Inogen Inc

Previous wording

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in the sections entitled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, and our Annual Report on Form 10-K filed with the SEC on February 27, 2026. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Current wording

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in the sections entitled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, and our Annual Report on Form 10-K filed with the SEC on February 27, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Previous wording

“Inogen,” “Inogen One,” “Inogen One G3,” “G4,” “G5,” “Oxygen.Anytime.Anywhere,” “Intelligent Delivery Technology,” “Inogen At Home,” “Inogen Rove,” “Inogen Rove 4,” “Rove,” “Inogen Rove 6” and the Inogen design, are registered trademarks with the United States Patent and Trademark Office of Inogen, Inc. We own pending applications for the marks “AURORA,” and “VOXI” with the United States Patent and Trademark Office. We own trademark registrations for the mark “Inogen” in Argentina, Australia, Bermuda, Canada, Chile, China, Columbia, Ecuador, Hong Kong, South Korea, Malaysia, Mexico, Europe (European Union Registration), the United Kingdom, Iceland, India, Indonesia, Israel, Japan, Kuwait, New Zealand, Norway, Dominican Republic, Paraguay, Peru, Philippines, Turkey, Singapore, South Africa, Switzerland, the UAE, Uruguay, and Vietnam. We own a pending application for the mark “Inogen” in Thailand. We own a trademark registration for the mark “イノジェン” in Japan. We own trademark registrations for the marks “印诺真” and “艾诺根” in China. We own trademark registrations for the mark “Inogen One” in Australia, Canada, China, South Korea, Mexico, Europe (European Union Registration), and the United Kingdom. We own a trademark registration for the mark “Satellite Conserver” in Canada. We own trademark registrations for the mark “Inogen At Home” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G4” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the marks “Inogen Rove 4” and “Inogen Rove 6” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G5” in Europe (European Union Registration) and the United Kingdom. We own pending applications for the marks “Inogen Rove 4” and “Inogen Rove 6” in Canada. We own trademark registrations for the mark “Rove” in Argentina, Australia, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, and the United Kingdom. We own pending applications for the mark “Rove” in Canada, and South Korea. We own trademark registrations for the mark “Inogen Rove” in Argentina, Australia, Brazil, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, and the United Kingdom. We own pending applications for the mark “Inogen Rove” in Canada and South Korea. We own trademark registrations for the Inogen design in Bolivia and China. We own a trademark registration for the mark “إنوجن” in Saudi Arabia. We own a pending application for the Inogen One G5 design in Brazil. We own a trademark registration for “Inogen Simeox” in China. We own a trademark registration for the mark “VOXI” in Europe (European Union Registration). We own a trademark registration for AURORA in Europe (European Union Registration). Other service marks, trademarks, and trade names referred to in this Quarterly Report on Form 10-Q are the pr…

Excerpt shortened here; the source contains the full paragraph.

Current wording

“AURORA,” “Inogen,” “Inogen One,” “Inogen One G3,” “G4,” “G5,” “Oxygen.Anytime.Anywhere,” “Intelligent Delivery Technology,” “Inogen At Home,” “Inogen Rove,” “Inogen Rove 4,” “Rove,” “Inogen Rove 6”, the Inogen design and “VOXI”, are registered trademarks with the United States Patent and Trademark Office of Inogen, Inc. We own trademark registrations for the mark “Inogen” in Argentina, Australia, Bermuda, Canada, Chile, China, Columbia, Ecuador, Hong Kong, South Korea, Malaysia, Mexico, Europe (European Union Registration), the United Kingdom, Iceland, India, Indonesia, Israel, Japan, Kuwait, New Zealand, Norway, Dominican Republic, Paraguay, Peru, Philippines, Turkey, Singapore, South Africa, Switzerland, the UAE, Uruguay, and Vietnam. We own a pending application for the mark “Inogen” in Thailand. We own a trademark registration for the mark “イノジェン” in Japan. We own trademark registrations for the marks “印诺真” and “艾诺根” in China. We own trademark registrations for the mark “Inogen One” in Australia, Canada, China, South Korea, Mexico, Europe (European Union Registration), and the United Kingdom. We own a trademark registration for the mark “Satellite Conserver” in Canada. We own trademark registrations for the mark “Inogen At Home” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G4” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the marks “Inogen Rove 4” and “Inogen Rove 6” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G5” in Europe (European Union Registration) and the United Kingdom. We own pending applications for the marks “Inogen Rove 4” and “Inogen Rove 6” in Canada. We own trademark registrations for the mark “Rove” in Argentina, Australia, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, South Korea, and the United Kingdom. We own a pending application for the mark “Rove” in Canada. We own trademark registrations for the mark “Inogen Rove” in Argentina, Australia, Brazil, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, South Korea, and the United Kingdom. We own a pending application for the mark “Inogen Rove” in Canada. We own trademark registrations for the Inogen design in Bolivia and China. We own a trademark registration for the mark “إنوجن” in Saudi Arabia. We own a pending application for the Inogen One G5 design in Brazil. We own a trademark registration for “Inogen Simeox” in China. We own a trademark registration for the mark “VOXI” in Europe (European Union Registration). We own a trademark registration for AURORA in Europe (European Union Registration). Other service marks, trademarks, and trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners. “PHYSIOASSIST,” the Physio-Assist logo, “SIMEOX,” and the Pissenlit…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

There have been no material changes in our critical accounting policies and estimates in the preparation of our consolidated financial statements during the three months ended March 31, 2026 compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

Current wording

There have been no material changes in our critical accounting policies and estimates in the preparation of our consolidated financial statements during the three and six months ended June 30, 2026 compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

Previous wording

While we have worked to improve our global supply chain, challenges and potential disruptions still exist. We have experienced, and may continue to experience, increases in cost and limited availability of certain raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, and increases in wage costs and the cost and time to distribute our products. Uncertainty around inflationary pressures, interest rates, global conflicts, monetary policy, and changes in tariffs and tax laws could potentially cause new, or exacerbate existing, economic challenges that we may face, including the impact of foreign currency fluctuations on our results of operations, or result in an economic downturn or recession, which could negatively impact our business operations and results. Existing and future potential geopolitical dynamics may create economic, supply chain, energy, and other challenges, including disruptions to business operations, which has impacted, and may in the future negatively impact our business. In particular, international conflicts and disputes could create instability, have and may further result in sanctions, tariffs, and other measures that restrict international trade and may negatively affect our business operations and results.

Current wording

While we have worked to improve our global supply chain, challenges and potential disruptions still exist. We have experienced, and may continue to experience, increases in cost and limited availability of certain raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, and increases in wage costs and the cost and time to distribute our products. Uncertainty around inflationary pressures, interest rates, global conflicts, monetary policy, and changes in tariffs and tax laws could potentially cause new, or exacerbate existing, economic challenges that we may face, including the impact of foreign currency fluctuations on our results of operations, or result in an economic downturn or recession, which could negatively impact our business operations and results. Existing and future potential geopolitical dynamics may create economic, supply chain, energy, and other challenges, including disruptions to business operations, which has impacted, and may in the future negatively impact our business. In addition, escalating tensions and military conflict involving Iran and the broader Middle East region have increased volatility in global shipping and logistics markets, resulting in higher freight, transportation, fuel, and insurance costs, longer transit times, and potential disruptions to key trade routes. In particular, international conflicts and disputes have created and may continue to create instability, including increased transportation and freight expenses, may further result in sanctions, tariffs, and other measures that restrict international trade and may negatively affect our business operations and results.

Previous wording

We continue to monitor the tariffs announced by the U.S. government, as well as the potential for additional or modified tariffs, and the imposition of tariffs or export controls by other countries. We do not currently expect a material impact to our business from the tariffs in the forms in which they are currently proposed.

Current wording

We continue to monitor the tariffs imposed by the U.S. government, as well as the potential for additional or modified tariffs, and the imposition of tariffs or export controls by other countries. We do not currently expect a material impact to our business from the tariffs in the forms in which they are currently proposed.

Previous wording

For additional information on risk factors that could impact our results, please refer to the sections entitled “Risk Factors” in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

Current wording

For additional information on risk factors that could impact our results, please refer to the sections entitled “Risk Factors” in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026.

Previous wording

Sales revenue increased $3.9 million, or 5.7%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. The increase was primarily attributable to higher demand in our international geographies as well as the favorable impact of foreign exchange rates partially offset by channel mix within the U.S. We sold approximately 49,000 oxygen systems during the three months ended March 31, 2026 compared to approximately 43,000 oxygen systems sold during the three months ended March 31, 2025, an increase of 14.0%.

Current wording

Sales revenue increased $4.4 million, or 5.5%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The increase was primarily attributable to higher demand in our international markets as well as the favorable impact of foreign exchange rates, partially offset by channel mix within the U.S. We sold approximately 53,300 portable units during the three months ended June 30, 2026 compared to approximately 47,600 portable units sold during the three months ended June 30, 2025, an increase of 12.0%.

Previous wording

U.S. sales decreased 4.8% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to channel mix versus the comparable period in 2025.

Current wording

U.S. sales decreased 2.3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to channel mix versus the comparable period in 2025.

Previous wording

International sales increased 17.8% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in demand from our partners in Europe as well as the impact of favorable foreign exchange rates. In the three months ended March 31, 2026, sales in Europe as a percentage of total international sales revenue increased to 89.1% from 85.6% during the comparable period in 2025.

Current wording

International sales increased 14.8% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in demand from our partners in Europe as well as the impact of favorable foreign exchange rates. In the three months ended June 30, 2026, sales in Europe as a percentage of total international sales revenue decreased to 84.2% from 85.3% during the comparable period in 2025.

Previous wording

U.S. rentals decreased 8.0% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily related to fewer patients on service.

Current wording

U.S. rentals decreased 11.8% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily related to fewer patients on service.

Previous wording

Cost of sales revenue increased $2.1 million, or 5.5%, for the three months ended March 31, 2026 from the three months ended March 31, 2025 due primarily to an increase in the number of systems sold.

Current wording

Cost of sales revenue increased $1.5 million, or 3.4%, for the three months ended June 30, 2026 from the three months ended June 30, 2025 due primarily to an increase in the number of systems sold.

Previous wording

Cost of rental revenue decreased $0.8 million, or 9.7%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. The decrease in cost of rental revenue was primarily attributable to fewer patients on service.

Current wording

Cost of rental revenue decreased $0.6 million, or 8.1%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The decrease in cost of rental revenue was primarily attributable to fewer patients on service.

Previous wording

Gross margin on sales revenue slightly increased to 44.5% for the three months ended March 31, 2026 from 44.4% for the three months ended March 31, 2025. The increase was driven by manufacturing cost leverage from higher units sold and lower cost premiums associated with open-market purchases of semiconductor chips used in our portable oxygen concentrators.

Current wording

Gross margin on sales revenue increased to 46.2% for the three months ended June 30, 2026 from 45.1% for the three months ended June 30, 2025. The increase was driven by manufacturing cost leverage from higher units sold and lower cost premiums associated with open-market purchases of semiconductor chips used in our portable oxygen concentrators and reduced warranty-related costs resulting from product quality improvements.

Previous wording

Gross margin on rental revenue increased to 44.4% for the three months ended March 31, 2026 from 43.3% for the three months ended March 31, 2025, primarily due to lower depreciation per rental patient.

Current wording

Gross margin on rental revenue decreased to 40.6% for the three months ended June 30, 2026 from 43.0% for the three months ended June 30, 2025, primarily due to higher logistics costs per rental patient.

Previous wording

Research and development expense increased $1.1 million, or 26.4%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. This increase was due primarily to investments to support growth from new products.

Current wording

Research and development expense increased $0.7 million, or 12.7%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. This increase was due primarily to product development costs and investments to support growth from new products.

Previous wording

Sales and marketing expense increased $0.8 million, or 3.6%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. This increase was primarily due to an increase of $0.8 million in media and advertising costs. In the three months ended March 31, 2026, we spent $8.3 million in media and advertising costs versus $7.6 million in the comparable period in 2025.

Current wording

Sales and marketing expense decreased $0.6 million, or 2.2%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. This decrease was primarily due to a $1.5 million reduction in personnel costs, partially offset by an increase of $0.8 million in media and advertising costs. In the three months ended June 30, 2026, we spent $8.2 million in media and advertising costs versus $7.4 million in the comparable period in 2025.

Previous wording

Total other income, net decreased $0.5 million, or 39.5%, for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily due to net foreign currency losses.

Current wording

Total other income, net decreased $0.7 million, or 40.1%, for the three months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to net foreign currency losses.

Previous wording

Income tax benefit increased less than $0.1 million, or 79.4%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods.

Current wording

Income tax benefit increased less than $0.1 million, or 0.7%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods.

Previous wording

Our effective tax rate for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025. The increase in the effective tax rate from prior year was attributable to changes in the forecast pretax income/(loss).

Current wording

Our effective tax rate for the three months ended June 30, 2026 increased slightly compared to the three months ended June 30, 2025. The increase in the effective tax rate from the prior year was attributable to changes in the forecast pretax income/(loss).

Previous wording

General and administrative expense increased $1.3 million, or 7.8%, for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily due to an increase of $0.9 million in restructuring-related costs.

Current wording

General and administrative expense increased $2.1 million, or 6.2%, for the six months ended June 30, 2026 from the six months ended June 30, 2025, primarily due to an increase of $1.1 million in restructuring-related costs and $0.8 million in stockholder engagement and proxy defense costs.

Previous wording

Net loss increased $2.2 million, or 34.8%, for the three months ended March 31, 2026 from the three months ended March 31, 2025. The increase in net loss was primarily related to an increase in operating expense.

Current wording

Net loss increased $1.9 million, or 17.9%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. The increase in net loss was primarily related to an increase in operating expense.

Previous wording

As of March 31, 2026, we had cash and cash equivalents of $93.1 million, which consisted of highly liquid investments with a maturity of three months or less. Our principal uses of cash are funding our new rental asset deployments and other capital purchases, operations, and other working capital requirements and, from time to time, the acquisition of businesses. Over the past several years our cash flows from customer collections have remained consistent and our annual cash provided by operating activities has generally been a significant source of capital to the business.

Current wording

As of June 30, 2026, we had cash and cash equivalents of $87.3 million and marketable securities of $18.3 million. Our principal uses of cash are funding our new rental asset deployments and other capital purchases, operations, and other working capital requirements and, from time to time, the acquisition of businesses. Over the past several years, our cash flows from customer collections have remained consistent and our annual cash provided by operating activities has generally been a significant source of capital to the business.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2026 consisted primarily of our net loss of $8.3 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $4.9 million, stock-based compensation expense of $2.0 million, and provision for sales returns and doubtful accounts of $2.1 million. We also experienced a net use of operating assets and liabilities during the period primarily related to high accounts receivable due to the timing of sales within the quarter.

Current wording

Net cash used in operating activities for the six months ended June 30, 2026 consisted primarily of our net loss of $12.2 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $9.6 million, stock-based compensation expense of $3.7 million, and provision for sales returns and doubtful accounts of $3.8 million. We also had a net use of operating assets and liabilities during the period primarily related to higher accounts receivable due to higher sales and the timing of sales within the quarter.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 consisted primarily of our net loss of $6.2 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $5.2 million, stock-based compensation expense of $2.1 million, and provision for sales returns and doubtful accounts of $1.7 million. The net changes in operating assets and liabilities resulted in net cash used of $21.3 million, which included the payment of the earnout liability of $9.8 million and higher accounts receivable.

Current wording

Net cash used in operating activities for the six months ended June 30, 2025 consisted primarily of our net loss of $10.3 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $10.4 million, stock-based compensation expense of $4.4 million, and provision for sales returns and doubtful accounts of $3.2 million, and net loss on disposal of rental assets and other assets of $1.7 million. The net changes in operating assets and liabilities resulted in net cash used of $22.7 million, which included the payment of the earnout liability of $9.8 million.

Previous wording

Net cash used in investing activities generally includes the production and purchase of rental assets, property, plant and equipment, acquisitions, and intangibles to support our expanding business as well as maturities (purchases) of marketable securities.

Current wording

Net cash used in investing activities generally includes the production and purchase of rental assets, property, plant and equipment, acquisitions, and intangibles to support our expanding business as well as purchases of marketable securities.

Previous wording

For the three months ended March 31, 2026, we invested $5.9 million in the purchase of marketable securities and $0.8 million in the production and purchase of rental assets and other property and equipment, partially offset by $4.7 million we received from maturities of marketable securities.

Current wording

For the six months ended June 30, 2026, we invested $13.1 million in the purchase of marketable securities and $2.7 million in the production and purchase of rental assets and other property and equipment, partially offset by $10.7 million we received from maturities of marketable securities.

Previous wording

For the three months ended March 31, 2025, we invested $2.0 million in the production and purchase of rental assets and other property and equipment.

Current wording

For the six months ended June 30, 2025, we invested $18.7 million in the purchase of marketable securities and $5.9 million in the production and purchase of rental assets and other property and equipment.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities consisted of $1.9 million of share repurchases and $0.6 million payment of employment taxes related to the vesting of RSUs, partially offset by proceeds of $0.4 million received from purchases under our ESPP.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities consisted of $7.5 million of share repurchases and $0.6 million payment of employment taxes related to the vesting of RSUs, partially offset by proceeds of $0.4 million received from proceeds from employee stock purchases under our ESPP.

Previous wording

For the three months ended March 31, 2025, net cash provided by financing activities consisted of $27.2 million of proceeds from issuance of common stock to an affiliate of Yuwell, $0.5 million of proceeds received from purchases under our ESPP, partially offset by the payment of the earnout liability of $3.2 million and employment taxes related to the vesting of RSUs of $0.6 million.

Current wording

For the six months ended June 30, 2025, net cash provided by financing activities consisted of $27.2 million of proceeds from issuance of common stock to an affiliate of Yuwell, $0.5 million of proceeds received from purchases under our ESPP, partially offset by the payment of the earnout liability of $3.2 million and employment taxes related to the vesting of RSUs of $0.6 million.

Previous wording

On February 20, 2026, our Board of Directors authorized a share repurchase program under which we may repurchase up to $30.0 million of our outstanding common stock. The program expires on December 31, 2027, or when the maximum authorized dollar amount has been utilized, whichever occurs first. Repurchases under the program may be made from time to time through open market purchases at prevailing market prices, in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The share repurchase program does not obligate us to make any repurchases and may be modified, suspended, or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements. For the three months ended March 31, 2026, we repurchased and retired 298,100 shares of our common stock for a total of $1.9 million. As of March 31, 2026, $28.1 million remained available under the program for future repurchases. For additional information, please see Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this Quarterly Report on Form 10-Q.

Current wording

On February 20, 2026, our Board of Directors authorized a share repurchase program under which we may repurchase up to $30.0 million of our outstanding common stock. The program expires on December 31, 2027, or when the maximum authorized dollar amount has been utilized, whichever occurs first. Repurchases under the program may be made from time to time through open market purchases at prevailing market prices, in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The share repurchase program does not obligate us to make any repurchases and may be modified, suspended, or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements. For the six months ended June 30, 2026, we repurchased and retired 1,145,150 shares of our common stock for a total of $7.5 million. As of June 30, 2026, $22.5 million remained available under the program for future repurchases. For additional information, please see Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this Quarterly Report on Form 10-Q.