Q1 2025 Reed's Inc Earnings Call
Operator: Good morning, and welcome to Reed's first quarter 2025 earnings conference call for the three months ended March 31st, 2025.
Good morning, and welcome to Reed's first quarter 'twenty 25 earnings conference call for the three months ended March 31st 2025. My name is Angelina and I will be your conference call. Operator for today, we have prepared remarks from cereal Lollies leads chief executive.
Operator: My name is Angeline, and I will be your conference call operator for today.
Operator: We have prepared remarks from Cyril Wallace, Reed's Chief Executive Officer, and Doug McCurdy, Reed's Chief Financial Officer. Following the remarks, they will take your questions.
Officer, and Doug Mccrady, Reed's Chief Financial Officer, following their remarks, they will take your questions before we begin please take note of the company's cautionary statement. Today's call will include forward looking statements, including statements about the reeds business glance forward looking statements inherently involve risks.
Operator: Before we begin, please take note of the company's cautionary statement. Today's call will include forward-looking statements, including statements about Reed's business plans. Forward-looking statements inherently involve risks and uncertainties, and only reflect management's view as of today, May 14, 2025, and the company is under no obligation to update them. When discussing results, the presenters may refer to non-GAAP measures, which exclude certain items from reported results.
And uncertainties and only reflect management's view as of today May 14, 2025, and the company is under no obligation to update them when discussing results. The presenters may refer to non G. A a P measures, which exclude certain items from reported results. Please refer it to Reed's first quarter.
Operator: Please refer to Reed's first quarter 2025 earnings release on Reed's investor website at investor.reedsinc.com, and its quarterly report on Form 10-Q for the period ended March 31st, 2025, expected to be available on the website soon, for definitions and reconciliations of non-GAAP measures and additional information regarding results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.
2025 earnings release, Unreached Investor website at investors Dot Reeds, Inc. Dot com and its quarterly report on Form 10-Q for the period ended March 31st 2025 expected to be available on the website for definitions and reconciliations of non G. A a P.
Speaker Change: Measures and additional information regarding results, including a discussion of factors that could cause actual results to materially differ from forward looking statements I will now turn the call over to Mr. Wallace. Please go ahead.
Operator: I will now turn the call over to Mr. Wallace. Please go ahead.
Cyril Wallace: Thank you, Operator. And good morning, everyone. We appreciate you joining us today to discuss our first quarter 2025 results.
Wallace: Thank you operator, and good morning, everyone. We appreciate you joining us today to discuss our first quarter 2025 results I would like to begin by expressing how honored I am to address our shareholders and prospective investors for the first time as a new CEO Reed.
Cyril Wallace: I would like to begin by expressing how honored I am to address our shareholders and prospective investors for the first time as the new CEO of Reed. While I'm still early in the stages of shaping our long-term strategy and vision, I've been incredibly encouraged by what I've seen so far. I'm excited to collaborate closely with Doug and the rest of the leadership team as we work to drive sustainable growth and profitability.
Reed: And I'm still early in the stages of shaping our long term strategy and vision I have been incredibly encouraged by what I've seen so far I'm excited to collaborate closely with Doug and the rest of the leadership team as we work to drive sustainable growth and profitability I would also like to take this opportunity to personally thank Don for his years of leadership efforts.
Cyril Wallace: I would also like to take this opportunity to personally thank Norm for his years of leadership, his efforts have laid the foundation for the improvements we're building upon today. During the first quarter, we began to make meaningful progress across key operational areas driven by the strategic initiatives implemented over the past year, as well as the recent strengthening of our balance sheet. In December, we closed a $10 million private placement, which has provided the necessary capital to execute our plans. We began deploying these funds in mid-January to improve our inventory position, reinvest and personnel, double down on our sales and marketing efforts.
Wallace: Laid the foundation for their Assortments, we're building upon today.
Wallace: During the first quarter, we began to make meaningful progress across key operational areas driven by the strategic initiatives implemented over the past year as well as the recent strengthening of our balance sheet in December we closed the 10 million private placement, which has provided the necessary capital to execute our plans.
Wallace: Began deploying these funds in mid January to improve our inventory position reinvest in personnel doubled down on our sales and marketing efforts.
Cyril Wallace: Inventory constraints have been limiting our ability to fully meet retail demand for some time now. However, this capital infusion has enabled us to invest in inventory and materially improve fulfillment rates. As a result, short shipments, which were approximately 20% at the start of the quarter, were reduced to under 2% by April. This operational progress goes beyond improved inventory levels. It reflects a fundamental shift in how we operate. For the keeping pace with sales, enabling us to proactively meet demand rather than react to it. These fulfillment improvements have also been supported by better cross-functional collaboration among sales and operations teams, tighter forecasting, and more deliberate planning.
Wallace: Inventory constraints have been limiting our ability to fully meet retail demand also for some time now. However, this capital infusion has enabled us to invest in inventory and materially improve fulfillment rates as a result short shipments which were approximately 20% at the start of the quarter were reduced to under 2% by April.
Wallace: This operational progress goes beyond improved inventory levels. It reflects a fundamental shift in how we operate but the first time in years production is keeping pace with sales, enabling us to proactively meet demand rather than react to it.
Wallace: These fulfillment improvements have also been supported by better cross functional collaboration among sales and operations teams tighter forecasting and more deliberate planning.
Cyril Wallace: These foundational improvements enhance our ability to serve customers and meet growing retail demand, laying the groundwork for expanded distribution and sustained growth.
Wallace: These foundational improvements enhance our ability to serve customers and meet growing retail demand laying the groundwork for expanded distribution and sustained growth.
Cyril Wallace: Subsequent to Quarter End, we appointed Ruud Becker to our Board of Directors. Ruud brings more than 25 years of global leadership experience across the beverage industry, including senior roles at Red Bull, Diageo, and Heineken. He has led market expansion efforts, brand revitalization initiatives, and innovation strategies across both emerging and developed markets.
Route: As of quarter end, we appointed route banker to our board of Directors Route brings more than 25 years of global leadership experience across the beverage industry, including senior roles at Red Bull Diageo and hydrogen. He has led market expansion efforts brand revitalization initiatives and innovation strategies across both emerging and developed.
Cyril Wallace: We believe his expertise will enhance our ability to create value for both shareholders and customers going forward.
Route: We believe his expertise will enhance our ability to create value for both shareholders and customers going forward.
Cyril Wallace: In addition to our operational leadership updates, we expanded our portfolio with the launch of a new multifunctional soda line. This innovative lineup combines Reed's signature bold flavors with functional ingredients such as organic ginger, prebiotic fiber, and adaptogenic mushrooms. Varieties include berry bubbly, strawberry vanilla, lemongrass ginger, and a functional root beer. It represents a natural extension of our Better for You portfolio and positions us at the forefront of the evolving beverage market. We've secured national distribution in Sprouts Farmer's Market and are actively executing resets for all four Reed's functional SKUs across several major retailers, including Kroger, Giant Carlisle, Hannaford, and Dwayne Reed.
Route: In addition to our operational leadership updates, we expanded our portfolio with the launch of a new multi functional slowed a lot.
Route: This innovative lineup combined read signature both flavors with functional ingredients, such as organic Ginger prebiotic fiber adaptogenic mushrooms variety of include Berry bubbly, Daubery, vanilla Lemongrass, Ginger and a functional root beer. It represents a natural extension of our better for you portfolio.
Route: And positions us.
Route: The forefront of evolving beverage market.
Route: We secured national distribution and sprouts farmers market and are actively executing resets for all four read functional skus across several major retailers, including Kroger giant Carlisle Hannaford and Duane Reade.
Cyril Wallace: While we are excited about the early traction of our new functional soda line, we are taking a thoughtful, measured approach to innovation, one that prioritizes our deep heritage and better-for-you beverages with a strong brand credibility with our retail partners. We view functional beverages, including those formulated with probiotics, as a longer-term growth driver. Several initiatives are already underway, but broader rollout and retail traction for these newer formulations will ramp gradually.
Route: While we are excited about the early traction of our new functional soda line, we are taking a thoughtful and measured approach to innovation, one that prioritizes, our deep heritage and better for you beverages with a strong brand credibility with our retail partners, we view functional beverages, including those formulated with probiotics, that's a longer term growth driver.
Several initiatives are already underway, but broader rollout in retail traction for these newer formulations will ramp gradually.
Cyril Wallace: Turning to our core product sales, we expanded our presence at Albertson's Safeway for Reed's Ginger Ale, adding over 1,100 new points of distribution. In addition, we successfully launched a national off-show program with Flying Halogen at Albertsons. The program not only exceeded our internal projections, but also outperformed retail expectations.
Route: Turning to our core product sales, we expanded our presence at Albertsons Safeway for Reed's Ginger ale, adding over 1100 new points of distribution.
Route: In addition, we successfully launched a national offshore profile I was flying cauldron that albertsons.
Route: Program, not only exceeded our internal projections, but also outperformed retail expectations.
Cyril Wallace: Based on this strong initial feedback, we believe we will be included in additional secondary merchandising events later this year. At Sprout Farmers Market, we execute a national display program across our core Reed and Virgil products. further strengthening our visibility. With the addition of five new SKUs this year, Sprout continues to play a pivotal role in the evolution of our brand and is a key partner in our broader growth strategy.
Route: Based on this strong initial feedback we believe will be included in additional secondary merchandising events later this year.
Route: At Sprouts farmers market, we executed national display programs across our core Reed and virtual product lives.
Route: Further strengthening our visibility.
Route: With the addition of five new Skus. This year Sprouts continues to play a pivotal role in the evolution of our brand and as a key partner in our broader growth strategy.
Cyril Wallace: We also launched a classic mule in Costco locations across California and Hawaii. Early results have been encouraging, and we believe Costco will continue to expand the Reed's portfolio over the course of the year.
Route: We also launched our classic meal in Costco locations across California, and Hawaii.
Route: Early results have been encouraging and we believe Costco will continue to expand the REIT portfolio over the course of the year.
Cyril Wallace: For our Virgil's line, we've added three new skews of our fan-favorite handcrafted cans to Giant Carlisle. Additionally, we gained distribution in three states at Trader Joe's for our classic new alcohol product. These distribution gains reflect the growing demand across our core functional and alcohol portfolios and we believe they will contribute meaningfully to our top line performance in the quarters ahead.
Route: Our verticals law, we've added three new schemes of our fan favorite handcrafted cans to giant Carlisle. Additionally, we gained distribution in three states at trader Joe's for a classic new alcohol products.
Route: These distribution gains reflect the growing demand across our core functional and alcohol portfolios and we believe they will contribute meaningfully to our top line performance in the quarters ahead.
Cyril Wallace: Now turning to our first quarter operational highlights. Throughout the quarter, we remained focused on executing targeted supply chain optimization initiatives, which are now delivering measurable benefits across the business. These efforts included more accurate forecasting, deepened co-packing partnerships, improved input pricing, and a more efficient distribution model. We maintained growth margins in the mid-30 percent range during the quarter, driven by improvements in our ginger beer formulation, more favorable pricing on key ingredients, and ongoing supply chain efficiency. While we have had minimal direct exposure to tariffs, we continue to monitor the evolving trade dynamics closely, particularly regarding ginger and packaging materials.
Route: Now turning to our first quarter operational highlights throughout the quarter, we remain focused on executing targeted supply chain optimization initiatives, which are now delivering measurable benefits across the business.
Route: These efforts include a more accurate forecasting deepened co pack and partnerships improve input pricing and a more efficient distribution model, we maintain gross margins in the mid 30, 30% range during the quarter driven by improvements in our Ginger beer formulation more favorable pricing on key ingredients and ongoing support.
Route: Hi chain efficiencies.
Route: We have had minimal direct exposure to tariffs we continue to monitor the evolving trade dynamics closely, particularly regarding ginger and packaging materials.
Cyril Wallace: To date, the impact from tariffs on our supply chain has been limited as most of our sourcing is diversified across Central America and other regions outside of China. However, given the volatility in the global trade policy, we are actively evaluating alternative suppliers and sourcing strategies to mitigate potential disruptions or cost pressures. Additionally, our ongoing transition from glass bottles to cans across both Reed's and Virgil's portfolios remains on track and has been well received by both retailers and consumers. This packaging shift enhances our cost structure and supports a more scalable and efficient go-to-market strategy.
Route: The impact from tariffs on our supply chain has been limited as in most of our sourcing is diversified across Central America and other regions outside of China.
Route: However, given the volatility in the global trade policy, we're actively evaluating alternative suppliers and sourcing strategy to mitigate potential disruptions or cost pressures.
Route: Additionally, our ongoing transition from glass bottles to cans across both Reid and Virgil portfolios remains on track and has been well received by both retailers and consumers. This packaging ship enhances our cost structure and supports a more scalable and efficient go to market strategy.
Cyril Wallace: In the second quarter, we do expect some modest gross margins pressure due to seasonal promotion activity and higher trade spend, particularly tied to the launch of the functional beverage line. However, these investments are aligned with our broader growth strategy and will remain focused on generating strong margins in the back half of the year. With this improved foundation in place, we are well positioned to drive stronger sales performance in the For more information visit www.fema.gov to consistently meet customer demand, support improved service levels, and reduce freight inefficiencies. In addition, better in-stock availability is allowing us to execute more effective promotional programs and regain shelf space and accounts impacted by last year's supply constraints.
Route: In the second quarter, we do expect some modest gross margin pressure due to seasonal promotion activity at higher trade spend particularly tied to the launch of the functional beverage line. However, these investments are aligned with our broader growth strategy and will remain focused on generating strong margins in the back half of the year with this improved found.
Route: <unk> in place, we are well positioned to drive stronger sales performance in the second quarter, our enhanced inventory levels are enabling us.
Route: You've consistently meet customer demand support improved service levels and reduced freight inefficiencies. In addition, better in stock availability is allowing us to execute more effective promotional programs and regain shelf space in accounts impacted by last year's supply constraints looking.
Cyril Wallace: Looking ahead, I'm excited by the opportunity to lead Reed at such a pivotal moment. We are laying the groundwork for sustainable growth, backed by a more reliable supply chain, improved fulfillment rates, and a sharpened focus on our core business. While we continue to refine our long-term strategy, our immediate priority is execution. I'm confident that our commitment to delivering premium, better-for-you beverages will continue to resonate with consumers and drive long-term value for our shareholders.
Route: Looking ahead I'm excited by the opportunity to lead read at such a pivotal moment, we are laying the groundwork for sustainable growth backed by a more reliable supply chain improve fulfillment rates and a sharpened focus on our core business. While we continue to refine our long term strategy our immediate priority is execution.
Route: Second that our commitment to delivering premium better for you beverages will continue to resonate with consumers and drive long term value for our shareholders.
Cyril Wallace: Before wrapping up, we're closing remarks.
Route: Before wrapping up with closing remarks, our CFO, Don will cover financial highlights for the quarter in more detail Doug over to you.
Doug McCurdy: Our CFO, Doug, will cover financial highlights for the quarter in more detail. Doug, over to you. Thank you, Cyril. Turning to our results, all variance commentary is on a year-over-year basis, unless otherwise noted. Net sales for the first quarter of 2025 increased 4.5% to $10 million, compared to $9.6 million in the year-ago quarter. The increase was primarily driven by higher volumes with recurring national customers, particularly through favorable secondary display opportunities. Gross margin, I'm sorry, gross profit for first quarter 2025 was flat at 3.4 million compared to the year ago period. Gross margin was 33.9% compared to 35.6% in the year ago quarter.
Don: Thank you Sir.
Speaker Change: Turning to our results all variance commentary.
Don: On a year over year basis, unless otherwise noted.
Don: Net sales for the first quarter of 2025 increased four 5% to $10 million.
Don: Compared to $9 6 million in the year ago quarter. The increase was primarily driven by higher volumes with recurring national customers, particularly through favorable secondary display opportunities.
Don: Gross margin I'm, sorry, gross profit for first quarter 2025 was flat at $3 4 million.
Don: Compared to the year ago period gross margin was 33, 9% compared to 35, 6% in the year ago quarter.
Doug McCurdy: The decrease in gross margin was primarily driven by higher cost of goods sold as we increased operating capacity. An Inventory Amount to More Effectively Fulfill Customer Demand. Delivery and handling costs were $1.6 million during the first quarter of 2025 compared to $1.5 million in the first quarter of 2024. Delivery and handling costs were 16.2% of net sales, or $3.13 per case. compared to 15.7% of net sales or $3.01 per case during the same period last year. Selling General and Administrative costs were $3.5 million during the first quarter of 2025, compared to $2.6 million in the year-ago quarter.
Don: The decrease in gross margin was primarily driven by higher cost of goods sold as we increased operating capacity.
Don: And inventory amount to more effectively fulfill customer demand.
Don: Delivery and handling costs were $1 6 million during the first quarter of 2025 compared to $1 5 million in the first quarter of 2024.
Don: Delivery and handling costs were 16, 2% of net sales or $3 13 per case compared to 15, 7% of net sales or $3 <unk> per case during the same period last year.
Don: Selling general and administrative costs were $3 5 million during the first quarter of 2025 compared to $2 6 million a year ago quarter.
Doug McCurdy: The increase in SG&A was primarily driven by investment in people, marketing, and related services to support growth initiatives. All together, operating expenses were $5.1 million compared to $4.1 million in the year-ago period. Operating loss during the first quarter of 2025 was $1.7 million or negative $0.04 per share compared to $0.7 million or negative $0.16 per share in the first quarter of 2024. Modified EBITDA loss was $1.6 million in the first quarter of 2025 compared to $0.4 million in the first quarter of 2024. For the first quarter of 2025, we used approximately $5.4 million of cash from operating activities compared to cash used of $2.4 million for the same period in 2024.
Don: The increase in SG&A was primarily driven by investment in people marketing and related services to support growth initiatives.
Don: Altogether operating expenses were $5 1 million compared to $4 1 million in the year ago period.
Don: Operating loss during the first quarter of 2025 was $1 7 million or negative <unk> <unk> per share compared to 0.7 million or negative <unk> 16 per share in the first quarter of 2024.
Don: Modified EBITDA loss was $1 6 million in the first quarter of 2025 compared to zero point $4 million in the first quarter of 2024.
Don: For the first quarter of 2025, we used approximately $5 4 million of cash from operating activities compared to cash used of $2 4 million for the same period in 2024.
Doug McCurdy: This increase was primarily driven by higher inventory purchases as we ramped production to support improved fulfillment rates and anticipated demand. As of March 31, 2025, we had approximately $4.9 million of cash and $9.6 million of total debt net of capitalized financing fees. This compares to $10.4 million of cash and $9.6 million of total debt net of capitalized financing fees at December 31, 2024.
Don: This increase was primarily driven by higher inventory purchases as we ramp production to support improved fulfillment rates and anticipated demand.
Don: As of March 31, 2025, we had approximately $4 9 million of cash and.
Don: And $9 6 million of total debt net of capitalized financing fees.
Don: This compares to $10 4 million of cash and $9 6 million of total debt net of capitalized financing fees at December 31, 2024.
Cyril Wallace: I will now turn the call back to Cyril for closing remarks. Thank you. While I'm still early in my tenure, I'm encouraged by the operational improvements being made and the strong alignment I've seen across the team. We are building momentum across our core and emerging product lines, restoring the trust of our key partners, and laying the groundwork for profitable growth.
Don: I will now turn the call back to zero for closing remarks.
zero: Thanks, Doug.
Speaker Change: While I'm still early in my tenure I am encouraged by the operational improvements being made and the strong alignment I've seen across the team. We are building momentum across our core and emerging product lines restoring the trust of our key partners and laying the groundwork for profitable growth I am optimistic about the opportunities ahead and I'll.
Cyril Wallace: I'm optimistic about the opportunities ahead, and I look forward to updating you on our progress in the quarters to come.
Speaker Change: Look forward to updating you on our progress in the quarters to come.
Operator: With that, operator, we're ready to open up the line for questions. Thank you.
Speaker Change: With that operator, we're ready to open up the line for questions.
Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the star followed by the number one on your Touchtone filing and you will hear a prompt that your hand has been a race should you wish to decline from the polling process. Please.
Operator: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touchstone phone, and you will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the number two.
Speaker Change: The star followed by the number it's Hugh if you use the speaker phone. Please lift the handset before pressing any keys one moment. Please for your first question.
Operator: If you use a speakerphone, please lift the handset before pressing any keys. One moment, please, for your question.
Sean McGowan: Your first question comes from Sean McGowan with Roth Capital Partners. Please go ahead. Morning, Doug. Nice to meet you, at least by phone. I have a couple of questions. On the operating expenses, those were higher than we had expected. And it's the first time in a while that we've seen lines like delivery and sales and marketing go up year over year. And I think part of that is the growth in sales, but they're also higher as a percent. So can you tell us what we should expect from those two operating expense lines going forward?
Speaker Change: Your first question comes from Sean Mcgowan with Roth Capital Partners. Please go ahead.
Sean McGowan: Good morning, Doug.
Speaker Change: Just to make sure at least by phone guys.
Speaker Change: I have a couple of questions on the operating expenses those were higher than we had expected and it's the first time in a while that we've seen lines like delivery and sales and marketing go up year over year and I think part of that is the growth in sales, but also higher as a percent. So can you tell us what we should expect from those two operating expense lines going.
Speaker Change: Forward.
Doug McCurdy: Yes, first of all, Sean, appreciate the question.
Yes first of all Sean I appreciate the question.
Doug McCurdy: I'll turn it over to Doug to take this. Good morning, Sean. The increase in SG&A is largely attributed to upfront investments in personnel and marketing, as I mentioned in my remarks, to support strategic initiatives and restore some operational momentum. You know, cash use this quarter was primarily due to a deliberate investment in inventory. And, you know, we believe that that's the right... set of steps to support improved cash flow performance in the second half of 2025. So we're focused on both delivery and handling and SG&A, and I would expect to see us continue to be as disciplined as possible in that area as we move forward.
Doug Mccrady: Turn it over to Doug to take this one.
Doug Mccrady: Yes, good morning, good morning, Sean.
Speaker Change: The increase in SG&A.
Speaker Change: <unk> largely attributed to upfront investments in personnel and marketing as I mentioned in my remarks to.
Speaker Change: To support strategic initiatives and restore some operational momentum.
Speaker Change: Cash used this quarter was primarily due to a deliberate investment in inventory.
Speaker Change: We believe that's the right.
Speaker Change: Set of steps to support.
Speaker Change: Improved cash flow performance in the second half of 2025.
Speaker Change: So.
Speaker Change: We're focused on.
Speaker Change: Both delivery and handling.
Speaker Change: In SG&A.
Speaker Change: And I would expect to see us continue to be.
Speaker Change: As disciplined impossible in that area.
Speaker Change: As we move forward.
Doug McCurdy: Okay, and then Doug, a quick follow-up. When you said second quarter gross margins could be pressured, do you mean down year over year or not as high as they might otherwise be? Yeah, I think that was a comment that was in Cyril's remarks.
Doug Mccrady: Okay, and then Doug a quick follow up when you said.
Doug Mccrady: Second quarter gross margins could be pressure do you mean down year over year or not as high as they might otherwise be.
Doug Mccrady: Okay.
Doug Mccrady: Yes, I think there was a comment that was in.
Doug Mccrady: <unk> remarks.
Doug McCurdy: Our expectation on the gross margin side is that we may see some seasonal compression, particularly in trade discounts or trade spend. There's some ordinary seasonality that you'll see, and there's also some additional investment in the functional beverage launch as well. Okay, thank you. Thank you.
Doug Mccrady: Our expectation our expectation on the gross margin side.
Doug Mccrady: Is that we may see some seasonal compression.
Doug Mccrady: Particularly in trade discounts or trade spend.
Doug Mccrady: There is some ordinary seasonality that you'll see.
Doug Mccrady: And Theres also some additional investment in the functional beverage launch as well.
Doug Mccrady: Okay. Thank you.
Doug Mccrady: Thank you.
Will Bendejo: The next question comes from Will Bendejo, private investor. Please go ahead. Good morning, Cyril. First off, welcome aboard. Congrats on a good quarter. Two quick questions.
Speaker Change: Next question comes from will <unk> private Investor. Please go ahead Sir.
Speaker Change: Good morning, Sheryl first off welcome aboard congrats on a good quarter. Two quick questions can you guys provide any sort of kind of revenue guidance of what youre kind of targeting for the year and then follow up on that do you have any timeline to get this stock re listed on a major exchange.
Will Bendejo: Can you guys provide any sort of kind of revenue guidance of what you're kind of targeting for the year? And then follow up on that.
Cyril Wallace: Do you have any timeline to get this stock relisted on a major exchange? Hey, Will. First of all, you know, appreciate the question. No comment on the stock listing on the New York Stock Exchange.
Speaker Change: Okay, well first of all I appreciate the question no comment on the stock listing on the New York Stock Exchange.
Cyril Wallace: As it relates to, sorry, what was your first question again? Yeah, I mean, do you have a revenue kind of guidance that you can provide?
Speaker Change: As it relates to I'm sorry, what was your first question again.
Speaker Change: Yes, I mean do you have a revenue guidance that you can provide.
Doug McCurdy: Doug, I'll turn that one over to you on the revenue guidance. Yeah, sure. You know, as a general. General Approach in the past and going forward.
Doug Mccrady: Doug I'll turn that one over to you on the revenue guidance.
Speaker Change: Yes sure.
Speaker Change: As a general.
Speaker Change:
Speaker Change: General approach.
Speaker Change: In the past and going forward, we haven't provided guidance so.
Doug McCurdy: We haven't provided guidance, so there's no comment there. But the thing that we would guide is, as we move forward, we're very focused on growth, and we're very focused on operating efficiency. And so what we would expect is to see continued focus on improving in both of those key areas. Okay, awesome. Appreciate it. Thank you.
Speaker Change: We will just no comment there.
Speaker Change: But the thing that we would guide as we move forward, we're very focused on growth.
Speaker Change: And we're very focused on operating efficiency and so.
Speaker Change: What we would expect us to see.
Speaker Change: Continued focus on improving in both of those key areas.
Speaker Change: Okay Awesome I appreciate it.
Speaker Change: Yeah.
Speaker Change: Thank you.
Operator: At this point, There are no further questions.
Speaker Change: At this point.
Speaker Change: There are no further questions.
Cyril Wallace: I would now like to turn the call over to Cyril Wallace for closing remarks. Please go ahead. Okay, great. Thank you, operator.
Speaker Change: I would now like to turn the call over to <unk> for closing remarks. Please go ahead.
Speaker Change: Okay, great. Thank you operator I'd.
Cyril Wallace: I'd like to thank everyone for joining this morning's earnest call and extend our sincere appreciation to our employees, customers, and shareholders for their continued support. We value your partnership and wish you all a great day. Thank you so much.
Speaker Change: I'd like to thank everyone for joining this morning's earnings call and extend our sincere appreciation to our employees customers and shareholders for their continued support we value your partnership and wish you all a great day. Thank you so much.
Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.
Speaker Change: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.
Speaker Change: Okay.