Q3 2024 Treasure Global Inc Earnings Call
Operator: Good day everyone, and welcome to Treasure Global Inc.'s third quarter fiscal year 2024 earnings call. At this time, participants are in a listen-only mode. A question and answer session will follow management's remarks. This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Shaw, Chief Marketing Officer of Treasure Global Inc., for an introduction and the reading of the Safe Harbor Statement. Please go ahead. Ladies and gentlemen, please remain online. The conference is due to resume shortly.
Good day, everyone and welcome to tissue Global Inc. Third quarter fiscal year, 'twenty 'twenty four earnings call.
Unknown Attendee: Unknown Attendee, Meng Chan, Sophia Bashford, Treasure Global, Unknown Attendee, Meng Chan, Sophia Bashford, Treasure Global, Unknown Attendee, Meng Chan, Sophia Bashford,
Speaker Change: At this time participants are in listen only mode.
Speaker Change: A question and answer session will follow management's remarks.
Speaker Change: This conference call is being recorded.
Speaker Change: A replay of today's call will be available on the Investor Relations section of teaching ALS with hot.
Speaker Change: And we will remain posted they for the next 30 days.
Speaker Change: I will now hand, the call over to <unk> Shah Chief Marketing Officer of Tricia Global Inc. For introduction and the reading of the Safe Harbor statement. Please go ahead.
Speaker Change: Ladies and gentlemen, please remain online the conference just you to resume shortly.
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Operator: Good day, everyone, and welcome to Treasure Global Inc.'s third quarter fiscal year 2024 earnings call. At this time, participants are in a listen-only mode. A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Chua, Chief Marketing Officer of Treasure Global Inc., for introductions and the reading of the Safe Harbor Statement. Please go ahead.
Speaker Change: Good day everyone.
Tricia Pebbles: Welcome to Tricia Pebbles, Inc, third quarter fiscal year, 'twenty 'twenty four earnings call.
Speaker Change: At this time participants are in a listen only mode.
Speaker Change: A replay of today's call will be available on the Investor Relations section of T. G. L sweetheart, and will remain posted day for the next 30 days.
Speaker Change: I will now hand over to you to Shaw Chief marketing officer of tissue Global Inc. For introductions and the reading of the Safe Harbor statement. Please go ahead.
Sue Shaw: Thank you, operator. Good morning, everyone.
Speaker Change: Thank you operator, good morning, everyone and welcome to the thresholds double third quarter fiscal year 2000 to four we felt conference call with US today, we have our chief Executive officer. Thank you.
Sue Shaw: And welcome to Treasure Global's third quarter fiscal year 2024 result conference call. With us today, we have our Chief Executive Officer, Sam Teo. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from Treasure Global's Management Meet within the meaning of Section 27A of the Security Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, concerning future events.
Speaker Change: Before we begin I would like to remind you that today's call contains certain forward looking statements some threshold level of management within the meaning of section 27, and eight of the Securities Act of 1933 as amended and section 21 E of the Securities and Exchange Act all night.
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Speaker Change: And it concerning future events.
Sue Shaw: Words such as may, should, project, expect, intend, plan, believe, anticipate, hope, estimate, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the risk factor sections of the company's 10-K for the year ended June 30, 2003, and subsequent filings with the FEC. Copies of this document are available on the SEC's website at www.sec.gov.
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Speaker Change: Beliefs, anticipates hopes estimates and variations of such words and similar expressions are intended to identify forward looking statements. These statements are subject to numerous conditions many of which are beyond the control of the company, including those set forth in the risk factors section.
Speaker Change: Of the company's Form 10-K for the year ended June 30.
Speaker Change: 1002 will treat and subsequent following Paul wished to S E T.
Speaker Change: Copies of these documents are available on the Sec's website at Ww Dot F E G O b.
Speaker Change: Actual results may differ materially from those expressed or implied by such forward looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call except as required by law now it is my pleasure to introduce thank you.
Sue Shaw: Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. Now, it is my pleasure to introduce Sam Teo, CEO of TGL. Sam, you may now begin.
Speaker Change: E O O P J L.
Speaker Change: You may now begin.
Unknown Attendee: Thanks, Sue. And good morning, and thank you everyone for joining us today on our third quarter of Fiscal 2024 earnings conference call. Covering the period ended March 31st, 2024. I will start with a highlight of our third quarter business performance, followed by our financial results. At Treasure Global, we maintain a positive outlook and grow steadily in this ever-changing macro environment. We are proud to say that we have developed a strategy that works in all conditions, allowing us to grow regardless of the situation.
Speaker Change: Thank you Sue and good morning, and thanks, everyone for joining us today on what that quite a bit off script 'twenty 'twenty four earnings conference call covering the Peter and that must be the first 2024, I will start with the highlights of our third quarter business performance.
Speaker Change: Hello by our financial results.
Churchill Gabor: Churchill Gabor, we maintain a positive outlook and growth steadily in this ever changing macro environment.
Churchill Gabor: We are proud to say that we have to do with our strategy.
Churchill Gabor: All conditions.
Churchill Gabor: With us to grow the gallon of cash situation, our focus remains on delivering value to our customers and question rich.
Unknown Attendee: Our focus remains on delivering value to our customers and consumers, which ultimately enables us to drive sustainable growth for all our shareholders. Before I begin, I'm happy to announce the opening of the new ZEC City Premium Store, which we discussed last quarter. This addition has not only broadened our product portfolio but has also significantly boosted our gross profit margin. This growth perfectly aligns with our strategy, vision, and path forward. In this quarter, we have successfully filed an S3 and initiated an ATM offering, securing an aggregate offering price of up to US$2.99 million.
Churchill Gabor: Which ultimately.
Churchill Gabor: Enabling us to drive sustainable growth for our shareholders before I begin I'm happy to now achieve.
Churchill Gabor: After news actually deeply missed all reached with these costs last quarter.
Speaker Change: This addition has not only brought at our product portfolio.
Speaker Change: Oh, so significantly boosted our gross profit margin. These are fairly in line with our strategy, we should and thoughtful way.
Speaker Change: In this quarter, we have successfully filed an S. Three and initiate the ATM offering securing an aggregate offering price of up to a U S. Dollar to point me to.
Unknown Attendee: This strategic financing effort has provided us with the necessary capital while maintaining flexibility and alignment with our growth strategy. The fund will be put towards driving forward our business initiatives, fostering innovation, and ultimately creating more value for our shareholders. We will dive deeper into our AI initiatives, market expansion efforts, and key achievements shortly. Additionally, we are pleased to further solidify our competitive advantage in the blockchain market and open up new avenues for revenue expansion and portfolio growth.
Speaker Change: These strategies financing.
Speaker Change: This provides us.
Speaker Change: With the necessary capital, while maintaining flexibility in alignment with our strategy.
Speaker Change: The fund will be put towards driving forward, our <unk> initiative.
Speaker Change: Innovation, and ultimately, creating more value for our shareholders.
Speaker Change: Deeper into our shifting market expansion efforts and key achievements shortly.
Speaker Change: Additionally, we are pleased to further solidify our competitive one dish and construction market.
Speaker Change: A new Avenue for revenue expansion in California of course.
Unknown Attendee: Our recent partnership as the exclusive provider of an AI blockchain wallet on Telegram places us at the forefront of innovation in the blockchain sector. This strategic decision not only expands our portfolio but also reinforces our competitive edge by securing the first right of refusal. Furthermore, it unlocks promising new business opportunities within the blockchain market. Let's now proceed to explore the highlights of our third quarter.
Speaker Change: The recent policy as the exclusive provider often akshay walnut on Peregrine places us at the forefront of the way you should think about change such that these strategies did she said not on the sprint our portfolio, but also reinforces our competitive issue by securing the first of all free future.
Speaker Change: Furthermore, is unlocked promising new business opportunity within the blockchain market.
Speaker Change: Let's now proceed spool a highlight of our third.
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Unknown Attendee: In the third quarter of 2024, Treasure Global remained laser focused on innovation, utilizing artificial intelligence to enhance products and foster better customer connection. Our AI initiative empowers us to anticipate customer needs, strengthen market share, and identify lucrative opportunities in high-profit sectors. Building on this AI enhancement success, we ventured into MetaPlatform for our live shopping event. Utilizing AI-powered robots equipped with advanced language capability, we hosted events in multiple languages, breaking down language barriers and engaging thousands of viewers.
Speaker Change: In the third quarter of 'twenty 'twenty four Tricia Grubhub remains laser focused on innovation.
Speaker Change: Rising artificial intelligence to enhance product at foster better customer connection.
Speaker Change: Our AI initiatives and power.
Speaker Change: It is a big customer niques strengthen market share and identified an opportunity in high profit except that.
Speaker Change: Spending on these enhancements offset prevent checking to make top golf ball for our lifestyle B E Bank utilizing AI powered robot Cui.
Speaker Change: It was linked question typically we hosted events in multiple languished breaking down English Spanish engaging thousand b will be.
Unknown Attendee: With Malaysia's e-commerce market projected to reach US$20.93 billion by 2029 and MetaPlatform boasting millions of active users, our placement of Meta represents a significant opportunity. The move to MetaLife opened up Westmarket to unparalleled reach and engagement potential. With its extensive user base and robust infrastructure, MetaPlatform provides an ideal platform to showcase our products and engage with a global audience.
Speaker Change: The militia ecommerce market projected to U S dollar and deep why nitrogen muted by 'twenty 'twenty nine and met up Restful boosting me then.
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Speaker Change: But most of them open up west market with unparalleled wish I guess my potential briefly.
Speaker Change: Briefly extensive user base and a robust infrastructure menthol performed for what an ideal platform to showcase our product and.
Speaker Change: With a global audience.
Unknown Attendee: By leveraging MetaLife, we aim to not only drive sales but also enhance brand visibility and customer engagement on a scale previously unseen, and AIO Synergy has joined forces to revolutionize the AI landscape, capitalizing on the booming digital economy of Southeast Asia, with the Southeast Asian AI market expected to grow significantly, at an anticipated annual rate of 17.83% by 2030. Our collaboration is strategically positioned for success. Our strategic alliance highlights our commitment to delivering innovative AI solutions and establishing a state-of-the-art data center dedicated to AI applications, catering to the evolving needs of businesses across various industries.
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Speaker Change: Islands capitalizing on the booming economy, all South East Asia with the Southeast Asia market expected to grow significantly.
Speaker Change: I anticipate that there'll be a 70.83% by 'twenty 30, Oh, Croatia is strategically positioned for success.
Speaker Change: Our strategy allow you highlight our commitment to delivering innovative AI solution.
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It's linked to the evolving mix of businesses across various industries.
Unknown Attendee: By leveraging our collective expertise and resources, we aim to drive transformative changes in the Southeast Asian AI landscape, positioning ourselves as a key player in this dynamic market. We have taken a significant step forward by announcing a strategic partnership to become the exclusive partner for an AI blockchain wallet on Telegram.
Speaker Change: By leveraging our collective expertise and resources.
Do drive transformative changes in the South East Asian landscape.
Speaker Change: Once you send out with shell as a key player in this dynamic market.
Speaker Change: We have taken a significant step forward by announcing a strategic partnership.
Speaker Change: So pardon us I brought him on petty Glenn do you move forward with those strengthened our competitive edge in the chip industry security integration global policies, just as the leader in innovation with the global Crypto wallet market projected to grow significantly this collaboration positions us for significant.
Unknown Attendee: This move forward further strengthened our competitive edge in the blockchain industry, securing Treasure Global's position as the leader in innovation, with the Global Crypto Wallet Market Project expected to grow significantly. This collaboration positions Treasure Global for significant expansion. Treasure Global's strong focus on innovation and partnership puts us ahead in the world of new technology. We are dedicated to exploring and creating more advanced AI to grow our business. Another exciting development is our recent milestone; we have secured a U.S. dollar 2 million marketing contract with Satria Dunia Sundarian Bahar.
Speaker Change: Spansion.
Tricia: Tricia I grew up a strong focus on innovation and partnerships.
Speaker Change: And the work of the new technology, we are dedicated to a spring and creating more advice I do grow our business.
Speaker Change: Another exciting development is all about.
Milestone, we should we have for Q U S started to be live in marketing contract, we stop shop Dunja Sundaram Baja.
Unknown Attendee: The objective is to showcase premium Korean beauty products using Zack City's advanced AI marketing engine; this strategic partnership marks a significant achievement for us as we expand Jet City's influence and capability in the beauty sector. By utilizing Jet City's state-of-the-art AI technology, we are well positioned to increase brand exposure and boost sales, thereby creating a new revenue stream for the company. Moving on.
Speaker Change: I'll just leave it to showcase the men Cardium beauty product using Jack City West.
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Speaker Change: Mark a significant achievement for us.
Yes, we spent just to see the influence and capability in the few days.
Speaker Change: By utilizing the city state of the eye.
Speaker Change: Technology, we are well positioned to increase spread exposure.
Speaker Change: Boost sales, thereby creating a new revenue stream for the company moving on.
Unknown Attendee: We have got more exciting news about Zexity. We are talking with the Shanghai Guangxi Chamber of Commerce about running the Malaysia paradigm. This is a big deal because it is a chance to sell great Malaysian products on huge platforms like Taobao and Douyin. With China's live shopping market growing fast and over 1.4 billion potential customers, this is an opportunity for us. This move fits perfectly with our goal to make digital shopping better and grow in new markets.
Speaker Change: We have got more exciting news about sexuality, we're talking with the sung hike lung C. Tampa.
Speaker Change: About running the Malaysia, how are you doing this.
Speaker Change: <unk> is a big deal because easy sometimes to sell great Malaysian product on huge platform like how about it.
Speaker Change: China life shopping market growing Washington, well, $1 4 billion potential customer D C set opportunity this.
Speaker Change: This move fit perfectly with our go to make digital shopping patterns and grow your market.
Unknown Attendee: As I mentioned earlier, the launch of Jet City Premium Store has surpassed expectations since inception. Relying on advanced AI tools, the Premium Store not only exceeded sales expectations but also significantly enhanced user engagement. In just four months, the Premium Store has sold over 6,000 built-server Bonanza packs. This notable sales achievement highlights the platform's effectiveness in driving transactions and enhancing gross profit streams. Jet City has gained valuable insights into users' spending habits and preferences, enabling the Premium Store to offer highly personalized packages tailored to individual user needs and preferences.
Speaker Change: As I mentioned already the launch of Dusty deeply missed all has surpassed the expectation seems to be such a <unk> bus.
Speaker Change: The premium store not only as it herself expectation.
Speaker Change: Also significantly enhanced our U sleep and dashboards.
Speaker Change: Just for my premise at all has sold almost 6000 abuse they love Bonanza.
This notable achievement to highlight the vessel if it enough in driving transaction and Havent seen gross profit stream.
Speaker Change: The city has skin insight into user spending habits and preferences and they bring the pre menthol offer highly personalized Turkish tailored to individual user needs and preferences.
Unknown Attendee: As a result, the premium stock has significantly contributed to our gross profit growth, reflecting its strategy's importance in driving business expansion and profitability for Treasure Global. In addition to the success of the Zach City Premium Store, we also made strides in the gaming sector by launching 10 exciting minigames integrated with our AI game created in Zach City 3D World. These minigames not only enhance the gaming experience for users but also position us to assess the rapidly growing global gaming market, which is projected to reach a revenue of US$312 billion by 2026. Through in-game purchase, virtual goods, and AI-driven marketing strategy, Zach City 3D World is poised to become a dynamic digital marketplace, capturing a significant share of the booming global gaming industry.
Speaker Change: These off premise Paul has significantly contributed to our gross profit growth, reflecting each strategy important in driving business expansion.
Speaker Change: Profitability for treasure robot.
Speaker Change: In addition to the success of the Xactly deeply missed all we also made strides in the gaming sector by launching things are citing Michigan integrated with our <unk> Treaty.
Speaker Change: These mini game not only enhance the gave me espionage for us, but also policy shift for us.
Speaker Change: Assess the rapidly growing global kidney market, which is projected to reach our revenue U S dollar tranche and Chuck beat it by 2026 through in game, but chaser, which a goose and AI driven marketing strategy definitely treaty were poised to become a dynamic did you mark.
Speaker Change: Place, capturing a significant share of the booming Grubhub gave me industry.
Unknown Attendee: And we are proud to share our significant achievement in this quarter, a notable win at the Marketing Interactive Asian E-Commerce Award 2023, where Zach City has been honoured to have won the Silver Trophy for Best E-Commerce Solution. This recognition highlights our excellence in the fast-changing landscape of online shopping. This achievement demonstrates our firm's commitment to innovation and delivering top-notch solutions that cater to the ever-changing needs of our online customers. This quarter, we showcase our dedication to stay ahead of the curve, expanding our reach, and putting our customers first.
Speaker Change: We are proud to share our significant achievement in this quarter a lot of progress at the marketing indirectly Asia E Commerce, what 'twenty 'twenty tree, where density has been honored to have won the CEVA Trophy fall fashion E. Commerce Sogou shot. This recognition highlights so let me the fast changing lanes.
Speaker Change: Online shopping.
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Speaker Change: They are more strict our fun call me mom to innovation and delivering top notch.
Speaker Change: Solution that kept us to the ever changing mix.
Speaker Change: Unlike customer.
Speaker Change: This quarter, we showcased our dedication to stay ahead of the curve spending our niche and putting our customer first win.
Unknown Attendee: Moving forward, we are dedicated to driving growth, sizing opportunity, and delivering value to our shareholders. Now, I will now share our financial results for the third quarter of fiscal year 2024. For the third quarter, our gross profit reached US$217,000, marking a substantial increase of 47% compared to the same period last year. This notable improvement is primarily attributable to our ongoing initiative and optimizing spending and capitalizing on higher profit margins. While our total revenue for the quarter was US$1.6 million, compared to US$6.7 million for the second quarter of fiscal 2024, reflecting a decrease of approximately 76%.
Speaker Change: Moving forward, we are dedicated to driving growth sizing opportunity and delivering great into our shares hold up.
Speaker Change: Next I will now share our financial results for the third quarter of fiscal year 'twenty 'twenty four.
Speaker Change: For the third quarter, our gross profit we should use towards the 270000 marquee a sustained shift increase off what would you say, 1% compared to the same period last year this improvement.
Speaker Change: Improvement is primarily attributable to our ongoing initiatives and optimizing spending and capitalizing on higher profit margin stream.
Speaker Change: Well, our total revenue for quarter, while U S dollar $1 6 million compared to U S. Dollar six going to say it wouldn't be there for the second quarter of 2024.
Speaker Change: Affecting a decrease of approximately 76%.
Unknown Attendee: It is important to view this figure in the context of our strategy shift toward higher-margin business channels and long-term value creation. We are pleased to announce a substantial decrease in our net losses, approximately US$1.7 million compared to approximately US$2.9 million in the third quarter of fiscal year 2023. This positive shift was primarily driven by our focus on optimizing cost management, including reduction in selling and administrative expenses. Our disciplined approach to cost management and operational efficiency has enabled us to achieve a significant improvement in our bottom line compared to a previous year, despite the challenging market conditions.
Speaker Change: It's important to view this would be good in the context of our strategy shift towards higher margin boost of China and long term value creation.
Speaker Change: We are pleased to announce a substantial decrease in our net loss of approximately U S. Dollar once they wouldn't need it.
Speaker Change: Plus many U S dollar to <unk> 9 million.
Speaker Change: Third quarter of fiscal year 'twenty to 'twenty three.
Speaker Change: This strategy positive shift was primarily driven by our focus on optimizing cost management, including reduction in selling administrative span across our disciplined approach to cost management and operational efficiency.
Speaker Change: But us to achieve significant improving our bottom line compared to previous year, despite the challenging market conditions.
Unknown Attendee: As of March 31st, 2024, our cash balance was approximately US$0.3 million compared to a cash balance of approximately US$4.1 million as of March 31, 2020. This position is expected to strengthen following future sales of ATM shares. Zexity had over 2.69 million registered users and over 2,027 registered merchants as of March 31, 2024.
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Speaker Change: Approximately <unk> 3 million compared to a cash balance.
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Operator: Quarterly active users for the quarter ending March 31st, 2024 were 41,455. A total of 0.19 million transactions were transacted by our registered users in the quarter ending March 31st, 2024. Despite the decline in quarterly active users and paid users compared to a previous quarter, we remain confident in the long-term growth potential of Lexar. Especially as we continue to enhance its features and offerings to meet the evolving needs of our users and merchants.
Speaker Change: What are the other users for the quarter ending March 31st 2020, full we have 41455.
Speaker Change: Couple of Zillow, one 9 million transaction, which has stepped up by already just to use it.
Speaker Change: And the muscle that is supposed to 'twenty that default.
Speaker Change: Despite the decline in quarterly active user pay you look compared to our previous quarter. We remain confident in the long term growth potential, especially as we continue to enhance the features and offering to meet the evolving mix of producer in China.
Operator: In summary, our financial results for the third quarter demonstrate significant improvement in gross profit, a reduction in net losses, and a strengthened financial position despite the decrease in overall profit. We remain committed to executing our strategy initiative and delivering value to our shareholders in the quarter ahead. We are also happy to say that we are back in good standing with NASDAQ. This achievement reflects our commitment to upholding the highest standards of corporate governance and transparency.
Speaker Change: In summary, our financial results with the third quarter demonstrates a significant improvement in gross profit reduction in net losses and strengthened financial position. Despite the decrease in overall revenue.
Speaker Change: We remain committed to executing our strategy initiatives and delivering value to our shareholders in the quarter.
Speaker Change: We are also happy to say that we are in good standing with that's that these achievements reflect our commitment to upholding the highest end of corporate governance and transparency.
Operator: By meeting NASDAQ maintenance requirements for listing, we demonstrate our dedication to operating in accordance with regulatory standards. This will help us to manage and grow our business more productively and will also encourage investor interest, improving the marketability of our common stock to an even broader range of investors. Looking forward, I have a positive outlook on the developments showcased in our Q3 FY2024 highlight. Our unwavering focus on innovation and market expansion has led to significant progress.
Speaker Change: I think next time internally quite a mouthful in D. C. We demonstrate our dedication to operating according with regulators he spent.
Speaker Change: This for us to manage and grow our business more productively and we also encourage investor interest improving the market pretty of our common stock.
Speaker Change: Even broader range of investors.
Speaker Change: Looking forward I have a positive outlook on the diebold showcasing our quarter three fiscal year 'twenty 'twenty four highlights.
Speaker Change: Very focused on innovation and market expansion has led to significant progress.
Operator: In recent months, we have strategically taken intentional steps to reallocate resources away from lower-market offerings like our e-voucher products, despite the anticipated short-term impact on results. We recognize this move as essential for long-term development. This strategic move is aimed to enhance our working capital and reorient our strategy branding toward reducing dependency on such an offering. By doing so, we can channel our resources into the development of high-margin solutions, empowering us to capture higher margins and drive sustained growth.
Speaker Change: In recent months.
Speaker Change: We have strategically taken.
Speaker Change: Pension aspect to reallocate resources away from lower margin offerings like our E voucher product.
Speaker Change: <unk> anticipates, a short term impact on results we recognized this move.
Speaker Change: She has for a long time.
Speaker Change: This strategy is aimed to enhance our working capital and we R&D our strategy branding towards reducing it.
Speaker Change: Dependency on such offered by doing so we can channel our resources into the development of high margin. So they ship them.
Speaker Change: Powering us to capture higher margin and drive sustainable S.
Operator: As we navigate through fiscal 2024, our focus remains squarely on innovation and the development of products and services that promise more profitable growth. With an unwavering dedication to excellence and a keen eye on emerging trends, we are well positioned to capitalize on the diverse opportunities that lie ahead. Thank you again, everyone, for joining us on today's call and for your continued support. This concludes our prepared remarks. I will now ask the operator to close the line. Thank you, and have a great day.
Speaker Change: As we navigate truthfully, it's a good 2024, our focus remains squarely on innovation and the development of.
Speaker Change: Products and services that promise more profitable growth.
We havent dedication to excellent.
Speaker Change: I imaging shrink we are well positioned to capitalize on the diverse opportunities that lie ahead.
Speaker Change: Thank you again, everyone for joining us on todays call and for your continued support this concludes our prepared remarks.
Speaker Change: I'll ask the operator to close the line. Thank you and have a great day.
Operator: Thank you for joining us today. I will now close the lines.
Speaker Change: Thank you for joining today I will now close the lines.
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