Executive Summary\n\n- Financially, Sonoma delivered Q3 2025 revenue of $3.564 million, up 13.6% year over year (YoY) and down 0.4% quarter over quarter (QoQ) from Q2 2025. Gross profit was $1.27 million, yielding a gross margin of 35.6%. Operating income was a loss of $1.031 million and net income stood at a loss of $0.928 million, or about a $0.63 per share loss on 1.464 million weighted shares. The YoY decline in profitability metrics reflects ongoing investments in the core HOCl portfolio against a small revenue base.\n\n- Profitability metrics remained negative, with EBITDA at $(0.998) million and an EBITDAR of approximately $(0.28) per dollar of revenue. Despite the ongoing losses, the company generated positive operating cash flow of $0.565 million and free cash flow of $0.563 million in the quarter. Cash at period end was $5.236 million, supporting liquidity in the near term. The current ratio was 3.34 and the quick ratio was 2.49, underscoring a solid short‑term liquidity position given modest near‑term cash needs.\n\n- The balance sheet shows meaningful accumulated deficits (retained earnings of $(197.03) million) and a relatively small stockholders’ equity base of $4.87 million, but with low leverage reflected by total debt of $119 thousand and net debt of $(5.12) million after netting cash. Management commentary on strategic milestones was not included in the provided data, limiting the ability to quantify near-term catalysts. Overall, Sonoma remains a high‑risk, small‑cap healthcare name with limited revenue scale but meaningful liquidity to pursue product commercialization and market expansion over the next several quarters.