This latest authorization follows a previous buyback program initiated in 2025. Under the prior mandate, the company repurchased 236,907 shares at an average price of $8.15, totaling approximately $1.9 million in aggregate value. Brian Murphy, President and CEO, attributed the move to the company's debt-free balance sheet, which he noted provides the necessary flexibility to fund innovation, pursue acquisitions, and support shareholder returns.

Management retains full discretion over the timing and volume of the repurchases, which may be executed through open market purchases, block trades, or private negotiations. The company is under no obligation to reach the $10 million limit and reserves the right to suspend or discontinue the program at any time based on market conditions, stock volatility, or internal capital requirements.