Radiant Logistics, Inc.

For the three months ended September 30, 2025, we reported net income attributable to Radiant Logistics of $1,293,000 on $226.7 million of revenues for $0.03 per basic and fully diluted share. For the three months into September 30, 2024, we reported net income attributable to rate logistics of $3,376,000 on $203.6 million of revenues, or $0.07 per basic and fully diluted share. This represents a decrease of approximately $2,083,000 of net income over the comparable prior year period, or 61.7%. For adjusted net income, we reported $4,467,000 for the three months ended September 30, 2025, compared to adjusted net income of $7,883,000 for the three months ended September 30, 2024. This represents a decrease of approximately $3,416,000, or approximately 43.3%. For adjusted EBITDA, we reported $6,797,000 for the three months ended September 30th, 2025, compared to adjusted EBITDA of $9,452,000 for the three months ended September 30th, 2024. This represents a decrease of approximately $2,655,000, or 28.1%. The current quarter largely mirrored trends that we saw in Q4 of 2025 as we've had persistent headwinds with the challenging freight market. Excluding the $1.3 million bad debt charge related to first brands, adjusted EBITDA would have been $8.1 million, modestly exceeding the $7.9 million reported in Q4 of 2025. With that, I will turn the call over to our moderator to facilitate any Q&A from our callers.

Certainly. Everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star 1 on your phone. Your first question is coming from Jason Seidel from TD Cowan. Your line is live.

Hey, thank you, Operator Rob. Bon and Todd, afternoon, guys. Two quick things. One more of a longer-term thing. How should we think about Navigate in terms of how deployed is it currently, how quickly you could get it out to your customer base, and how many customers in total do you think ultimately need to have it? Is it 100%? Is it 75%? And then I have some follow-ups.