Jason Hall

I talked about the growing cash flows that are starting to accelerate to pay for it.

About $15 million in revenue last quarter.

They think they're going to finish the fourth quarter with maybe as much as $75 million in revenue in the second half of the year.

We're starting to see some build.

They have to ramp those revenue quickly.

The company spent $100 million in operating expenses last quarter.

I don't want to call 2026 a make-or-break year.

But in some ways, it may be.

Thanks, Emily.

Thanks, Emily.

I mean, enjoying is one way to put it, but we're not going to really talk about it here because it's still so early in the story.

It's a thing that's going on.

I've followed Trex for about 15 years now.

This is not the first time that we've seen this with Trex.

I'll say this, this is the first time we've seen the stock fall 75% from the previous high in the past 15 years.

But going back since 2010, Tim, I've seen the stock fall 30% 10 times.

And 40% or more, about half of those, this is a very seasonal, cyclical business.

And the funny thing is, kind of like you just talked about with Axon, the numbers really weren't bad for the quarter.

It's all about, what are you going to do for me?

That's the story.