Q1 2024 Fusion Fuel Green PLC Earnings Call
[music].
It's a market today.
Speaker Change: One of the main concerns for such an installation is the availability of the hydrogen and ensuring the production does not stop.
Speaker Change: And impact the operation of the kiln.
Speaker Change: This is where our EBITDA between system truly differentiates itself.
Speaker Change: The system is made up of 15 hemo train cubes, each operating independently therefore any issue with any underlying heroes will not impact the continuity of the park's operations.
Speaker Change: We see a significant competitive advantage for our solution in the sector.
Speaker Change: With both the performance of our system and the availability advantages.
Speaker Change: And as outlined in a letter we have already received multiple requests for follow on proposals from the same clients and others in this industry.
Speaker Change: This process is finalizing its installation and starting the commissioning process now.
Speaker Change: As mentioned.
Speaker Change: The commercial advances of our offering a substantial for the market we are focusing on we.
Speaker Change: We have novel solutions for every challenge and the green hydrogen space, but for the sub 10 megawatt pumps and while availabilities are concerned we have an excellent solution.
Speaker Change: We have a market leading system efficiency for the electric water system, thereby reducing the cost of green hydrogen produced.
Speaker Change: We can ensure strong availability of one hydrogen plant both through an industry, leading nominal load range in the week can produce hydrogen even with the smallest our inputs to a system.
Speaker Change: As well as with the modular design of the system.
This modularity as I've mentioned previously.
Speaker Change: Allows us to be able to do partial system shutdowns, while operational maintenance versus required.
Speaker Change: Thereby minimizing the risk of production stoppages for clients.
Speaker Change: Surprise to both the container and the cube solutions.
Speaker Change: The modularity and independent operation also brings another strong advantage.
Speaker Change: Given the operational independence of each of our heroes, we're able to significantly reduce the contagion effect that occurs in traditional systems.
Speaker Change: And many systems of one membrane has accelerated degradation of performance issues. It can contaminate an entire stack.
Speaker Change: In our case, each chemo is its own independent stock.
Speaker Change: And therefore and issuing one does not impact the broader system.
Speaker Change: Lastly, our plug and play models.
Speaker Change: Modules allow us to deliver to our clients our system positive sides to their needs. While also allowing for a simple scale up of our Pompe later, if the hydrogen need increases we have recently been working with partners, where they have requested a phased increase in electrode capacity over several years and our system can manage those requirements extra.
Speaker Change: Greenlee.
Speaker Change: For the next two slides I would like to focus a lot more commercial pipeline and the offers that we have outstanding.
Speaker Change: As you May recall, we truly started marching the Hebrew train solution in the third quarter of last year.
Speaker Change: The shift we made last year from the Heber solar to the Hebron train solution massively increased our addressable market.
Speaker Change: In may.
Speaker Change: It makes it significantly easier.
Speaker Change: For clients to understand our system.
Speaker Change: Also towards the end of last year, we made a concerted effort to broaden our reach beyond our home markets, Portugal and Spain.
Speaker Change: Since then I am pleased to note that we have a very strong pipeline with over 200 megawatts. The bulk was intended made declines in 16 different markets.
Speaker Change: We're very happy to see the traction we're seeing in the market with our offering and as expected. Most of our offers are for under 10 megawatts. This is really the segment, where our people train system differentiates differentiates itself from the rest of the markets.
Speaker Change: To expand further on our pipeline as.
Speaker Change: As mentioned, we have broadened our market reach substantially.
Speaker Change: Although most large projects continue to be in Portugal, and Spain, given our local presence and strong renewable energy profile in these markets.
Speaker Change: In terms of number of offers outstanding its a near 50 50 split between Iberia and rest of world.
Speaker Change: We believe we will continue to develop for the rest of world growing overtime.
Speaker Change: In terms of types of proposals the majority of the offers outstanding line.
Speaker Change: <unk> five megawatts for Amdocs has occurred.
Speaker Change: This is deliberate and fits with our commercial strategy as this fits our solutions 60, well.
Speaker Change: But also because the majority of early green hydrogen projects being made and actually being undertaken a small projects.
Speaker Change: The industry has not yet proven its ability to deliver consistently large systems.
Speaker Change: Government actions are continuously delayed therefore, we believe that apart from a few projects most of the actual installation efforts in the next couple of years will be in the small to mid sized projects project range.
Speaker Change: As we have highlighted in the past our engineering expertise.
Speaker Change: Our hydrogen market experience has been a real assets and proposals and in discussions with clients.
Speaker Change: As you can see here over 80% of our office of the services.
Speaker Change: In addition, the include electrodes provision as well as engineering services.
Speaker Change: Those are pumps equipment purchasing.
Speaker Change: This means that we're able to capture a bigger share of wallet of our hydrogen products will bolster.
Speaker Change: So push a full <unk> solution.
Speaker Change: As well as the focus on small projects is all in the spirit of seeking the clients who needs a product build electrical other or hydrogen engineering expertise.
Speaker Change: Now changing gears slightly I'd like to briefly update on our own product portfolio.
Speaker Change: To remind everyone several years ago, our focus was to create our own hydro products to develop.
Speaker Change: Our own pipeline as our technology was very new.
Speaker Change: We currently have six loan projects for our fully owned by fusion fuel, while we have the intention to buy the solid products for third party infrastructure players or partner with a capsule player.
Speaker Change: Yes.
Speaker Change: The hospital portfolio is the CNS projects with share in the first quarter was designated an important project of common European interest then.
Speaker Change: And I'll go into more details on that on the next slide.
Speaker Change: The remaining three projects listed here continue the development journey, both in the negotiations with hydro Las Vegas, as well as with potential project.
Speaker Change: Product investments.
Speaker Change: Most recently the federal project was awarded grants during the first quarter as well.
Speaker Change: So now all projects in our portfolio have government funding awarded are in various stages of negotiations with vendors and vessels and products. We believe that this portfolio will provide a.
Speaker Change: Substantial added value to the pipeline, we outlined before and bring substantial value add to our shareholders as well.
Speaker Change: For those that have a good memory you will notice that this is the same slide that we used last quarter on our scene is absurd. However.
Speaker Change: However, this is such a substantial project, but we wanted to highlight that again and provide a short update.
With what we can say at this stage.
Speaker Change: So after four years of submitting the request for say consideration along with substantial was referring to all the various curious queries over this time, we finally received confirmation that our projects the designated an MSA project by the European Commission.
Speaker Change: The 630 megawatt project, which incorporates our <unk>, one and two projects as well.
Speaker Change: That already have grants from Portuguese government looks for supplies 62000 tons of green hydrogen per year.
Speaker Change: And then to avoid 650000 tons of Cotwo.
Speaker Change: Over the goal of being installed by the end of the decade.
Speaker Change: With the USA designation, we can get support from <unk> government, the European investment Bank and applied to the European innovation pumps also help cover the premium associated with the green hydrogen production versus traditional hydro production costs.
Speaker Change: This provides us projects with substantial value.
Speaker Change: The project is to launch sufficient fuel to undertake alone as we've mentioned before.
Speaker Change: We're actively in discussions and negotiations with partners regarding this project looking to secure very meaningful value to the company and shareholders over the long term.
Speaker Change: Given its size and the.
Speaker Change: Due diligence work required as part of these negotiations we still expect it to be several months before we can share with you the outcome of those discussions obviously with <unk> and some of these can obviously go on for quite a long time.
Speaker Change: Recently, we were awarded a substantial wealth assets was 4 million euros for project for <unk> talent, which spend six markets and includes a consortium of 28 policies that are supported by government crops. This project directly relates to our website.
Speaker Change: And the injection into the <unk> hydrogen backbone as it is paying for the fell one and two studies for <unk> projects.
It also includes further developing our demonstration plants and capabilities and Debra.
Speaker Change: We're pleased to be part of those projects and of having the opportunity to build relationships for the future with the other 27 members of the consortium.
Speaker Change: In addition, we're proud to be part of the only green hydrogen valley in Europe's clean hydrogen <unk> undertaken that is led from Portugal, cementing our leadership position in this market.
Speaker Change: Now before we go into Q&A I want to cover the 2024 priorities and value drivers.
Speaker Change: We are on our way to deliver five to six four <unk> systems European clients. This year five of which are full project deliveries.
Speaker Change: Post installation process system. We mentioned previously is a critical step in that journey.
Speaker Change: Of note, we can install a project today and less than four weeks for the hero <unk> system, given its plug and play nature.
Speaker Change: Strengthening our balance sheet remains a vital tasks and with government, Illinois Award closely involved in these discussions have been in the works for a significant time to given the sensitive nature.
Speaker Change: To them, we can only provide information on this <unk> closed.
Speaker Change: Having recurring line now operational as an important tool for the company in this effort.
Speaker Change: Of course, as Kevin mentioned, we're looking to secure more strategic sources of capital. So that we can fund ourselves clearly through to cash flow breakeven or.
Something that we feel will go a long way to address the valuation disconnects between fusion fuel on our competitors.
Speaker Change: As mentioned earlier in the presentation, we have made significant strides in broadening our commercial reach and during this year, we want to further solidify that by certifying our products for the North American and Australia markets.
Speaker Change: On the cost front, we continue to make progress you heard before from Ghadhban, but we have reduced operational costs for five consecutive quarters.
Speaker Change: At the same time, we've increased the efficiency of the Hebrew production line.
Speaker Change: With now more than 12000 single he was produced as a reminder, each devos miniaturized Tac.
Speaker Change: Our production team has significantly optimize the production process and we have already surpassed the reduction of 50%.
Speaker Change: Transformation costs from a year ago on this currency generation and expect to reach a reduction of 70% in the transmission of by year end.
Speaker Change: These are not our raw material costs are the costs related to the creation of the products in house. This is a phenomenal achievement by the production team.
Speaker Change: Lastly, we have established relationships with multi product developers for portfolios of small projects.
Speaker Change: As noticed as noted this is where we see activity in the near future and being able to work on multiple projects with single clients means that we can efficiently grow our pipeline.
Three of those clients will currently working with our portfolio.
Speaker Change: Signify around 90 million in.
Speaker Change: And potential business for fusion fuel.
Speaker Change: For services that includes electrical is a provision and engineering services.
Speaker Change: We see this as an important angle for us to keep developing and.
Speaker Change: And we will continue to pursue these types of relationships.
Speaker Change: With that I'll close the first quarter update and also we'll move on to the Q&A portion of the session.
Speaker Change: Thank you very much.
Speaker Change: Great. Thanks, Good Rico suggest some questions via E mail as well as.
Speaker Change: The webcast platform provider, who has questions. Please submit them.
Speaker Change: So I'll begin with some questions from our Cup.
Speaker Change: A couple of our analysts forget with.
Speaker Change: Irwin Kurt <unk> from RBC capital markets, who asks why we elected not to provide a formal update on our three core revenue guidance.
Pam: Thanks Pam.
Speaker Change: So I think just in terms of the guidance that we previously communicated.
Speaker Change: We're maintaining our guidance sorry that I mentioned in my session and we're maintaining the guidance for 2024 asset remains our best estimates.
Speaker Change: Haven't had any.
Speaker Change: Santa information since we have communicated so felt it appropriate to keep precedence.
Speaker Change: As Federico mentioned during this session. We are working hard to monetize the CNS portfolio, but this will take time.
Speaker Change: We had previously included are still include revenues from our CNS portfolio in that guidance.
Speaker Change: But until we have part of tower C. On the current process I think it will be inappropriate for us to revise the guidance right now and that's why we're burning with the same position.
Speaker Change: Thanks, Kevin.
Speaker Change: Question concerns the certification process for the retailer in North America, and Australia, what are the steps required to achieve that milestone.
Speaker Change: So this is really engaging with an external.
Speaker Change: Certification companies such as <unk>.
Speaker Change: What we have going on with them is capturing all the certifications.
Speaker Change: Requirements needed for those markets.
Speaker Change: Then the <unk> goes out for testing with them to ensure.
Speaker Change: <unk> combines all of those this is something that we expect to be able to execute by yearend.
Speaker Change: Because of the timeline that we're working on with our external partners.
Speaker Change: Sticking with you per train.
Speaker Change: Have you provided any customer feedback that the company has received.
Speaker Change: With respect to that solution.
Speaker Change: So the.
Speaker Change: We are installing the first customer unit now at the cement factory so to say we're currently in.
Speaker Change: Finishing installation during the commissioning process.
Speaker Change: I would note.
Speaker Change: The fact that we've been asked by the same clients to provide for other.
Speaker Change: From proposals for the some of the other.
Speaker Change: Mud pumps will be is pretty good indication of that.
Speaker Change: They are concerned with our service and our solution.
Speaker Change: The part Hasnt yet online.
Speaker Change: And final question.
Speaker Change: Irwin.
Speaker Change: Yes.
Speaker Change: Slide <unk>.
Speaker Change: Any.
Speaker Change: Commentary on how much capital the Capex.
Speaker Change: That's a range of secure or strengthen the balance sheet. This year.
Speaker Change: <unk>.
Speaker Change: I don't think we've provided before we get ourselves into trouble I don't think we have provided.
Speaker Change: Specific number in the past so I want to make sure that we don't.
Speaker Change: Moving to into that space.
Speaker Change: However.
Speaker Change: We've noted and as Kevin noted before since we have.
Speaker Change: Well, we want to reach our cash flow breakeven towards the end of the year.
Paul: 2025, sorry, Paul.
Paul: Apologies.
Paul: And we have on average.
Paul: Our bond rates are somewhere around.
Paul: Between one two or three.
Among its most exactly flat month by month, because we get inflows from grants from clients et cetera.
Speaker Change: But that ticket indication of someone who is looking to to what sort of rough.
Speaker Change: Range for themselves of course.
Speaker Change: How much.
Speaker Change: With one resource it depends on how accurately so we execute the Macquarie facility as well.
Speaker Change: Exactly yes.
Speaker Change: That if that's okay.
Speaker Change: As part of our previous guidance, we expect to have between eight to 10 million euros and capex throughout 2024, and so again that kind of adds on to the point that Federico mentioned in terms of working that ash, but again just want to reiterate that.
Speaker Change: <unk>.
Speaker Change: We will continue to be dependent on the inflows.
Speaker Change: <unk> defined billings the financing activities that have been mentioned and those across those brands that have been some important towards recently.
Moving on to a couple of questions from Jeff Gramm.
Speaker Change: At Alliance Global partners.
Speaker Change: Such on.
Speaker Change: And the question around customer feedback you touched on this a lot of opportunities there.
Speaker Change: And that customer do you have a timing expectation for when that customer may decide.
Speaker Change: Additional projects are depressed.
Speaker Change: We don't.
Speaker Change: The full project.
Speaker Change: In three different markets, let's call it two projects for one market and the other.
Speaker Change: For the two different markets.
Speaker Change: So we're working through with them on those on those projects now.
Speaker Change: Across the natural stage here is that after the go live would be when any decision I don't expect any decision to be taken before the deadline for go lives.
Speaker Change: Being only.
Speaker Change: And less than 10 days.
Speaker Change: For the pumps.
Speaker Change: But of course, as we've seen with hydrogen.
Speaker Change: Final decisions can always be delayed.
Speaker Change: The thing with <unk>.
Speaker Change: Subject of technology sales.
Speaker Change: That part of the business.
Speaker Change: We mentioned in the presentation, 73% of projects in the pipeline.
Speaker Change: Our under five megawatts within that bucket are you able to.
Speaker Change: Further parse that to an average project size.
Speaker Change: So the average project size is around 30 megawatts from those.
Speaker Change: Under five megawatts scores.
Speaker Change: However, I will note the range all the way from.
Speaker Change: So <unk> one all the way to five so a substantial amount of that.
Speaker Change: Of the ones in that bucket are at the five range.
Speaker Change: But the simple averages three megawatts.
Speaker Change: Great pivoting now to <unk>.
Speaker Change: Development side of the business can you provide an update on the status.
Speaker Change: No.
Speaker Change: Sure.
Prospective project sales are there any timing risks related to the exploration or sunset upfront funding.
Speaker Change: So.
Speaker Change: Very good question.
Speaker Change: Of the projects.
Speaker Change: The grants have a deadline of $2025 2026 with the exception of scene is one.
Speaker Change: Which has a expression data this year.
Speaker Change: Because of this incorporates it in Austin as one portfolio.
Speaker Change: We have already asked for the extension of the timeline to fit with the.
Speaker Change: The overall <unk>. So because this is all being negotiated and discussed as one package.
Speaker Change: This has been explained and discussed with the volatile currencies.
Speaker Change: Why that extension this robot so we do not expect at this time that would be an issue, but that would be the risks that we currently see for the scene is one only be others are further down the line.
Greg: Thanks, Greg.
Speaker Change: Lastly, at what stage would you characterize the conversations.
Speaker Change: With the prospective partner for the FSA project can touch on any expectations you may have.
Speaker Change: Timeline to deliver.
Speaker Change: Thats.
Speaker Change: Also they have.
Speaker Change: Put a substantial team, including two or three external policies involved in the due diligence.
Speaker Change: <unk> has been ongoing for a couple of months now.
Speaker Change: So I would say.
Speaker Change: Briskly advanced on the due diligence stage.
Speaker Change: <unk>.
Speaker Change: Just starting the negotiation stage.
Speaker Change: At this point in time.
Thanks, very good now moving onto questions from the audience.
Speaker Change: There are a couple of questions on the.
Speaker Change: <unk>.
Speaker Change: NASDAQ noncompliance notice.
Speaker Change: Perhaps you can provide.
Speaker Change: Some commentary here.
Speaker Change: With respect to the plants to comply with the $10 million equity requirement.
Speaker Change: Knowing that.
Speaker Change: The 45 day period ends.
Speaker Change: Weeks.
Pat: Yes, thanks, Pat So I think our requirement is to submit a plan to nasdaq's within 45 days.
Pat: I think in terms of going through the final details here, it's just not appropriate.
Pat: We are confident in pretty comfortable.
Pat: But our plan and where the equity is currently again, we are looking at March 31 numbers as part of this.
Pat: And presentation to think of obviously changed as I think as mentioned in the in the chart.
Pat: The Macquarie drawdown, as well, which obviously improves the equity situation.
Pat: So I think.
Pat: To be respectful to NASDAQ, we will present a plan to them.
Speaker Change: And then once we have discussions with them, we will make the appropriate.
Speaker Change: The appropriate filings and press releases at subsequent to those conversations.
Speaker Change: I would I would just note two things that the first of the question with respect to.
Speaker Change: Following the ATM proceeds from the ATM sales in February.
Speaker Change: First dropdown.
Speaker Change: The truck.
Speaker Change: The acquired facility.
How is it that the company does not have sufficient equity to meet that requirement.
Speaker Change: The that noncompliance with based on our.
Speaker Change: Published audited financials at the end of 2023 so.
Speaker Change: The existing notes does not take into account.
Speaker Change: Any additional.
Speaker Change: Equity generated.
Speaker Change: Okay.
Speaker Change: During 2024.
Speaker Change: The other thing I'd mention is we also have the option to transfer to the NASDAQ capital markets.
Speaker Change: As a lower I think it's $2 5 billion, our equity requirements among other less stringent.
Speaker Change: Criteria so.
Speaker Change: I think the other context I would provide there.
So covered to the audience.
Speaker Change: There's a question here on <unk>.
Speaker Change: Opportunities in the U S market.
Speaker Change: Weather.
Speaker Change: Management feels.
Speaker Change: That that market.
Speaker Change #100: Got it.
Speaker Change #100: Could represent a significant source of.
Speaker Change #100: Growth for the company, what's the Treasury Department's final license fee.
Speaker Change #101: <unk> highly anticipated guidelines with respect to $3 per kilogram at PTC.
Speaker Change #101: Absolutely.
Speaker Change #102: This is <unk>.
Speaker Change #102: Even just as recently as today.
Speaker Change #102: We've been submitting an offer for the U S markets as.
Speaker Change #102: So we certainly think that the U S market as a critic.
Speaker Change #102: Critical.
Speaker Change #102: 100, and the industry and for future fuel in the future. There is a reason why we want to make sure that our product is certified for the North American market.
Speaker Change #102: So.
Speaker Change #102: Yes.
Speaker Change #102: <unk>.
Speaker Change #102: Into the U S market is something that's.
Speaker Change #102: <unk>.
Speaker Change #103: In our books.
Speaker Change #103: We do work with a number of partners in that region as we've announced already.
Speaker Change #104: I'd like to synergy elemental LNG, so on and others.
Speaker Change #103: No.
Speaker Change #103: We we do puts.
Speaker Change #103: Significant amounts of time, where possible to develop our relationships for that market.
Speaker Change #103: Sticking with.
Speaker Change #103: With the U S market.
Speaker Change #105: Do you have is there an update that you can provide on the Bakersfield project, which.
Speaker Change #105: Yes.
Speaker Change #106: So now a couple of years ago.
Speaker Change #107: And that's a debate.
Speaker Change #108: Our partnership with electric energy to develop a I believe you said 500 Mega.
Speaker Change #109: What project Green hydrogen project.
Speaker Change #109: Still California.
Susan: I'm, Susan 70 megawatts or so projects.
Speaker Change #109: Okay.
Speaker Change #109: In California, but as.
Speaker Change #109: Most of them as we've seen everywhere.
Speaker Change #109: All of the launch scale projects are getting significant delays.
Speaker Change #109: Of course, the effects of the clarity on the U S.
Speaker Change #109: <unk>.
Speaker Change #109: The guidelines for the Iras and lawyers.
Speaker Change #109: Thousands.
Speaker Change #109: This empowers people to put substantial money at risk. So for all sides. We are partners on our products.
Speaker Change #111: But we're not in the least.
Speaker Change #111: So.
I think as expected and this will be until since the project has.
Speaker Change #111: Significant delays our priority right now, especially with the U S market is in trying to.
Speaker Change #111: Folks on the projects with 10 megawatts a number for the next few years.
Speaker Change #112: Thank you.
Speaker Change #113: Question here from the audience.
Speaker Change #114: This is for Kevin.
Speaker Change #115: It concerns the runway for the current cash this cash position.
Kevin: Yes, sure so as I mentioned.
Kevin: Earlier on.
Kevin: We're satisfied with the current operational inflows such as time payments grant inflows, our DHA receipts.
Speaker Change #117: Coupled with the drawdowns from the Macquarie to study.
I think this provides us with a runway to execute the capital raise efforts.
Speaker Change #117: And I had mentioned on this call.
Speaker Change #117: I think.
Speaker Change #117: If we look at the key events recently was the operationalize upright operation operating them Macquarie facility and now that we have to us.
Speaker Change #117: Running.
Speaker Change #117: Should provide us with.
Speaker Change #118: Greater flexibility.
Speaker Change #118: Accessing this is happening at Natus.
Speaker Change #118: For those who remember we announced back in November and so has taking it at longer for us to draw down.
Speaker Change #118: Q2 multiple reasons.
Speaker Change #118: We've done it.
Speaker Change #118: And I think as I said that will provide us with the flexibility going forward.
Speaker Change #119: Okay. One more question here that I missed.
Speaker Change #120: Respect to production capacity.
Speaker Change #121: Can you touch on current and anticipated production capacity from that facility.
Speaker Change #121: Certainly very happy to see.
Speaker Change #121: <unk>.
Speaker Change #121: As I mentioned the production team has done a phenomenal job.
Speaker Change #121: Increasing the efficiency of actually producing the heroes.
Now one production line production line will have to make 40 megawatts.
Speaker Change #121: <unk>.
Speaker Change #122: Electric margins per year.
Speaker Change #123: The great thing about ways at our production facility is structured in the Soc to the.
Speaker Change #124: Also the point that Kevin mentioned is approval on some of the Capex we've already invested.
Speaker Change #124: We will also need to continue to pace throughout.
Speaker Change #124: The rest of 2024.
Speaker Change #124: <unk>.
Speaker Change #124: Yes.
Somewhere between the investment of one to $1 5 million euros and able to more than double the production capacity.
Speaker Change #124: So we're really really from a production.
It's Mike.
Speaker Change #124: Moving well placed.
Speaker Change #124: Growth and growing in a very cost efficient manner.
Speaker Change #125: Okay. We can go from <unk> to <unk> all.
Speaker Change #126: So the way to 120 with effectively minimal spend.
Speaker Change #126: Most likely.
Speaker Change #126: Every sort of doubling its production capacity with an investment of between $1 5 million.
Speaker Change #127: Given the robust on the machines, we have to get.
Speaker Change #127: So.
Speaker Change #128: Two questions.
Speaker Change #129: Okay. Thank you Erika.
Speaker Change #130: Okay. One last question in.
Speaker Change #130: Again touching on.
Speaker Change #130: The second issue.
Speaker Change #131: <unk> asking how reinsurance do you still have the number that I believe that 17.
Erika: 4 million shares outstanding.
Erika: With respect to the $10 million.
Erika: Our equity issue.
Speaker Change #133: So I think the answer to this question.
Speaker Change #134: It's two fold again, one week, we have again, we have the option to transfer to the capital markets, which has a less triggered listing criteria.
Speaker Change #134: A $2 1 billion.
Speaker Change #135: Seller equity requirements shareholders' equity requirement operationally that we own.
Speaker Change #136: Only required to submit our plan to regain compliance with a $10 million.
Speaker Change #136: Dollar.
Speaker Change #136: Stockholders requirement.
Speaker Change #136: That 45 day period so.
Speaker Change #136: I think we have been clear about our intention to.
Speaker Change #136: Two.
Speaker Change #136: Capitalized the company doing so would certainly address.
Speaker Change #136: That concern.
Speaker Change #137: Multiple concerns frankly so.
Speaker Change #138: We need to I believe we had 180 days in which to maintain compliance with what presented that plan.
Speaker Change #138: Again.
Speaker Change #138: We don't need to regain compliance at the end of that 45 day period, just to it provides NASDAQ with a critical time for yourself.
Speaker Change #138: So hopefully that answers that question.
Speaker Change #139: In the absence of any additional questions I.
Speaker Change #139: I guess, we will call it a little bit early for our first quarter webcast. So.
Speaker Change #139: So thank you to everyone, who joined and ask questions. If there are additional questions or if you'd like to schedule a call with either myself or members of management. Please feel free to reach out to me.
Speaker Change #139: And the IR team that again, the IR app.
Speaker Change #139: Fuel that EU.
Speaker Change #139: We look forward to seeing you all again at our next update.
Speaker Change #139: Okay.