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SEC filingRevenues held nearly steady at $74.4M while operating income tripled to $2.4M from focused expense management, particularly at Chamonix, though net losses narrowed modestly to $8.2M amid negative cash flows.
The standout achievement was in profitability, where operating income surged 218% to $2.4 million from $738 thousand, delivering a 3.2% operating margin. This leap resulted from management's continuous emphasis on improving operating margins through revenue growth paired with rigorous expense management. Notably, declines in selling, general, and administrative expenses highlight a sustained effort to eliminate inefficiencies at Chamonix, spearheaded by a new property management team that joined throughout 2025 and into early 2026. These initiatives transformed cost structures without sacrificing core operations, enabling the company to convert modest revenue stability into meaningful bottom-line gains.