Total operating expenses were $22.4 million, down 11% sequentially and up 4% year over year. As a percentage of revenue, OPEX, excluding stock-based comp and non-recurring expenses, declined to 34% versus 40% in Q2 and 41% a year ago, driven by disciplined expense management and continued operating leverage as revenue growth outpaces a relatively fixed cost base.

Oct 30, 2025 / CFO / receipt, needs a key / Ian Harris, CFO | earnings call 2025-10-30 | transcript 90eb4c0a-8aab-44d9-a851-fd2d7ac71582 | chars 15687-16052 | segment 15