12. Subsequent Event

On February 20, 2026, subsequent to the balance sheet date of December 31, 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $30.0 million of its outstanding common stock. The repurchase program expires on either December 31, 2027, or once 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 the Company to make any repurchases and may be modified, suspended, or terminated by the Company 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.