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Procore Technologies, Inc. (PCOR) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good afternoon. Thank you for attending today’s Procore Technologies, Inc. FY ‘ 25 Q4 Earnings Call. My name is Tamia, and I will be your moderator for today’s call. [Operator Instructions]. I would now like to pass the conference over to your host, Alexandra Geller, Head of IR.

Alexandra Geller
Head of Investor Relations

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Good afternoon, and welcome to Procore’s 2025 Fourth Quarter Earnings Call. I’m Alexandra Geller, Head of Investor Relations. With me today are Ajei Gopal, President and CEO; and Howard Fu, CFO. Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website and our periodic reports filed with the SEC. Today’s call is being recorded, and a replay will be available following the conclusion of the call.

Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, platform and products, customer demand, operations and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements are subject to risks, uncertainties and assumptions and are based on management’s current expectations and views as of today, February 12, 2026. Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated

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Sris Sinnathamby on Building Property That Lasts

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Sris Sinnathamby on Building Property That Lasts

Sris Sinnathamby is a Los Angeles–based Real Estate Developer and Investor with more than three decades of experience across Southern California.

He works at the intersection of real estate and hospitality, focusing on overlooked or underperforming assets and turning them into well-run, enduring properties.

His approach is hands-on and disciplined. He operates as an owner, not a distant investor. He looks closely at cash flow, operations, partnerships, and long-term viability. For Sris, success is not about quick wins. It is about durability.

He often says the 2008 financial crisis shaped his thinking. That period reinforced a core belief: cash flow is paramount and long-term thinking is essential. Since then, he has built his work around steady fundamentals rather than market hype.

Sris believes strong leadership in property development requires patience, integrity, humility, and decisiveness. He regularly reviews performance, adjusts based on real data, and focuses on what truly drives results. He values sustainable outcomes over short-term recognition.

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Influenced deeply by his father, Sris carries a values-based mindset into his business decisions. He also believes personal well-being supports better judgement and clearer thinking.

Over the years, he has navigated capital constraints, market shifts, and complex stakeholder dynamics. Through it all, he has remained focused on disciplined execution and creating spaces that stand the test of time.

Sris Sinnathamby on Long-Term Thinking in Property

Q: You have spent more than 30 years in real estate and hospitality. How did your journey begin?

I have always been drawn to building and improving things. Early on, I saw property not just as buildings, but as living systems. They require attention, discipline, and patience. Over time, I focused on overlooked or underperforming assets. I realised that with the right structure and operational focus, those properties could become strong, long-term performers.

Q: What shaped your philosophy as a developer?

My father had a major influence on me. He taught me values that still guide my decisions today. Patience. Integrity. Humility. Decisiveness. In property development, those traits matter. Projects take years. Markets move. You need steady judgement.

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I define success as building things that last while staying aligned with my values and commitments. It is about long-term impact, not short-term wins.

Q: The 2008 financial crisis was a turning point for many in the industry. What did you learn?

The crisis was a hard lesson. It made one thing clear: cash flow is paramount and you must always think long-term. When markets fall, optimism does not save you. Fundamentals do.

After 2008, I focused even more on disciplined execution. I paid closer attention to operational details and financial sustainability. That mindset has stayed with me ever since.

Q: You have mentioned facing capital constraints and market shifts. How did you navigate those periods?

I have faced capital constraints, market shifts, and complex stakeholder dynamics. I overcame them by staying disciplined, surrounding myself with a strong team, and remaining adaptable without losing focus.

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You cannot control the market. But you can control your decisions, your partnerships, and your daily execution. That is where I put my energy.

Q: How do you manage performance across your projects?

I regularly review progress and adjust based on real data. I stay focused on what actually moves the needle. Emotion has no place in operational decisions.

In real estate, small improvements compound over time. That is where sustainable value is created.

Q: What qualities do you believe are essential for long-term success in property development?

Patience, integrity, being humble, and decisiveness are critical. You must listen to others. You must learn continuously. But you also need to make clear decisions when the time comes.

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Sustainable results matter more to me than short-term recognition. Recognition fades. Strong assets endure.

Q: How do you stay grounded during uncertain periods?

Consistent routines help me. Focusing on controllable actions helps me move forward even when outcomes feel uncertain. Markets can be volatile. Discipline keeps you steady.

I also believe continuous learning is essential. Experience teaches you lessons, but reflection and surrounding yourself with smart operators keeps you evolving.

Q: What role does personal well-being play in leadership?

It plays a larger role than many people admit. When personal well-being is strong, decision-making improves and professional success becomes more meaningful. Clear thinking requires balance.

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Q: After three decades, how do you measure success today?

I measure success by durability. Are the properties well-run? Are the partnerships strong? Have we created something that can stand the test of time?

If the answer is yes, then the work has been worthwhile.

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Brent stays above $100, Asian stocks fall

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Brent stays above $100, Asian stocks fall
Tokyo, Mar 13, 2026 -Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on Friday, after Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz.

Having risen above $100 on Thursday, Brent was up 0.20 percent at $100.66 at around 0020 GMT, while West Texas Intermediate was flat at $95.75.

In Japan, the Nikkei was down 1.4 percent at 53,687.30 points while the Kospi in South Korea fell 2.2 percent to 5,462.97.

With Gulf states slashing production and oil tankers stuck in the Gulf, benchmark oil prices have risen 40 to 50 percent since the United States and Israel attacked Iran on February 28, threatening to curb growth and stoke inflation.

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The Strait of Hormuz, a crucial waterway for crude, remains effectively shut.


Saudi forces intercepted dozens of drones on Friday and Israel came under attack from missiles launched by Tehran.
The International Energy Agency has warned that the Middle East war could lead to “the largest supply disruption” in the industry’s history.But US President Donald Trump wrote on social media that defeating Iran’s “evil empire” was more important than crude prices.

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Courtemanche, Procore Technologies director, sells $3.2m in PCOR stock

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Courtemanche, Procore Technologies director, sells $3.2m in PCOR stock

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American farmers fight high diesel prices ahead of Spring planting season

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MURFREESBORO, Tenn. – Farmers work on notoriously tight profit margins and the high cost to fuel their equipment is another layer of budgeting they have to think about this planting season.

About 20% of the world’s daily oil supply passes through the Strait of Hormuz off the coast of Iran. In retaliation to the U.S. strikes in the Middle East, the Iranian Regime has threatened to attack any vessels that cross the strait.

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The deadlock means higher gas prices globally, including in the U.S.

Farmers are getting ready for spring planting season, one of their most energy-dependent times of year. Will Hutchinson, a Middle Tennessee farmer, said the timing of the Iran conflict couldn’t be worse.

CARGO SHIP STRUCK IN STRAIT OF HORMUZ AMID IRAN CONFLICT

Strait of Hormuz at standstill

About 20% of the world’s oil supply crosses the Strait of Hormuz off the coast of Iran. The Iranian Regime is threatening to attack any vessels that cross the strait without permission.  (FOX / Fox News)

“With the timing of the recent events right here at planting season, it kind of caught us off guard a little bit,” Hutchinson said.

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Hutchinson burns about 500 gallons of diesel fuel every day during planting season. On an average day during the fall harvest, he uses about 1,500 gallons of diesel and 5,000 gallons of liquefied petroleum (LP) gas.

Many farmers are trying to get by with what they already have in storage. Hutchinson holds 20,000 gallons of diesel in two metal tanks on his property. He stores 6,000 pounds of LP fuel just a few steps away.

“If we don’t get some resolution here in the next few months, we’ll burn through that buffer that we have here,” Hutchinson said. 

Diesel tanks on Tennessee farm

Will Hutchinson stores 20,000 gallons of diesel and 6,000 gallons of liquefied petroleum fuel on his farm in Murfreesboro, Tennessee. (FOX / Fox News)

On Wednesday, the national average for a gallon of diesel fuel was $4.83. The price has jumped more than a dollar in less than a month. 

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IRAN THREATENS $200 OIL BARRELS AS US PREPARES MASSIVE RELEASE OF EMERGENCY PETROLEUM RESERVES

Nick Ewen, The Points Guy Senior Editorial Director, said gas prices could keep climbing for several weeks, even after the Iran conflict ends. 

“The big question is how high they could go, and we just don’t know. It depends on how long the conflict drags on and how long the bottleneck in the Strait of Hormuz winds up becoming,” Ewen said. “The bottom line is that there definitely is going to be some pain for anyone trying to fill up their car or their truck at the gas pump for, likely, several additional weeks.”

Diesel pump at Tennessee farm

Many farmers have no choice but to keep spending on diesel as planting season gets closer. Farmers are hoping for an end to the high gas prices brought on by the Iran conflict. (FOX / Fox News)

Hutchinson said budgeting for high fuel prices expands beyond the tractors he operates in the field. He pays for the fuel used at all levels of the supply chain. 

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“We’re getting squeezed on the fuel front for, you know, field operations, and then it’s also on us to move our product to market. Every step of that process has got to have diesel fuel,” Hutchinson said. “It’s catching it at two different angles from the manufacturing cost as well as the transportation cost.”

CLICK HERE TO GET FOX BUSINESS ON THE GO

In 2023, crude oil made up more than 75% of U.S. petroleum imports, according to the Energy Information Administration. The U.S. exported more than 4 million barrels of its own crude oil the same year.

“If anything, this just really highlights the need for, you know, as much energy independence as possible,” Hutchinson said. “If we can produce as much energy in this country, that helps cushion the blow in times like these.”

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Zumiez Inc. (ZUMZ) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Zumiez Inc. (ZUMZ) Q4 2025 Earnings Call March 12, 2026 5:00 PM EDT

Company Participants

Richard Brooks – CEO & Director
Christopher Work – Chief Financial Officer

Conference Call Participants

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Mitchel Kummetz – Seaport Research Partners
Richard Magnusen – B. Riley Securities, Inc., Research Division
Marcus Belanger – William Blair & Company L.L.C., Research Division

Presentation

Operator

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Good afternoon, ladies and gentlemen, and welcome to Zumiez Inc. Fourth Quarter Fiscal 2025 Earnings Conference Call. [Operator Instructions]

Before we begin, I’d like to remind everyone of the company’s safe harbor language. Today’s conference call includes comments concerning Zumiez Inc.’s business outlook and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call are not based on historical facts, are subject to risks and uncertainties. Actual results may differ materially. Additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez’s filings with the SEC.

At this time, I would like to turn the call over to Rick Brooks, Chief Executive Officer. You may begin.

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Richard Brooks
CEO & Director

Hello, and thank you, everyone, for joining us on today’s call. With me today is Chris Work, our Chief Financial Officer. I’ll begin with remarks about our fourth quarter performance and the successful holiday season we just completed before reflecting on our strong full year 2025 results and discussing our strategic priorities. Chris will then take you through the financials and our outlook for fiscal 2026. After that, we’ll open the call to your questions.

We’re pleased with our fourth quarter results, which capped off a second consecutive year of important progress for Zumiez. Q4 results were highlighted by robust full price selling in North America during the important holiday season, which fueled mid-single-digit

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Form 144 Patrick Industries For: 12 March

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Form 144 Patrick Industries For: 12 March

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CF) Rockets to New Highs as Geopolitical Tensions Drive Fertilizer Prices Higher

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CF Industries Holdings (NYSE: CF)

CF Industries Holdings, Inc. (NYSE: CF) shares exploded higher on March 12, 2026, building on the previous day’s massive rally and hitting fresh all-time highs as ongoing Middle East conflicts continued to squeeze global fertilizer supplies and boost nitrogen pricing.

CF Industries Holdings (NYSE: CF)
CF Industries Holdings (NYSE: CF)

CF closed the March 11 session at $120.13, surging $10.08 or 9.16% on volume of more than 6.3 million shares, far exceeding average daily levels. The stock opened at $113.32 and ranged from a low of $112.50 to a high of $120.50. Momentum carried strongly into March 12 trading, with shares opening around $128.02 and climbing as high as $130.59 intraday, trading up around 7-10% in early to mid-session activity depending on real-time quotes, pushing the market cap toward the mid-$20 billion range.

The explosive moves stem from heightened geopolitical risks in the Middle East, particularly involving Iran, a significant exporter of urea that represents about 10% of global supply. Disruptions to shipments amid escalating tensions have tightened the nitrogen fertilizer market, driving up prices for key products like urea and ammonia. North American producers like CF Industries, with access to abundant, low-cost natural gas feedstock, stand to benefit disproportionately as higher global prices improve margins without corresponding cost spikes.

Analysts highlighted the supply shock’s potential to sustain elevated nitrogen prices through at least the first half of 2026. Barclays recently raised its price target on CF to $120 from $100 while maintaining an Overweight rating, citing the conflict’s impact on fertilizer costs. Other observers noted CF’s outperformance relative to peers like Mosaic (MOS) and LSB Industries, with the stock gaining over 20% in recent weeks amid the turmoil.

The rally has propelled CF well above its prior 52-week high near $121.80, with year-to-date gains exceeding 50% from the low of $67.34. The stock’s beta remains moderate, but commodity sensitivity has amplified volatility in this environment.

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CF Industries, a leading global manufacturer of hydrogen and nitrogen products, derives the bulk of its revenue from agricultural fertilizers including ammonia, granular urea, urea ammonium nitrate (UAN), and ammonium nitrate. The company operates world-scale facilities primarily in North America, leveraging cost advantages from domestic natural gas to serve farmers amid rising global food security demands.

Beyond traditional fertilizers, CF has aggressively pursued decarbonization to position itself in the emerging clean energy landscape. Blue ammonia projects, carbon capture initiatives, and partnerships like the Blue Point joint venture aim to produce low-carbon ammonia for industrial uses, hydrogen economies, shipping fuel, and emissions reduction. Recent participation in events such as the BofA 2026 Global Agriculture Conference and upcoming presentations at the World Hydrogen & Carbon Americas 2026 conference underscore this strategic shift toward sustainable ammonia platforms.

The company’s latest financial results, reported February 18, 2026, for the fourth quarter and full year 2025, showed resilience. Full-year net earnings reached $1.46 billion, or about $8.97 per diluted share, with adjusted EBITDA of $2.89 billion. Fourth-quarter net earnings were $404 million, or $2.59 per diluted share—beating estimates—with adjusted EBITDA at $821 million on revenue of $1.87 billion, up 22.8% year-over-year and above expectations.

Management highlighted strong demand in core agricultural segments, higher realizations for ammonia and urea, and progress on clean energy efforts. The company returned significant capital to shareholders in 2025 through buybacks and dividends, completing programs and maintaining a quarterly payout with a forward yield around 1.5-1.8% at recent levels.

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Despite the near-term tailwinds from supply disruptions, challenges persist. Fertilizer markets are cyclical, influenced by energy costs, crop economics, weather patterns, and potential new global capacity additions. Some analysts remain cautious, with mixed ratings including holds and sells citing risks of price normalization post-geopolitical resolution or policy shifts affecting decarbonization incentives.

Upcoming catalysts include first-quarter 2026 earnings, slated for early May (around May 6), which will offer insights into spring planting demand, current nitrogen price trends, and updates on low-carbon projects. Operational issues, such as a temporary outage at the Yazoo City facility expected to impact EBITDA modestly through later quarters (with insurance offsets), are also on investors’ radar.

CF’s strong balance sheet, cash generation, and dual exposure to essential agriculture inputs and the energy transition have drawn renewed institutional interest, including recent stake increases by firms like Van ECK Associates.

As global fertilizer markets grapple with supply uncertainties and food production pressures mount, CF Industries exemplifies the intersection of commodity fundamentals and strategic adaptation. The current surge reflects acute supply fears, but long-term value hinges on executing clean ammonia ambitions amid volatile cycles.

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For investors, CF remains a high-conviction play on nitrogen’s indispensable role in global agriculture and the push toward sustainable energy solutions, though with inherent risks tied to geopolitics and market swings.

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Beginner’s Guide to Finding Professional Debridement Treatment in Your Area

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When dealing with chronic wounds, burns, or infected tissue, professional debridement treatment can be essential for proper healing. However, finding the right medical provider for this specialized procedure isn't always straightforward.

When dealing with chronic wounds, burns, or infected tissue, professional debridement treatment can be essential for proper healing. However, finding the right medical provider for this specialized procedure isn’t always straightforward.

This guide will walk you through everything you need to know about locating qualified debridement services in your local area and what to expect during your search.

Understanding What Debridement Treatment Involves

Debridement is a medical procedure that removes dead, damaged, or infected tissue from wounds to promote healing. Healthcare professionals use various methods including surgical, mechanical, enzymatic, or biological techniques depending on the wound’s severity and location.

This treatment is commonly needed for diabetic ulcers, pressure sores, burns, and surgical wounds that aren’t healing properly. Understanding the basics of debridement helps you communicate more effectively with potential providers and ask informed questions about their approach.

The procedure can range from simple office-based treatments to more complex surgical interventions requiring hospital facilities. Knowing which type you need will significantly narrow your search for the right medical professional.

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Types of Healthcare Providers Who Perform Debridement

Several types of medical professionals are qualified to perform debridement procedures. Wound care specialists have dedicated training in managing complex wounds and often work in specialized wound care centers. These facilities typically offer the most comprehensive debridement services.

General surgeons and plastic surgeons frequently perform surgical debridement, particularly for extensive wounds or those requiring reconstruction. Podiatrists specialize in foot and ankle debridement, making them ideal for diabetic foot ulcers and other lower extremity wounds.

Primary care physicians may handle simple debridement cases in their offices, while dermatologists often treat surface-level tissue removal. Understanding which specialist matches your specific needs will streamline your search process considerably.

Starting Your Search for Local Debridement Services

Begin by consulting your primary care physician for a referral, as they understand your medical history and can recommend appropriate specialists. Insurance companies also maintain provider directories that list in-network wound care specialists and surgeons who perform debridement.

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Hospital websites often feature physician finder tools where you can search by specialty and location. Many hospitals have dedicated wound care centers staffed by teams specifically trained in debridement and wound management.

When searching online for “debridement near me,” you’ll find various options, but verify credentials and read patient reviews carefully before making appointments. Local medical societies and professional organizations can also provide referrals to qualified practitioners in your area.

Questions to Ask Potential Providers

Once you’ve identified potential providers, prepare a list of important questions before scheduling consultations. Ask about their experience with your specific type of wound and how many debridement procedures they perform annually.

Inquire about which debridement methods they use and why they’d recommend a particular approach for your situation. Understanding their treatment philosophy helps ensure alignment with your preferences and comfort level.

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Don’t hesitate to ask about success rates, potential complications, and what the recovery process typically involves. Questions about costs, insurance coverage, and payment plans are equally important for planning purposes.

Evaluating Wound Care Centers and Clinics

When considering wound care centers, look for facilities accredited by recognized healthcare organizations. Accreditation indicates adherence to quality standards and best practices in wound management.

Visit the facility if possible to assess cleanliness, organization, and staff professionalism. The environment should feel welcoming yet maintain obvious medical hygiene standards.

Check whether the center offers comprehensive services including follow-up care, nutritional counseling, and patient education. Comprehensive care typically leads to better outcomes than facilities offering only basic debridement services.

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Insurance Coverage and Cost Considerations

Contact your insurance provider before scheduling any procedures to understand coverage details. Most insurance plans cover medically necessary debridement, but prior authorization may be required.

Ask providers about typical costs and whether they offer payment plans for out-of-pocket expenses. Some facilities have financial counselors who can help navigate insurance issues and explore assistance programs.

Understanding costs upfront prevents surprises and allows you to make informed decisions about your care. Don’t let financial concerns prevent you from asking detailed questions about billing and payment expectations.

Making Your Final Decision

After researching options and consulting with providers, trust your instincts about which professional makes you feel most comfortable. Effective wound care requires ongoing communication and trust between patient and provider.

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Consider practical factors like office location, appointment availability, and staff responsiveness. These elements significantly impact your overall treatment experience, especially if multiple visits are necessary.

Choose a provider who takes time to explain procedures, answers questions thoroughly, and demonstrates genuine concern for your wellbeing. The right match combines technical expertise with compassionate, patient-centered care that addresses your individual needs and concerns.

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(VIDEO) Iran’s Mojtaba Khamenei Issues Defiant First Statement as Supreme Leader

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Zayed International Airport Abu Dhabi International Airport

Tehran — Iran’s new Supreme Leader, Mojtaba Khamenei, issued his first public statement Thursday, vowing to maintain the closure of the Strait of Hormuz as leverage against enemies and warning that attacks on U.S. military bases in the region would continue, as the war with the United States and Israel entered its 13th day.

Mojtaba Khamenei
Mojtaba Khamenei

The statement, read aloud on state television rather than delivered in person by Khamenei himself, called for national unity in the face of aggression and praised Iran’s armed forces for preventing domination or division of the country. A photograph of the 56-year-old cleric appeared on screen during the broadcast, but questions lingered about his health and whereabouts following reports of injuries sustained in the opening strikes of the conflict.

In the remarks, attributed directly to Khamenei, he declared that the Strait of Hormuz—a critical global chokepoint for oil shipments—must remain closed as a “tool to pressure the enemy.” He demanded the immediate closure of all U.S. bases in the Middle East, threatening further attacks if they did not comply. Khamenei emphasized Iran’s desire for friendship with neighboring countries while insisting that operations would target only American installations.

“I assure everyone that we will not refrain from avenging the blood of your martyrs,” the statement said, according to translations by Reuters and other outlets. He referenced specific incidents, including the deaths of children in attacks, and pledged that enemies would “pay the price.” Khamenei also claimed he learned of his appointment as Supreme Leader via state television, underscoring the chaotic circumstances of his ascension.

The broadcast came amid intense speculation about Khamenei’s condition. Multiple reports, including from The New York Times citing Israeli and Iranian officials, indicated he suffered leg injuries—possibly including a fractured foot and face wounds—during the initial U.S.-Israeli strikes on Feb. 28 that killed his father, Ayatollah Ali Khamenei, along with other family members including his wife and relatives. He has not appeared publicly or on video since his selection by the Assembly of Experts on March 9, fueling rumors of more severe injuries, including unconfirmed claims of a coma or leg amputation circulated in some Western media.

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Iranian officials and state-affiliated outlets have pushed back, with one source close to President Masoud Pezeshkian insisting Khamenei is “safe and sound.” The absence from public view has been attributed to recovery needs or security concerns, as elite NOPO counterterrorism units now guard the new leader.

Mojtaba Khamenei, born in 1969 in Mashhad, is the second son of the late Ayatollah Ali Khamenei, who ruled as Supreme Leader since 1989 until his death at 86 in the war’s first hours. A hard-line cleric who studied in Qom and fought in the Iran-Iraq War as a teenager, Mojtaba long served as a close adviser to his father while maintaining a low public profile. His selection marked an unprecedented dynastic succession in the Islamic Republic, defying traditional norms against hereditary leadership and drawing sharp criticism from U.S. President Donald Trump, who called the choice “unacceptable” and a “lightweight.”

The Assembly of Experts, an 88-member body of Shia clerics, convened amid ongoing bombardment to select him swiftly, signaling continuity and defiance against external pressure. Analysts described the move as a provocation, with one expert calling it a “blunt middle finger” to demands for regime change or veto power over Iran’s leadership.

The war, dubbed by some as the “Ramadan War,” erupted Feb. 28 with massive joint U.S.-Israeli airstrikes targeting Iranian leadership compounds, military sites, and infrastructure. It has escalated into broader regional conflict, with Iran launching retaliatory strikes, closing key maritime routes, and threatening further escalation. Oil prices have spiked amid fears over the Strait of Hormuz, through which about 20% of global oil passes.

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Khamenei’s statement reinforced Iran’s strategy of asymmetric pressure, including proxy operations and threats to energy flows, while praising the military’s resilience. He vowed to open additional fronts if necessary and obtain “compensation” from adversaries.

The remarks drew immediate international reactions. U.S. officials dismissed them as bluster from a weakened regime, while allies in the region expressed concern over potential disruptions to global shipping. The war has already caused significant casualties, with strikes hitting civilian areas including schools, and displaced populations amid infrastructure damage.

Khamenei’s elevation comes at a pivotal moment for Iran, facing existential threats from sustained aerial campaigns. His background in the clerical establishment and proximity to the IRGC positions him to maintain hard-line policies, but his lack of public experience and current invisibility raise questions about command effectiveness during crisis.

As the conflict rages, with no clear end in sight, Mojtaba Khamenei’s first message—delivered indirectly—aims to project strength and unity. Whether he can consolidate power and navigate the war remains uncertain, as Iran balances defiance with survival in one of its most perilous chapters.

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Form 4 Tripadvisor Inc For: 12 March

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Form 4 Tripadvisor Inc For: 12 March

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