ESO closes Q3 2026 with $1.50M in revenue year to date, 47.4% of the $3.166M annual goal. With no fund management fees recognized in Q3, ESO posted a Q3 net loss of $322,604, turning H1's $273,705 profit into a year-to-date loss of $48,899. Cash is the near-term priority. Operating cash was $71,070 at September 30, Wells Fargo's grant came in at $135,000 net, $100,000 below what was indicated, and the CFO projects operating cash below zero in November. New contract value reached $97,000 in Q3, 11% of the $900,000 target, bringing bookings to $758,200, or 37.9% of the $2M goal. Meanwhile the active pipeline nearly doubled to $6.73M. Lending accelerated, with $385,000 deployed to 8 businesses in Q3, lifting cumulative capital to $8.81M across 188 businesses. Delinquency above 30 days rose to 18.8%, and repayment held at 40.6%. OKR attainment reached 91% with a team of 10. The priority now is to convert pipeline into signed and recognized revenue to close the $1.67M gap, and to protect cash while we do it.