Good afternoon. Thank you for holding. Your conference will begin very shortly. Once again, please remain on the line. Crexendo's third quarter 2025 earnings call will begin shortly. [audio distortion] Greetings. Welcome to Crexendo's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Jeff Korn, Chairman and CEO at Crexendo. You may begin. Thank you, Paul, and good afternoon, everyone. Welcome to the Crexendo Q3 2025 conference call. I'm Jeff Korn, Chairman of the Board and CEO. On the call with me today are Doug Gaylor, our President and COO; Ron Vincent, our CFO; and Jon Brinton, our CRO. In a moment, Jon will read the Safe Harbor Statement. After that, I will give some brief comments on our performance and strategy. Ron will then provide more details on the numbers before handing the call over to Doug to provide a business and sales update. After that, we'll open up the call to questions. Jon, would you please read the Safe Harbor Statement? Thank you, Jeff. I want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements. All statements made in this conference call, other than statements of historical fact, are forward-looking statements. Forward-looking statements include, but are not limited to, words like believe, expect, anticipate, estimate, will, and other similar statements of expectation, identifying forward-looking statements. Investors should be aware that any forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in the company's filings with the Securities and Exchange Commission, including the Form 10-K for the fiscal year ended December 31, 2024, and the Forms 10-Q as filed. Crexendo does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. I'd now like to turn the call back to Jeff. Jeff? Thank you, Jon. I am incredibly pleased and proud of our entire team who work tirelessly every day to make sure we have the best products, services, and support in the industry. The exceptional results we announced today show that their efforts are paying off. Crexendo delivered another blockbuster quarter, highlighted by 12% year-over-year revenue growth, $1.5 million in GAAP net income, and $3 million in non-GAAP net income. Our 28% growth in software solutions underscores the strength of our platform and the increasing value we provide to customers and partners. I am also very encouraged by our 8% increase in service revenue, which I have great confidence will continue to grow. With expanding margins, robust cash generation, and continued innovation, we are executing exceptionally well on our profitable growth strategy. We are just getting started. Our investments in AI-driven capabilities, Oracle Cloud Infrastructure, and next-generation collaboration and contact center solutions are creating powerful momentum across our ecosystem. We see a long runway for organic growth, enhanced by strategic M&A opportunities, and we are fully committed to delivering sustained value for our shareholders. We are delivering profitable growth today while building an even stronger, smarter, and more innovative Crexendo for tomorrow. One of our large investors recently suggested to me that I take a few minutes today to tell our story, explain where we came from, and why I'm so confident in the future. Our DNA is telecom. We started our telecom journey roughly 15 years ago with our own homegrown switch and deep commitment to customer support. Growth was steady, but then about four years ago, the opportunity to acquire NetSapiens became available. We recognized immediately that their software was superior, their engineers were exceptional, and their potential profit was strong. But they needed a sales and marketing strategy and a plan for growth that was a perfect fit for Crexendo to provide. The combination of our marketing and retail expertise with their engineering excellence was a perfect match. Together, we have built a company that understands both sides of the business. Platform engineers who think about scale and reliability, working alongside customer-facing engineers who understand what end users truly need. The synergy has made us better, faster, and more innovative than any competitor in the market. This past month, that success was on full display at our annual user group meeting, UGM in Miami. It was our most successful UGM in our history, with record attendance, over 550 registered participants, and 65 sponsors, and an energy unlike anything we have seen before. We gave demonstrations on innovations we are making, continued improvements in our look and feel on the platform, and a significant discussion on our AI applications. The entire community was excited about our innovations and improvements. The highlight for me personally was being able to announce that we surpassed 7 million end users on our platform. That is an incredible milestone for our company, and a clear validation of the strength and scalability of our technology. The excitement in the room was electric. The management team even got a champagne shower, and I might add, somebody spilled an entire bottle of champagne over my head and got into my eyes. I still don't know who did it, but I'm still trying to figure out. But the closing gala was a tremendous opportunity for us to interact with our licensees who were every bit as excited about our milestone as we were and excited about our future as we were. It was a moment that perfectly captured the enthusiasm, pride, and sense of community we share with our licensees and partners. Our licensees are energized and growing faster than ever, driving new adoption and innovation across the platform. Their success is our success. And together, we are redefining what is possible in cloud communications. We continue to invest in every area of the business that fuels our growth and differentiation. In engineering, we are strengthening our core platform and accelerating the rollout of AI-driven tools that improve both productivity and user experience. Through our EVP program, which is the Ecosystem Vendor Partner Program, we are expanding the applications and integrations available to our customers and licensees. Creating new revenue streams and even greater value. We are also enhancing customer service and security, ensuring we maintain our industry's leading reputation for reliability and responsiveness. We have a secret sauce in retail, and that is our customer service. G2, an independent review company that speaks only to verified customers, ranks Crexendo number one in 18 different customer satisfaction categories. No one else in the industry comes close, and that is because our culture is built around white-glove service. Especially in the SMB market, that is essential. Where many of our customers do not have large IT departments, our responsiveness and personal attention truly sets us apart and creates value for our customers. On the wholesale side, our NetSapiens platform continues to be the fastest-growing platform in North America. Our session-based billing model remains a clear differentiator. Our partners only pay for what they use, unlike the outdated per-seat model still used by many competitors. Combined with our open APIs, our partners can fully customize solutions for their customers. Our new marketplace, which was introduced at the UGM, where we and our licensees can sell applications, is already generating excitement and revenue. I am confident that it will continue to grow. Our partnership with Oracle Cloud Infrastructure continues to open global opportunities. We can now deploy new instances in days rather than months, and we have expanded internationally, including onboarding our first customer in Africa. While international revenue still represents less than 10% of our total revenue, it is growing rapidly, and I see enormous potential across EMEA and beyond the world. We remain active on the M&A front. We are currently reviewing several strategic acquisition opportunities and are optimistic we will close one by early next year. Combined with our strong organic growth, these initiatives will help us scale even faster and expand our capabilities in key growth areas. I was recently asked why I said last quarter that I'm more excited about our future than ever before. The answer is simple. It's because of the people around me in this room and the people in our entire organization. We have the best products and the best platform. And the best opportunity. The enthusiasm and energy from our UGM made it clear. Crexendo's best days are ahead. We have a world-class team, the best partners in the industry, and a technology stack that delivers proven results. I could not be prouder to lead this incredible group of people who pour their hearts and soul into building the best telecom software and customer experience in the market. Our future is bright, and we are just getting started. I continue to expect that we will have double-digit growth through next year. I remain very optimistic in our future, our people, and our results. With that, I'll turn the call over to Ron for more details on the financials, and he will then turn the call over to Doug to discuss our sales and operations and give a deeper dive into our AI initiatives. Ron. Thank you, Jeff. Our financial results for the third quarter are as follows. Consolidated revenue for the quarter increased 12% to $17.5 million. Our service revenue for the quarter increased 8% to $8.6 million. Our software solutions revenue for the quarter increased 28% to $7.5 million. Our product revenue for the quarter decreased 25% to $1.4 million. However, I would not let the percentage change alarm you. Historically, using our eight-quarter lookback, our average product revenue is $1.3 million per quarter. Therefore, for the quarter, product revenue is slightly higher than our historical average. Product revenue for the third quarter of 2024 was unusually high for the company. Our service revenue gross margins decreased 100 basis points to 57% year-over-year. Our software solutions revenue gross margins increased by 300 basis points year-over-year to 74%. Our product revenue gross margins decreased by 300 basis points to 35%. And our consolidated revenue gross margins increased by 200 basis points year-over-year to 63%. Our remaining performance obligations increased to $87.9 million as compared to $83.5 million at the end of June. And $77.3 million at the end of September of 2024. Our operating expenses for the quarter increased 5% to $16.2 million. The operating margin for the quarter was 7% compared to 1% for the same period of the prior year, a 600 basis point increase. Net income of $1.5 million for the quarter, or $0.05 per basic and diluted common share, as compared to net income of $100,000, or $0.01 per basic and $0.00 per diluted share for the third quarter of the prior year. Our non-GAAP net income was $3 million for the quarter. That's $0.10 per basic and diluted common share, compared to non-GAAP net income of $1.7 million, or $0.06 per basic and diluted common share for the third quarter of the prior year. EBITDA for the quarter was $2.1 million compared to $1 million for the third quarter of the prior year. And our Adjusted EBITDA for the quarter was $2.9 million, or 17% of total revenue. Cash equivalents at September 30th, 2025, was $28.6 million. That's compared to $18.2 million at December 31st, 2024. Cash provided by operating activities for the nine-month period. Of Of $7 million. Cash provided by financing activities for the nine-month period was $3.4 million. Primarily related to $4.1 million of net cash received from stock option exercises, offset by $300,000 in taxes paid on net settlement of stock options and RSUs, and $400,000 in notes payable, repayments, and finance lease payments. I'll now turn it over to Doug Gaylor, our President and COO, for additional comments on sales and operations. Thanks, Ron. We had a very strong quarter on both the top and bottom line, and we are excited about our momentum as we finish the year. This was our ninth consecutive quarter of GAAP profitability and 28th consecutive quarter of non-GAAP net income. And the results were a direct result of our focus on growing organically and profitably. Our GAAP profitability continues to be positively affected by managing our costs and driving synergies within the business. After successfully migrating our international data centers to OCI Oracle Cloud Infrastructure in Q2, we have been focused on completing the remaining migrations of our U.S. data centers to OCI and anticipate additional cost savings from completing that migration beginning in early 2026. In addition, we are nearly complete with our classic to VIP migration, which will add additional cost savings beginning in Q1. We continue to see tremendous organic growth from our software solution segment of the business, which grew 28% organically over Q3 of 2024 and has seen a 31% organic growth rate year- to- date. We had a very strong quarter with 12 upgrade orders from our existing licensees, combined with winning six new logos that chose Crexendo for their platform of choice moving forward. Of the six new logos, we won one new logo for Metaswitch, and we continue to see opportunities created by uncertainties created by our two largest software solutions competitors, Cisco's BroadSoft and Metaswitch. Our unique pricing and support model for our software solutions platform, combined with our robust feature set and open APIs that fuel AI applications and integrations, allow us to differentiate ourselves from the rest of our competition at a much stronger price point than they might currently be paying. Our telecom services retail segment grew at 2% organically for the quarter, and our telecom service revenue was up 8% organically, offset by a reduction in our product revenue to reach the blended 2% increase. As previously stated, we proactively reduced selling some lower margin product opportunities to maintain margins, thus decreasing product revenue. We continue to see strong demand for our offerings from our channel partners and our master agent technology service distributors and expect retail segment revenue to continue to grow at a faster pace. The master agent technology service distributor saw a 28% increase in sales bookings year-over-year, and we expect that momentum to continue. We will continue to focus on profitably growing the segment of the business and will not be pursuing low margin or unprofitable retail opportunities as we've stated in the past. Our remaining performance obligation, also referred to as our backlog, is now at $88 million, an increase of 14% from Q3 of 2024. Our remaining performance obligation number is the sum of the remaining contract values for all of our telecom services and software solutions customers that will be recognized on a sliding scale over the next 60 months. And that's a very strong indicator of our future revenue stream. Consolidated gross margin for Q3 was 63%, up from 61% in Q3 of 2024. We continue to see strong gross margins in our software solutions segment, where Q3 gross margins were 74% compared to 71% for the same quarter last year. For the nine months of the year, our software solutions gross margins were 76%, highlighting the scalability and operating leverage we have on the software segment of the business. Our telecom services segment gross margin was 55%, which is flat with Q3 of 2024. And our telecom services gross margins are affected by our product gross margins, which declined year-over-year as a result of a decline in our product revenue as we concentrate on higher margin UCaaS sales and less on low margin product sales. We are confident that we will continue to see gross margin improvements in both segments of the business in the future as we start to recognize cost savings from our ongoing consolidation of our data centers to Oracle Cloud Infrastructure, as well as our plans to sunset our legacy classic offering. Crexendo's engineering team continues to enhance and improve our award-winning platform. We recently released Version 45 on our platform, as well as pre-announced at our user group conference in Miami last week the exciting enhancements planned for our Version 46 release in 2026. The NetSapiens' cloud-native platform is designed with open API integrations that allows us to enhance our offerings with both in-house and third-party developed solutions. Right now, the biggest game changer in our industry since the onset of the internet will be artificial intelligence. And for Crexendo, AI is leading the charge in these developments with many new and planned releases that will make small and mid-sized businesses more efficient and productive. Crexendo's AI solutions are focused on helping businesses make more money as opposed to saving money. Our AI solutions are targeted at making small and mid-sized businesses more successful and more profitable. We currently have a variety of AI solutions already available for end users, including our Voice AI Studio, our AI Call Recording with Sentiment Analysis, and our Contact Center AI powered by ChatGPT. In addition, in our most exciting release yet, we introduced Crexendo's AI Receptionist Orchestrator, or code-named Kairo, at our UGM last week to rave reviews. This new application will be available later this month for new and existing customers to leverage the power of an AI receptionist to answer all incoming calls, answer frequently asked questions, schedule, reschedule, or cancel appointments, access customer records, and other applications. For the typical SMB customer, this technology will allow their business to be more effective, more productive for minimal cost, while at the same time allowing Crexendo to significantly increase our average revenue per account. During the quarter, we announced multiple partnerships with our new vendors in our EVP program that Jeff mentioned earlier, which is our Ecosystem Vendor Partner Program. And we are now up to 41 official partners in that program. These partners provide products, software, and solutions to our platform that allow Crexendo and our partners to benefit from selling solutions to end users that will make their businesses more efficient, more productive, and more profitable. As this program continues to gain momentum, we will benefit from additional revenue streams. Crexendo's performance for the quarter and year-to-date has been very strong, and I couldn't be more excited about the future direction and opportunity for Crexendo. We continue to see strong double-digit organic growth combined with increasing GAAP profitability and strong positive cash flow. We are positioned perfectly with a combination of strong demand for our product offerings, along with great solutions with a disruptive pricing model, and the best and most talented workforce in the industry to continue our strong growth and success. We're excited about the additional opportunities to drive growth and innovation that AI will infuse into our business, and are very optimistic that applications like our AI receptionists will drive demand and revenue. We are committed to delivering the best UCaaS, CCaaS, which is contact centers of service, and CPaaS, communication platforms as a service, offerings in the sector to our customers and partners, and best returns for our shareholders. As the fastest-growing platform solution in the country and now supporting over 7 million end users, we are laser-focused on growing our business, enhancing our solutions, and improving our efficiencies, and continuing to return strong results. With that, I'll turn it over to Jeff for any further comments. Thank you, Doug. I don't have any further comments at this time. So, Paul, I'll open the call up to questions. Certainly. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. And the first question today is coming from Joshua Riley from Needham. Joshua, your line is live. All right. Great. Thanks for taking my questions, and nice job on the quarter here. Maybe just starting off in terms of the pipeline for new licensees, how should we be thinking about the setup for Q4 and maybe over the next few quarters? And are there any comp issues that we should be considering in terms of the number of licensees and users on the platform that you added last year in Q4 that we should be considering for the coming quarter here in Q4? I think, Josh, you can do going backwards for Q4's, you can do the math and see what our growth is on a monthly basis from when we went from six to seven. While I expect that to accelerate somewhat, that's a good rule of thumb to look at how fast we'll be growing the amount of users on the platform. In regard to how many logos we expect, new logos we expect, or upgrades for Q4, still a little early for us to tell. As you know, Josh, we always have somewhere between 15 and 20 sandboxes out, and they take various times for people to continue testing and working and looking at the platform. So it'd be hard for us to give you a number at this point. Got it. And then on the new AI products that you've been launching and now have with Kairo, which is a pretty compelling demo that we saw at the conference there, how are you going to be measuring the success of the broader launch of these products in terms of attach rates or any other metrics that investors should be considering? And how will the go-to-market work in terms of going back to your base of licensees and building awareness with them? I saw some of that at the conference recently, but just wanted to get your take on that. Yeah. I think, obviously, we'll be monitoring that on a take basis from all of our customers out there. I mean, if you think about that release, that release is going to really affect small and mid-sized customers to allow them to be more efficient and more productive, as I mentioned. So I think we're going to have a tremendous take rate on that, but we're going to have a very aggressive program for not only our existing base customers to easily be able to adopt that technology and add it into their infrastructure, but it'll also be a key marketing point for us for all new customers when they're considering our solutions versus our competitors. So we'll be tracking that. We don't have, obviously, any measurements to compare it to at this moment, but I anticipate a strong uptake from our existing customers and new customers as well. Got it, and then I think it'd be helpful to discuss the progress that you've been making in migrating the customers to the OCI infrastructure that are hosted with you, and can you just remind us kind of the relative mixes of how many licensees are hosted with you versus in their own cloud and how that's kind of progressed over the last couple of years? Thanks, guys. I don't think we have, off the top of our heads, the record of how many host their own and how many are on OCI, but I can answer your question regarding the migration off our old cloud onto OCI. We expect that to be completed by the end of Q1 and be off our old legacy data centers. Got it. Thank you very much. I'll pass the queue here. Thanks, guys. Thanks, Josh. Thank you. The next question will be from Mike Latimore from Northland Capital Markets. Mike, your line is live. Great. Yeah. Thanks. And congrats on 7 million users. That's a big number. Thank you, Mike. Yes. In terms of the services growth, getting to 8%, nice improvement there. I guess, can you talk a little bit about what drove that improvement? And then when you say you expect the growth to continue or even be faster, I guess. Is your thought that that 8% kind of moves up even in the fourth quarter? I'm going to let Jon answer that because he has the sales pipeline. Yeah. So yeah, it's a great question. And I would just say it's continued positive acceptance of the offers in the market and execution on our retail teams specifically. And we're seeing solid bookings growth. And also, I would say a slightly faster conversion to implementation and recurring revenue from the pipeline that we're bringing in. So the team continues to drive the revenue there. We continue to see good success. We're focused on profitable growth, but they continue executing, and we're looking forward to continuing to see the growth there. Great, and then the suggestion that the growth continues, does that mean it sort of moves up from this 8% level over time? Is that your view? That would be my expectation, Mike. As you know, UCaaS is highly commoditized. And as I discussed in my comments, we make a concerted effort to have the absolute best service in the industry, and that's a strong competitive advantage for us, aside from the fact I think our offerings are amongst the best, if not the best, in the industry. So, the better offerings together with the top customer service by far is a strong competitive advantage for us, and I expect that to accelerate our growth. Got it and in terms of the software pipeline. How would you characterize it as you look to the next couple of quarters here? Is there any shifting going on more to new versus installed or into larger deals versus higher numbers of deals? How would you characterize the software pipeline? Mike, as you understand, larger deals tend to take longer because the analysis by the customer takes some time. So we've had people play with our sandbox for four years before making a decision. People play with the sandbox for two months before making a decision. So it's fairly difficult for us to tell you on a Q-to-Q basis how many new logos we're going to get. But as I said before, we have a number of sandboxes out. People are very excited. Engineers are working with them. So we expect the growth to continue. I don't know if Doug or Jon have a little more color they want to add. Yeah. I don't see a lot of slowdown. There's a tremendous amount of pipeline of opportunities out there, and we're more optimistic now than we've been in a long time with the opportunities that are out there. So as Jeff said, a lot of these decisions take a lot of time and evaluation on the end user's part, but we know that we're the best solution for them. So the fact that we've got a number of opportunities out there in the queue, we know they're all going to come through in varying places and times, but we're confident we're going to win the high majority of those. Yeah. To be clear, they're not all going to come through, but a great majority of them will. Yeah. Yeah. Sounds good. Last one, just on the receptionist, AI receptionist. Can you talk a little bit about the opportunity there? Do you think every one of your customers would have interest in that, or is this geared more towards larger customers? How do you think about that opportunity a little bit? Yeah. I think it's really an opportunity for every customer to take a look at and find out if it's good for their business. So I think that we feel that the high majority of small and mid-sized customers will be very open to an AI receptionist type solution just to help make their business more efficient. If you think about our average-sized customer out there being in the range of 18- 20 stations, they can much easily deploy resources internally to help grow their business while they've got an AI receptionist that's answering frequently asked questions and doing a lot of the repetitive type functions within their business. So it allows them to redeploy assets within their organization to help them grow their business. So we think that our take rate is going to be extremely high, and we think that it's going to increase our average revenue per account upwards by 40% or 50%. So will it be the right solution for every business? Probably not, but will it be a high take rate from the majority of our customers? We're feeling pretty optimistic that we're going to get a lot of customers that are going to fall in love with this technology and be able to grow their business with it. Yep. Yep. Excellent. All right. Thanks, Jeff. And congrats again. Thank you, Mike. Thank you. The next question will be from George Sutton from Craig-Hallum. George, your line is live. Thanks. Congrats on the results. So I wondered if we can go a little bit more into Version 46. And it sounded like it's a complete rethinking of the platform. And I'm just curious. I certainly heard good feedback from the licensees, but I'm curious, as you begin to go to market with that, when can you start going to new potential customers with this. Newer version of the platform. Actively? We're thinking Q1, George. Obviously, I'm dealing with engineers, so I forgot to ask which year, but I'm assuming they meant Q1 of 2026. Yeah. So I'll fill in some more color on that, George. This is Jon here. And it's actually we called that Project Horizon at our Expand Your Horizons partner event. So it's obviously a key theme for us. More than a rethinking of the platform, it's a rethinking of the interface in the way people interact with the platform. I think if you step back and think about it a little bit, we've talked about one application in this call, which is the Kairo, the Crexendo AI receptionist and orchestrator. But at our Codefest that we had at UGM, we had 10 different AI applications demonstrated, many of which the partners built on top of our platform. And what version 46 does is it really allows them to have a modern way to express how customers can view that, interact with it, and deal with it. And we did give Q1 as a time frame for, I would say, previews and first looks and things of that nature. The actual GA date will probably be a little later than that. So we don't want to front-end the expectations too much, but just think of it as the same underlying technology. I mean with many of these AI applications, our platform underneath them is the engine that's powering all the communications behind them. So it's how customers want to look at it, interact with it, how it can be put into other vertical applications. And extrapolate it externally in a way that people are more likely to use and naturally interact with the platform. So think of it, the underlying engine plumbing and all that will be the core NetSapiens platform, which has just been a great winning hand for us. This is just a better way for people to consume it. George, we had invested most of our money up to this point in making sure that the platform was bulletproof, and we were providing the best software telecom platform in the industry. If there was one thing we weren't doing as well as the basic engineering, it would have been the look and feel. And this improves the look and feel and puts us at a complete competitive advantage to any of our competitors. I think it's now going to the best look and feel in the industry matched with the best engineering in the industry. And that makes a hell of a combination. So on the other side of innovation, the Metaswitch/Elecnor Deimos Group meeting did not sound like it moved anything forward. It was a marketing layer message, but really maintaining all their platforms. At what point does that lack of movement start to really accelerate your opportunities with those licensees? George, I don't believe in trashing the competition. I think our best way of selling is by showing that we have the absolute best products, people, and performance in the industry. Elecnor is a smart company. They're going to figure out what they have to do. We're not worrying about them. We're worrying about staying competitively ahead and rolling out the best products in the industry and the best price point in the industry. All in all, I think it gives us a superior advantage to anybody. But I will add there is a nuance. Not everybody agrees with me. No, I'm not actually competing with Jeff, George, but there is a nuance there that at our event, we focused on things that people either could walk out of the event, add to their offer, and sell today or before the end of 2025. So things that will be released here before the end of the year, primarily with one exception that was the preview of the Horizon Interface project. Everything else, people can take and monetize in the near-term future. So there's no market texture here where we're talking about what's going to happen way down the road. This was real exciting products that people can take and add to their platform today and grow their revenue tomorrow. George, I pointed out at the last UGM, which I think you were at too, as well as this one, I'm there to listen, not to talk, and a lot of the feedback I got last year was incorporated in the release we had this year. A lot of the feedback I got this year will be incorporated in the releases we do next year. We listen carefully to our licensees. We understand what they need, and we make sure we provide it. Got it. Okay. Thank you, guys. Thank you. And as a reminder, if you wish to ask a question on today's call, please press star one at any time. The next question is coming from Eric Martinuzzi from Lake Street. Eric, your line is live. Jeff, congratulations on the quarter as well. I wanted to ask you just along the lines of M&A. There was an acquisition yesterday by a competitor of yours, 8x8, and they went kind of outside their own technology architecture to pick up FluentStream. I just wanted to know your thoughts on. Is that something that you all might pursue if you could find something for the right price. A product running outside of the NetSapiens architecture? Well, Eric, you've heard Doug talk about our stock fishing pond. We have over 220 licensees on our platform who are already on our technology. That would be our preference to start with. While we're excited to see any movement in the industry, we think that's a good thing. Our preference would be to pick up our own technology in an acquisition. Nonetheless, if something compelling came along at the right price, we would look at it, of course. But we've got a lot right in front of us where there's no migration required because they're already on our platform, and that makes the most sense to us. Okay. And then I think historically, you've talked about acquisitions at revenue run rates in the neighborhood of $5-$10 million. The opportunity that you outlined in your prepared remarks, Jeff, early next year, hoping to close one by early next year, does that fit into that bucket? One of them fits in that bucket. One of them is a little larger. We're going to have to narrow down on one, but I'm quite confident we will do it. As you know, Eric, we're a small integration team here. So if we're doing something in the $20 million range, that would probably be the only acquisition for the year. If we did something in the $5 million-$10 million range, we would probably look for a second one. Got it. Thanks for taking my questions. Always a pleasure, Eric. Thank you. Thank you. And the next question is coming from Josh Nichols from B. Riley. Josh, your line is live. Hi, this is Matthew for Josh. Thanks for taking my questions. I guess to start off. It looks like the Oracle Cloud migration seems to be unlocking some good opportunity. Internationally with the ability to deploy in days versus weeks, like you mentioned earlier. So my question is, how quickly do you expect that international revenue mix to inflect from current levels? And what's kind of gating that pace of expansion from here? Our growth internationally then is larger than our growth domestically, but it's a small part of our business. So at this point, it's still a rounding error. I had spent part of the summer at our office in London meeting with customers and potential customers, and they're all very excited. Jon does it on a regular basis. Others of us do it on a regular basis. I expect international to continue to grow at a faster clip than domestically, but considering world issues, it's hard for me to give a number or specific guidance on it. Got it. And I guess switching over to, I guess, AI-related questions, you're building out a comprehensive stack with Kairo launching this month and OneReach for agentic AI and so on. But I'm wondering, what else can you layer into the platform from here? And are there additional capabilities you're evaluating or planning to roll out? There's always additional capabilities we're analyzing, but I'll let Doug answer the AI stack question. As I mentioned, we've got 41 vendors in our EVP program now. As Jon mentioned, 10 of those in our Codefest were showing AI solutions. The best part about our platform today is it's an open API platform. And so that means that anybody that is writing code out there, anybody that has a technology stack that they want to bring to our platform, it's easily integrated. So when we look at the opportunity for selling AI solutions, we highlighted three or four that we currently have, but we've got a number that are being in development as we speak. We've got applications that, as we saw at our UGM last week, with 65 sponsors, applications that range anywhere from texting to messaging to faxing, you name it. We've got those solutions that are developed and available for any and all of our licensees to sell to their end-user customers. So there's a tremendous amount of monetization still to be had with third-party development applications. Got it. Thanks. That was helpful, and I guess just one last quick question, so regarding the product gross margin, it dipped to the high 30s in Q3, which is softer than the low-to-mid-40s of the historical average. I'm just wondering, what drove that, and how should we expect that to change going into Q4 in 2026? Can you repeat that one more time, Matt? We're having a little hard time, a little echo there. Yeah. So regarding the product gross margin, it dipped to the high 30s in Q3, which is softer than the low- to mid-40s historical average. I'm wondering what's driving that and how we should expect that to change in Q4 in 2026. Yeah. We would expect that to improve. And go back into the low 40s range. We had some lower margin sales in the quarter that drove down the overall gross margin that we had in the quarter. Got it. That was it for me. Thanks for taking my questions. Thank you, Matt. Thank you. And that does conclude today's Q&A session. I will now hand the call back to Jeff Korn for closing remarks. I want to thank everybody for their attention. I want to thank everybody in the room here with me and everybody who is listening to the call who works with Crexendo. It was an amazing quarter, an amazing team effort, and I'm very, very excited for our future and for the next time we get to talk. Until then, thank you, and thank you for your attention. Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.