Q4 2025 MIND Technology Inc Earnings Call
Greetings.
Speaker Change: Welcome to Money Technology, Fourth Quarter, and Year End 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded, is now my pleasure to introduce your host, Ken Dennard, Investor Relations. Thank you, Sarah. Where you may begin.
Thank you operator, good morning, and welcome to the Mind Technology Fiscal 2025 4th quarter earnings conference call.
Speaker Change: We appreciate all of you joining us today, with me, Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer [inaudible]
Mark Cox: Before I turn the call over to Rob, I've got a few housekeeping items to run through.
Mark Cox: If you'd like to listen to a replay of today's call, it'll be available approximately 90 days via our webcast. Going to the Investor Relations section of the company's website.
Mark Cox: NSMind-technology.com or via a recorded telephonic instant replay until April 30th. Information on how to access the replay features was provided in yesterday's earnings release.
Mark Cox: Information reported on this call speaks only as of today, Wednesday, April 23rd, 2025, and therefore your advised at time sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.
Mark Cox: Before we begin, let me remind you that statements made by management during this call may constitute forward-looking statements
Mark Cox: Within the meaning of the Private Security's litigation Reform Act of 1995
Mark Cox: These four-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors.
Mark Cox: Many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements.
Mark Cox: These risks and uncertainties included the risk factors disclosed by the company from Time to Time and it's filing with the SEC.
Mark Cox: including its annual report on Form 10K for the year into January 31st, 2025. Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday.
Mark Cox: And please note that the contents of our conference call this morning are covered by these statements.
Mark Cox: And now with that behind me, I'd like to turn the call or to Rob Capps. Rob. Okay, thanks Ken. Thank all of you for joining us today
Speaker Change: Today, I'll discuss some highlights from the quarter in fiscal 2025, Mark will then provide a more detailed update on our financials, and I'll return to wrap things up with some remarks about our outlook.
Speaker Change: As expected, mine delivered very strong fourth quarter results that contributed to a record
Speaker Change: Our business continues to perform at a high level and I'm pleased with our consistent execution and operational efficiency.
Speaker Change: Our renewed focus, encouraging business environment, and pipeline of opportunities are delivering improved year-over-year results.
We're optimistic for continued success in future periods.
Speaker Change: Our cash flow from operations, again, grew to the corner, which is an indication of our approval of liquidity.
Speaker Change: We're pleased to have generated a fifth consecutive quarter of profitable results. This is a trend we expect to continue.
There will undoubtedly be quarterly revenue fluctuations going forward.
Speaker Change: We will also undoubtedly experience a quarter of lower revenue than we've seen recently However, the transformation that mine has undergone has established a more resilient business
Speaker Change: We have greater order visibility, a strong demand environment, and our balance sheet and capital structure are much improved. As a result, we believe mind remains strategically positioned for growth, improve financial results, and continue profitability in coming periods.
Speaker Change: We enter physical 2026 with the backlog of approximately $16 billion.
Speaker Change: With all backlogs down a bit at your end, this is to be expected at times as we execute and make substantial deliveries like we did during the fourth quarter.
Speaker Change: However, as we mentioned before, there were a number of highly confident orders pending at year end. Accordingly, we've received approximately 15.9 million of orders subsequent to year end that further support our backlog.
Speaker Change: These orders and others that we expect to receive in the coming weeks and months, vote well for continued strong financial performance as we progress through physical 2026.
Speaker Change: As a reminder, new orders don't always arrive at a constant rate throughout the year and order flows often sporadic.
Speaker Change: We under backlog we have an active pipeline of pending and highly confident orders and prospects that are well in excess of our backlog to received orders.
This backlog can pipeline more
Confidence for strong and sustainable financial results, income-e-periods [inaudible]
Speaker Change: Three meaningful contributors to our backlog and improved financial results are our gun-linked source controllers, voodoo-linked positioning systems, and ceiling streamer systems. As a whole, our CMAT business enjoys a strong market position in each of its products, even a domicile position in some cases.
Speaker Change: We currently have a number of other pending orders across these product lines, and I'm confident that the favorable market dynamics and our focus will prove to be a recipe for success in generating many orders in the future.
Speaker Change: Another component that is meaningfully contributed to our approved financial results is our aftermarket business.
Roughly 40% of our revenue comes from this aftermarket activity.
Speaker Change: As our installed base of CMAP products continues to expand, with it comes the chance for aftermarket opportunities such as spare parts, repairs, and support services.
Speaker Change: As a reminder, our products are deployed in a very harsh environment and damages common, often inevitable. This is good for mind, since customers will require more from us than just their initial purchase.
Speaker Change: As I've done in the past, I must remind you that the timing of specific orders is subject to variability due to any number of challenges, unforeseen circumstances, or just customer delivery requirements.
Speaker Change: Optimizing our supply chain to drive revenue improvements continues to be an area of focus.
Speaker Change: Our approved order visibility has been instrumental in managing lead times on components and meeting delivery requirements of our customers.
Speaker Change: Our efforts initially led to an increased inventory, we have been able to draw down our inventory balances in recent quarters.
Now turning to our results.
Speaker Change: Marine technology product revenues for the fourth quarter and full fiscal year 2025 for $15 million in $46.9 million respectfully. Both periods represented meaningful growth for our business and enabled us to set records for nearly all key financial metrics.
Speaker Change: We continue to capitalize on macro tailwinds and customer engagement to simulate overflow and generate improved results. We've deliberately worked to improve our execution, efficiency and cost structure. We expect these efforts to deliver consistent profitability in future quarters.
Speaker Change: General market conditions within the marine technology space continue to be strong. We see a number of opportunities and continue to field inquiries and respond to requests for quotations.
Speaker Change: Our team continues to develop new and innovative ways to adapt and implement our technologies to meet the evolving needs of our customers.
Speaker Change: Our recent ceiling, the streamer system sales are a good example of this.
Speaker Change: As a result, we are making additional investments to further develop and advance the next generation of our ultra-high resolution ceiling streamer systems.
Speaker Change: I'm confident that our differentiated approach in best and class suite of products will continue to give us the competitive advantage to address the demand we see within the marine technology industry.
Speaker Change: Now I'll let Mark point you to the fourth quarter of full year financial results in a bit more detail.
Thanks, Rob. Good morning, everyone.
Speaker Change: For a final time, I would like to remind everyone that with the sale of climb in August 2023, those operations have been treated as discontinued operations.
Speaker Change: and results for prior periods have been restated to reflect that.
Speaker Change: Accordingly, the prior period comparative data reported yesterday and discussed here today do not include amounts ready to decline. They include only our ongoing business.
Speaker Change: As Rob mentioned earlier, revenues from marine technology product sales totaled a record 15 million in the quarter, which was up about 12% from the same period a year ago and 24% sequentially from our fiscal 2025 third quarter.
Full year revenue amounted to approximately 46.9 million
Speaker Change: which was up approximately 28% over the previous year and represents the highest annual revenue ever reported by our CMAT business.
Speaker Change: These record results are representative of the deliberate actions we've taken to improve minds, financial stability, and positioning within the market.
Speaker Change: We are continuing to see strength in all our key markets and the favorable customer-domain environment gives us confidence for sustainable, high-level revenue in 2026.
Speaker Change: Full-year gross profit was approximately $21 million, which was about 31% higher when compared to fiscal 2024.
Speaker Change: This represents a gross profit margin of approximately 45% for the year.
Speaker Change: As I previously mentioned, we implemented various price increases early in 2025.
that contributed to elevated revenues throughout the year.
Speaker Change: and we are benefiting from greater production efficiencies on the cause side that drove year over year gross profit margin improvement.
Speaker Change: Our general and administrative expenses were approximately 3 million for the fourth quarter of 2025.
Speaker Change: As we've highlighted in previous quarters, the sale of cline allowed us to reduce general and administrative expenses and to streamline overhead costs, most notably corporate costs related to the support of cline.
Speaker Change: This resulted in full year savings of 851,000 when compared to 2024.
Speaker Change: A research and development expense for the fourth quarter of 2025 was 562,000.
which was down sequentially.
and compared to the same quarter a year ago.
Speaker Change: These costs are largely directed toward the development of our next-generation streamer system.
Speaker Change: Operating income for the fourth quarter was approximately 2.8 million compared to operating income of approximately 2.3 million in the fourth quarter of 2024.
Speaker Change: Operating income for 2025 was $6.8 million, which was an increase of approximately $6.3 million from 2024.
Speaker Change: Our fourth quarter adjusted EBITDA was approximately 3 million compared to adjusted EBITDA of approximately 2.6 million in the fourth quarter a year ago.
Speaker Change: Adjusted EBITDA for physical 2025 was 8.2 million, which was an increase of approximately 256% when compared to 2024.
Speaker Change: Denning come from continuing operations for the fourth quarter was two million [inaudible]
Speaker Change: which was an improvement, but 36% from the same quarter a year ago.
Speaker Change: Total net income from continuing operations for 2025 was approximately 5.1 million compared to a loss of 1.1 million in 2024.
Speaker Change: As Rob mentioned, we're pleased to have achieved another quarter and full year of record results and continued profitability.
Speaker Change: As of January 31st, 2025, we had working capital of approximately 23.5 million.
including approximately 5.3 million of cash on hand.
Liquidity continued to be impacted by our operational requirements.
Speaker Change: such as acquiring inventory and executing on our backlog of orders.
Speaker Change: However, we did generate approximately 2.1 million of cash flow from operations in the fourth quarter
Speaker Change: The company continues to maintain a clean debt-free balance sheet with a simplified capital structure following the conversion of the preferred stock to common stock in the third quarter of 2025.
Speaker Change: We believe our solid footing and flexibility will further enhance stock older value in future periods.
Rob Capps: I'll now pass it back over to Rob for some concluding comments.
Okay, thanks, Mark.
Rob Capps: We're very pleased with where mind is positioned today. We've stabilized the company, restored it to profitability, and positioned ourselves to take advantage of opportunities within our existing and future markets.
Rob Capps: Mind continues to benefit from significant customer interest and engagement related to a CMAP product lines.
Rob Capps: We are also continuously exploring innovative ways to expand and repurpose our existing technology for new applications.
Rob Capps: Our strong balance sheet, simplified and capital structure and streamlined operations also provide a great deal of flexibility from which to pursue various strategic alternatives as we strive for growth. I'm excited for us to actively chase these new initiatives and opportunities.
Rob Capps: I'd like to comment now on the current political and economic environment, specifically as it relates to tariffs and other trade restrictions.
Rob Capps: I'd remind everyone that the vast majority of our revenues are generated from our Singapore subsidiary.
Rob Capps: The similar proportion of our production activity takes place either in our Singapore or Malaysia facilities.
Rob Capps: Furthermore, in fiscal 2025, almost 95% of our revenue was derived from customers outside the United States.
Rob Capps: Importantly, our import and export activity through the United States is quite limited.
Rob Capps: Due to this, we do not currently anticipate a material direct impact on our business from the imposition of additional trade tariffs by the United States or other countries.
Rob Capps: Of course, this is a fluid situation and we along with most other businesses continue to monitor the situation
[inaudible]
Rob Capps: As I think you can see, we believe mine has much going for it. However, we're still a small company, which presents certain challenges.
Rob Capps: We believe that in order to realize our potential and enhance your order value, mine needs that scale. We need to be bigger.
Rob Capps: There are a number of different ways we can achieve this.
We can execute on identified organic growth opportunities.
Rob Capps: We can acquire assets for businesses that are similar to our current business
Rob Capps: We've been combined with other organizations where there could even be an outright sale of the company [inaudible]
All of these options are open to us
Rob Capps: We intend to strategically evaluate all opportunities to present themselves with a focus on what's best for mind and its shareholders As a result, we've retained elusive capital markets to assist in identifying and analyzing these various opportunities
Rob Capps: We currently do not see a need to raise additional capital and have no near-term plans to do so. However, we believe prudent to prepare ourselves should such a need arise in future.
Rob Capps: We want to ensure that we are positioned to act quickly and efficiently. Therefore, we intend to file a self-registration statement with the Securities and Exchange Commission in the very near future.
This will provide us with added financial flexibility.
Rob Capps: Objective is to maintain the ability to pursue growth opportunities, whatever that may be.
Rob Capps: Mind is far better positioned as a company today than in recent years, and the macro environment remains advantageous, which gives us optimism for the future.
Rob Capps: Our marine technology products continue to penetrate the variety of industries and markets.
Rob Capps: We believe our backlog of firm orders and pipeline of pending orders and other prospects are reflective of the significant demand and market adoption of our product lines.
Rob Capps: While we're pleased with our record results for the fourth quarter, we do expect our first quarter results to return to more normalized level. However, we believe mine is poised to capitalize on additional opportunities and deliver favorable results in coming quarter.
Rob Capps: As a result, we expect to deliver positive adjusted EBITDA and continued profitability as we progress through physical 2026 and beyond.
Rob Capps: Looking forward, we remain very well positioned for continued favorable results, which has us excited for the future.
Rob Capps: Our efforts to transform the company in recent years have proven fruitful, and the reduced strength of our balance sheet has opened the door for us to pursue value enhancing strategic growth opportunities.
Rob Capps: We also remain encouraged by the current demand environment and customer engagement we are experiencing across our product lines.
Rob Capps: Additionally, our current visibility, healthy customer engagement, strong backlog, and robust pipeline give us optimism for an equally strong year ahead.
We have a different trade it's
and Market-leading Twitter products.
A favorable market environment and a clean capital structure.
Rob Capps: We look forward to delivering another great year in physical 26 as we strive to maximize
Rob Capps: With that operator, I think we can open a call up for some questions.
Speaker Change: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question, thank you. You may press star two if you would like to remove your question from the queue.
Rob Capps: and for participants using speaker equipment and maybe necessary to pick up your handset before pressing the star keys. One moment while we pull for questions.
Speaker Change: Our first question is from Tyson Bauer with KC Capitol, please proceed.
Hey, senior linings, ladies.
Yes, good morning, gentlemen. Welcome.
Speaker Change: and congratulations on another strong quarter. Let's drill down a little bit on the pipeline in the backlog and what I refer to as your unofficial backlog which would include some of those aftermarket art services.
Speaker Change: which appears to be anywhere between $15-$20 million that we could expect.
Speaker Change: This year without knowing exactly when or but just historically that seems to be the range that we should get so any backlog figure you provide is really that plus fifteen twenty million dollars.
Speaker Change: due to the ongoing parts of your business. Another part of your optimism.
Speaker Change: seems to be when you put items into backlog, those are finite system sales that you have a P.O. 4.
Speaker Change: But say customer X comes to you and says, you know, our intentions are to order five systems this year. Here's the PO for the first one. And as the year rolls out.
We will get you those other four.
without if there's no hiccups.
Speaker Change: Is that something that gives you that optimism and that confidence that, yes, it's not in backlog currently, but we've been notified of intentions that this strong repeat customer, almost like an accordion purchase order, will give us further orders as we go through the year.
Speaker Change: Yeah, I might have said a little bit differently, but you're right conceptually, they're
Speaker Change: We are absolutely opportunities that we are highly confident about that aren't in the back all because we don't have the paper in hand yet.
Um, um,
Speaker Change: And the reason that is, you know, Tyson's, you know, these are.
Speaker Change: Now, complex systems, and so there's lots of negotiations to go back as to configuration and delivery times and things like that. So, there is a great deal of interaction with the customer prior to actually getting that order in hand. So, that gives us very high confidence in our number of areas.
You know, also back to your point about the
The Aftermarket Business [inaudible]
Speaker Change: You know, that oftentimes is kind of a book mill situation, where while there will be some aftermarket activity in our backlog, reported backlog.
Speaker Change: You know, it's not unusual to get an order today that we deliver next month. So there's that's a much quicker turn than with the larger complete systems, you know, which can tend to be, you know.
Speaker Change: Multi-week or multi-month lead times. But I can essentially, you have a right and we have a very good visibility on items beyond our reported backlog.
that
Speaker Change: If you have it, you don't have the actual final PO because those final customization details have not been ironed out.
Speaker Change: That's exactly right. As a matter of fact, in some cases, we're confident that we'll start building stuff. So we'll actually load stuff into our MRP system and start the build process before we have the P.O. and hand. Now, that always depends on who the customer is and what the situation is. Let's go back.
Speaker Change: There are certain situations where we are comfortable enough to do that make those commitments [inaudible]
Speaker Change: and I'm just going to get this one out of the way. The shelf registration.
Speaker Change: Historically, that is what mine and previously Mitcham has always done.
with a renewal with the 10Ks each year.
Speaker Change: The only reason it was interrupted was because of the preferred stock event and converting. Otherwise, you would have been active all the way through this process, so we're just getting back to what we've always done in the past.
Speaker Change: It's exactly right. While we were in rears on the fur dividends, we were not eligible to use that to form S3, which is a sale for registration. So we're just, I mean,
Speaker Change: You know, people ask me, why I do this? I said, well, why not? I mean, this is a very common thing for companies to do just, you know, having available. It's inexpensive to do. It's not that much work. So why wouldn't you do it?
Okay, and I think in the past, I'm called for-
Speaker Change: One things are a little more stable. Organizational structure, manufacturing capacity, technology-wise, you have the structure organizationally to support probably two times growth. Or getting back, we've always kind of have the circle around that benchmark of getting the 100 million a revenue.
Speaker Change: Where you want to get to, at least for the next step whenever that occurs
Speaker Change: Yeah, I don't know that I have a specific target. We certainly have substantial capacity to grow our existing business.
Speaker Change: You know, I think to do quickly, we want to add some things to it as I inferred in my comments. We need to be bigger. I need some more scale.
Speaker Change: and I think the quicker we do that, the better, without going out and doing something stupid. So that's what we're looking to do and looking at various ways we can do that.
Speaker Change: And I guess we'll put in quotes, everything's on the table, not that it hasn't been in the past but you've just officially put it in the press release that everything's on the table. You're not anchored to any one thing if whatever's best for the shareholders, that's what you're going to do.
Speaker Change: Within the industry in the past years, purchase multiples have a huge spread.
Speaker Change: from, say, high single-digit EBITDA multiples all the way to mid-double-digit EBITDA, obviously case by case and paying on growth and technology in there, and we've seen some that are highly correlated to yourselves, get some pretty healthy double-digit EBITDA multiples.
Speaker Change: Is that kind of the mindset if somebody comes in through the door with that kind of offer? You're going to take a serious look at it.
Speaker Change: Obviously, we have to consider anything that comes in the door, and you know, Tyson without, you know, getting specific, it just depends on the circumstances.
Speaker Change: You know, every deal looks different and you know, what's the potential, you know, what's the certainty so, you know, we're just going to evaluate each deal, you know, if any that comes over each opportunity that comes through the world or things that we can uncover.
Speaker Change: And last question for me, Pierre is just going through, we got a week left of the quarter, so we may walk back a little bit in Q1 and revenue due to the lumpiness that exists as part of the business.
Speaker Change: And then as we get into Q2 and forward, we really start to pick up steam again. Obviously there could be some lumpiness in three and some of those quarters. But we walk back a little bit in Q1, solid quarter, build the backlog. Q2, we start to see some acceleration.
Thank you for watching.
Speaker Change: Yeah, I think that's the first day, but I'm obviously taking the fourth quarter jumps for and that's probably a bit aggressive for us right now. So we think we'll come back some in the first quarter, but again we feel really good about the full year.
That sounds great. Thanks a lot, Taylor. Good to see you.
Russ Taylor: Our next question is from Ross Taylor with ARS Investment Partners, please proceed.
Russ Taylor: Thank you. It's always both taxing and exhausting to follow Tyson because many of you questions get
Speaker Change: So next time we'll let you you at first Ross. No, no, I don't want to get tightsmaning.
Probably more worse than getting my wife angry at me.
Speaker Change: Couple of questions in here. Your EBITDA margin for the quarter was 20%, your EBITDA margin for the year was around 16.6.
Speaker Change: It therefore indicates, you know, a certain sensitivity on the EBITDA margin to...
Speaker Change: Volume. Would we expect or should we expect your EBITDA margin for the current fiscal year you're in the January 26th fiscal year?
Speaker Change: to come in somewhere between those two numbers, as we see overall top line to form better than it did last year, but not there, we'll rate it in the fourth quarter.
Speaker Change: That's a great question. Actually, I mean, you arrive, there is sensitivity to volume. There's no doubt. You're absorbing more overhead over, you know, bigger.
Speaker Change: to go about a revenue. But I also think we see some opportunities to enhance productivity and enhance our margins fundamentally this year. Now last year, you know, it was a big year for us, a huge growth year. So, you know,
Speaker Change: We were, you know, going all out from a manufacturing and production standpoint.
Speaker Change: and I think that has some inefficiencies embedded in that. So we see some areas where we think we can improve that. So I would hope that we can maintain those margins similar to what we've seen in the late of the year.
Speaker Change: If you look the last couple of quarters, actually we had a better quarter, better margin, I think either second or third quarter, I can't remember which So you know there certainly is a downward pressure from if revenues aren't as high. But again, I think we can make some of that up and that's what we hope to do.
Oh.
Speaker Change: Outlook, what types of things are we are you looking at doing? There's a lot of talk you know I get people talking to me about you know the supposed a plan to you know map the sea bottom and late 35,000 miles of cable and things of this nature
Speaker Change: How do you fit into that? And where do you see the various industries you serve? You know, they've been talked about sea mining for rare earths and other precious metals and like, where do you see that going for you?
Speaker Change: Yeah, so that kind of expands our dressable market, you know, beyond your traditional energy exploration, and we've already been doing some of that, so especially our...
Speaker Change: Our ultra high resolution streamer systems are really being used for, you know, ocean bottom mapping for survey purposes.
So, offshore installations.
of all sorts. We're talking about wind farms, so there's-
Speaker Change: You know, some of the wind is out of that, if you're part of the thund, but there's certain lots of other applications that we see being used, so we continue to see...
interest and demand.
Speaker Change: for that type of equipment. So I think that those well for us, you know, as they start to look at other applications such as, you know.
Speaker Change: Pipeline monitoring and understanding cables and things of that nature. I see our equipment can be used in those applications and so the survey companies.
Speaker Change: are looking to acquire that type of equipment. We're seeing some of our traditional customers try to move into that area as well, expand their operations as well, so I think that all those are in well for us.
as far as I'm these.
Speaker Change: Another mineral exploration, you know, that's something that we've, our equipment's been used for in the past. It's not been a big driver for us. A lot of the government research organizations that we've sold to in the past are engaged in that type of activity. So I think that's only
you know, additive to our potential applications.
Speaker Change: Okay, and yeah, it would make sense a bit different. Have you seen any progress in utilizing your systems in the defense space?
Um, um,
Not yet, but we are...
Speaker Change: Hopeful to kind of restart that, you know, frankly we put that program pretty much on pause.
Speaker Change: as we wanted to focus on near-term opportunities and you get this thing back to profitability.
We still believe there are some significant opportunities there.
Speaker Change: and so we've been re-engaging in that activity and kind of looking at maybe a different way to approach that and we'll talk more about that as time goes on but I think that's still an interesting potential market for us.
Speaker Change: Okay, and I would also echo Tyson's comment. The shelf, everyone has one. It's prudent to do it to have it out there, so, honestly, I know some people get scared about them, but
Speaker Change: Everyone does it, so why worry about it? So looking at you talk about internal growth opportunities.
Speaker Change: You know, things, is that stuff that you guys have, you know, you've worked on and you just are you waiting for the market to come to you? Or is that something you need to go out and kind of convince the market or is this design work, you know, R&D work you need to get done?
Speaker Change: Little bit about this earlier some R&D work involved in some of this and it's a little bit about frankly there's some of we need the market to accept what we we have but there's also some just dying to work. It goes along with that so a little bit about a little bit about what we need to do.
Speaker Change: I think marginally better, marginally better. We're not going to see the same growth rate as we just saw this past year, but yeah, I think marginally better. Obviously, there's lots of things that happen from the timing standpoint, but overall, we feel very good about things.
Speaker Change: Cool. And one thing I was offered a thought to if you end up
Looking to raise growth capital
Speaker Change: At a point in time, consider a lot of smaller companies I've been invested in lately have been doing you know strategic where they bring in instead of going to the market to raise capital which tends to get you a discount they find a strategic buyer who's interested in
Speaker Change: establishing or building that relationship and pushing forward, and that tends to, whatever price they take, the stock almost never sees that price again.
Speaker Change: So I would recommend that perhaps you look at, if you're looking at internal growth capital because you see that as an option as opposed to...
Speaker Change: selling the company. I would agree. Companies too small to stay public as it is, so it either needs to get a lot bigger, or it needs to be monetized, or some combination of
Speaker Change: in Timing, but I would say look for people who might be interested in...
Speaker Change: Making an investment in you and your future might be a natural buyer of the company down the road and see if they could contribute capital to help build out.
Speaker Change: Some of these growth opportunities as opposed to going into the marketplace and issuing equity where people will short your stock in front of it, although that's not legally allowed.
Speaker Change: I said, you guys, you know, you've done a really, the turnaround of this company has been pretty amazing. I don't think I've seen something turned so fast and so well since the Mariners created Randy Johnson to the after.
Speaker Change: That's a lot of good. Yeah, he only took 300 points off of the RA that day.
Take care.
Speaker Change: This concludes our question and answer session. I would like to turn the floor back over to Rob Capps for closing comments.
Rob Capps: Just like the thanks everyone for joining us today and look forward to talking to you in here in a few weeks after our first quarter. Thanks very much.
Speaker Change: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.