So this really represents a breakthrough with customer base we have. So we’re really excited about the future with this and being in a leadership position and being in a leadership position with the top global OEMs.
Sameer Joshi: Great. Great. Thanks, Ron, for that color. In terms of costs, I think there was a question around gross margins, and you also gave some color on it. But it seems that the SG&A expense was also lower quarter-over-quarter. I think the third quarter SG&A was $4.7 million versus $4.1 million, should we read anything into that? Or was that just some non-cash items?
Ron Dutt: Yeah, Chuck?
Chuck Scheiwe: Yeah. It’s not to read anything. I think the thing to read in that is we are keeping it sustained. So that’s — the bigger point is the operating numbers. So we’re not — there would be some, like you said, some non-cash items and non-recurring type stuff hit. But we really want to keep that operating leverage going forward and keep OpEx stable here.
Ron Dutt: Yes. And [Technical Difficulty] we’ve spoken to this a number of times. In order to secure and particularly to keep these large customers that have these large fleets, we have to have the capability to deliver product, product on time and service and service on a timely basis. So it does take — I think of it this way, a minimum level of capability in your fixed cost, your operating cost, your operating resources in order to do that. And if you look at our numbers, you’ve seen for a number of quarters now, very impressive operating leverage of revenue growing much faster than operating expense. And we expect that to continue as we have made the investment in UL listings, our quality, lean manufacturing, ISO 9000 that we felt are necessary to be a leader — a sustainable leader in the sector.
Sameer Joshi: Great. Great. Thanks. And then the last, we are already towards the end of September, this quarter is coming to an end. I know for the fiscal 2024, you may not be able to give guidance. But for this next quarter, based on whatever you have seen thus far, should we expect a sequential or year-over-year improvements in the top line? How should we look this quarter?
Ron Dutt: Well, I think this quarter — this quarter, historically for us has often been the weaker quarter because of some of — a number of our large customers are beverage and food delivery companies that do not like implementing new assets during the summer, July, August and even September. And so tend to shy away from that in how they pace their deliveries. So I think that continues. It wasn’t quite so much last year, but again, we are seeing it. Chuck, can you add anything to that?
Chuck Scheiwe: No. it’s exactly it. We are seasoned — seeing that typical seasonality we see in this July, August, September quarter is typically down a little bit over prior quarters. And a lot of that has driven as — some of our largest customer used to call it just the summer months, it’s — they go quiet because they’re too busy delivering beverages.
Sameer Joshi: Got it. Understood. Thanks, and good luck. Thanks for taking me.
Chuck Scheiwe: Yeah, thank you.
Ron Dutt: Thank you.
Operator: Thank you. There are no further questions at this time. I would now like to turn the call back to Mr. Dutt for closing remarks.
Ron Dutt: Thank you, operator. I’d like to thank each of you for joining our financial results conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions or didn’t get to them, please reach out to our IR firm, MZ Group, who would be more than happy to assist. And this concludes our call. Thank you.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
