless, given the situation, our management team and Board took immediate and decisive actions to address the challenges of growth and profitability. This included executing on a restructuring plan that is expected to deliver $3 million in annual cost savings. We also are rightsizing our product portfolio to focus on higher-margin, higher-growth products. I should note that we recently strengthened our Board with the appointment of Darius Nevin as Director last month. Darius enhances our Board's experience and knowledge with significant financial acumen and public company leadership experience. We look forward to his contributions to our future. MTEX has required a lot of work. We are reorganizing and realigning the business and have made solid progress in implementing a new level of accountability and discipline for its operations. We plan to leverage the key technologies and impressive manufacturing facilities of MTEX while rethinking our operating structure, product portfolio, go-to-market strategies, and how to drive operational excellence. We believe that we are positioned to drive market share gains with new product launches, tangible sales synergies and unique supply sourcing opportunities…

Thank you, Greg, and good morning, everyone. I'll begin with an overview of our financial performance on Slide 13. Net revenue for the fourth quarter was down 5.6% to $37.4 million on lower sales in both segments. Gross profit was $12.7 million for the quarter, resulting in a gross profit margin of 34.1%, down from the prior-year period, compared with the gross profit of $14.7 million and a gross profit of 37.2% for the same period in fiscal 2024, reflecting lower revenue and less favorable product mix in the 2025 period. Q4 FY '25 showed operating expenses of $25 million versus $10.8 million in Q4 of FY '24. As noted in our earnings release, our GAAP results included a $13.4 million non-cash goodwill impairment charge related to the PI segment, largely associated with the company's MTEX business. Unless otherwise noted, I'll be discussing our non-GAAP results, which we believe help investors gain a meaningful understanding of the changes in the company's core operating results. Non-GAAP operating expenses for the fourth quarter were $11.4 million, up 4.8% or $0.5 million from the prior year. Excluding MTEX, operating expenses were down. Non-GAAP operating income came in at $1.4 million for the fourth quarter versus $3.6 million in the year earlier period, primarily due to lower sales volume and a loss at MTEX. Adjusted EBITDA was $2.8 million for the fourth quarter of fiscal 2025 compared with the adjusted EBITDA of $5.2 million for the fourth quarter of fiscal 2024. Order backlog was $28.3 million as of January 31, 2025, compared with $31.4 million at the end of fiscal 2024. Turning to our PI segment results on Slide 14, revenue was down 3.6% from the prior-year period to $25.7 million. Excluding MTEX, sales in PI were down 9.8%, primarily due to lower sales…

Thanks, Tom. In summary, we are laser-focused on integrating MTEX's transformative technologies across multiple printer platforms, accelerating growth in supplies and service revenue and working to unlock new market synergies. By leveraging the proven AstroNova Operating System, we are seeking to expand customer offerings, achieve operational excellence and drive strong returns on investment. In Aerospace, we're advancing the transition of the ToughWriter printer line. In the quarters ahead, we also plan to grow the service and supplies portion of the Aerospace product line and drive sales of our new TMX-200 data acquisition recorder. Profitability remains the priority. We aim to increase sales of higher-margin hardware and supplies while completing restructuring efforts to streamline operations, take out costs and position us for sustainable growth. Finally, we're taking decisive action to reduce debt and improve cash flow through an inventory reduction program. These initiatives reflect our commitment to financial discipline and delivering value to our shareholders. We made solid progress this quarter, but still have work to be done and are excited about the opportunities ahead. Now, Tom and I would be happy to take your questions.

Thank you very much. [Operator Instructions] I will now hand back over to Mr. Woods for any closing remarks.

Thanks, everyone, for joining the call today, and we look forward to keeping you updated on our progress. Have a good day.

Thank you very much. That concludes today's conference call. You may now disconnect your lines.