Revenue decline of 14.4% in Q4 was primarily attributed to a difficult year-over-year comparison against a significant order pull-forward in late 2024. Management noted a 'whipsaw effect' in ordering patterns as customers paused activity in mid-2025 to assess the impact of major tariff shifts. Gross margin expansion of 210 basis points was driven by a strategic shift toward higher-margin businesses within the Brands, Products, and Channels (BPC) framework. Operating loss improved year-over-year due ...