Third Quarter 2023 Financial ResultsResults compare the 2023 fiscal third quarter ended September 30, 2023 to the 2022 fiscal third quarter ended September 30, 2022 unless otherwise indicated.

• Net revenue totaled $37.9 million, a 3% decrease from $38.9 million in the comparable 2022 period. This decrease was primarily due to the impact of higher interest rates slowing sales volume over the previous two quarters.
• Gross profit decreased to $8.4 million (22.2% of net revenue) from $10.0 million (25.9% of net revenue) for the comparable 2022 period. The decrease in gross profit was primarily due to increased equipment and materials costs during the quarter.
• Net income decreased to $4.0 million (10.5% of net revenue) from a net income of approximately $7.6 million (19.6% of net revenue) in the comparable 2022 period. This decrease was primarily due to higher equipment and materials costs as well as legal, accounting, and consulting expenses related to the Business Combination.
• Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, decreased to $5.4 million (14.2% of net revenue) from approximately $8.1 million (20.8% of net revenue) in the comparable 2022 period.