Good morning. Let me just bring in the last few people in the waiting room here. Okay, great. Good morning and welcome to the Snipp Interactive First Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Following the company's prepared remarks, we will open the call for questions. Please note that today's call is being recorded. Before we begin, I'd like to remind everyone that today's call contains forward-looking statements within the meaning of applicable securities laws. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties, please refer to our public filings available on SEDAR and our investor relations website. We do not undertake any obligation to update any forward-looking statements made during this call except as required by law.
Good morning, everyone, and thank you for joining us. We entered 2025 with positive momentum, and I'm pleased to report that our first-quarter results reflect a strong and steady continuation of that trend. Revenue grew 37% year-over-year to $6.4 million. Gross margins expanded to 60%, and we delivered our fourth consecutive quarter of positive EBITDA, a $0.9 million improvement over the same period last year. Perhaps most notably, we generated $2.3 million in operating cash flow, the highest quarterly total in our company's history. These results speak directly to the strength of our model as we focus on high-margin, platform-driven solutions. We're seeing improved financial performance, not in isolation, but as the natural result of growing customer demand and disciplined execution. Q1 revenue growth was among the strongest we've seen in several years, and we are very pleased with how the year has started.
That said, I wanna be prudent in managing expectations. While Q1 is a positive data point, we're not assuming that the same year-over-year growth will be valid across every quarter. As we move through the year, growth may normalize somewhat as we lapse certain client implementations. That said, we are confident that 2025 will show healthy top-line growth relative to the prior year. As it relates to bookings, I wanna be upfront that the current environment does create a bit more unpredictability at the quarter-to-quarter level. Some client decision-making is taking a bit longer, and we've seen some shifting of campaign timing, which makes it difficult to fully forecast bookings with precision for any single quarter. That said, when I step back and look at the full year, our pipeline remains very strong, client retention remains excellent, and the underlying drivers of the business are intact.
While we may see some quarter-to-quarter variability, I remain confident in our ability to deliver healthy growth on a full-year basis. The reason being that the key driving force behind our business today is our value proposition, which continues to resonate in the market. Our platform continues to gain traction across promotions, loyalty rebates, and our new offers product. Additionally, we're gaining critical momentum with Snipp Media, where we are building a differentiated channel that combines media delivery with closed-loop attribution. While feedback has been positive, Snipp Media remains in its early stage and as previously guided. We do not expect it to contribute meaningfully to revenue until the back half of the year. We're working on a major deal for this product that, should it materialize, will allow us to break into a large number of manufacturers and retailers simultaneously. More on that as that deal cycle materializes.
In the meantime, our core business is capturing market share and growing, as reflected in our bookings backlog, which increased $17.9 million this quarter, a 16% year-over-year increase. This backlog provides strong visibility into future annualized revenue and underscores the strength of the client relationships we're continuing to build. We're not just winning individual deals; we are establishing recurring multi-program engagements aligned with our long-term strategy. We also continue to maintain a strong balance sheet, closing the quarter with $5.8 million in cash and no debt. With consistent EBITDA, strong and positive cash flow, and a growing backlog, we have the financial flexibility to invest in our future, which we intend to deliver strong results. With that, I'd now like to turn the call over to our new interim CFO, Malcolm Davidson. I'm excited that Malcolm is joining us at this brilliant moment.
His experience will allow us to bring his perspective into our finance team for a more detailed look at the financials. Here is Malcolm. Malcolm?
Sorry. Sorry to cut in there. Thank you, Atul, and good morning, everyone. I'm excited to be joining the Snipp Interactive team as the Interim CFO. This is a pivotal time for the company, and I'm personally thankful for this opportunity. I'm looking forward to leveraging my experience in financial reporting and regulatory compliance to lead Snipp's continued growth and to help drive long-term value for its shareholders. I'd like to first address a topic that I think, understandably, has been top of mind for many shareholders: the prior audit delays and the periods where our stock was temporarily halted. These were clearly unfortunate events, and we recognize the frustration they created for our investors. As we discussed, the quarter issues were primarily around legacy internal processes and resource constraints with our finance function—challenges that became more evident as we've grown.
I've taken concrete steps to address these challenges, as evidenced by our quick turnaround on our timely Q1 financials. The mandate for our financial team is very clear: we must be timely, accurate, fully buttoned up in our reporting processes with appropriate control, well ahead of our filing deadlines. I'm committed to building a more robust finance infrastructure going forward that reduces the risks of these reoccurrences and these types of disruptions. The audit delays did not result in any material changes to the financials. However, it has exposed the need for a more rigorous approach to documenting and scaling our financial processes, which I will focus all of my energies on to begin with, to ensure these—we don't have these types of delays in the future.
My first goal for Snipp is to ensure our finance team continues to scale up with the growth of the business and can absorb the speed of innovation into its financial accounting systems and related processes. As Atul mentioned, we're very pleased with the financial results we delivered in the first quarter, and I'd like to take a few moments to walk through the numbers in greater detail. Revenue for the three months ended March 31, 2025, was $6.4 million, up from $4.7 million in the same quarter last year, an increase of 37%. This growth reflects higher contributions from our core platform clients as well as early revenue recognition tied to new program launches. Gross profit for the quarter was $3.8 million, resulting in a gross margin of approximately 60%, compared to 54% in Q1 of last year.
The increase in margin is a result of continued improvements in our revenue mix and cost efficiencies across the business. Turning to EBITDA, we reported positive EBITDA of $0.3 million for Q1, compared to a loss of $0.6 million in the prior period. This marks a $0.9 million improvement year-over-year and represents our fourth straight quarter of positive EBITDA. Moving to the balance sheet, we ended the quarter with $5.8 million in cash, up from $3.7 million at the end of Q4. Importantly, operating cash flow for the quarter was $2.3 million, our strongest quarterly performance to date. We also saw continued reduction in accounts receivable from $3.3-$3.4 million at the end to $1.4 million as of March 31, improving our overall working capital efficiency.
Combined cash and AR stood at $7.2 million, essentially flat compared to the year-end, but with a much cleaner AR profile. Lastly, bookings log and bookings backlog, which represents contracted programs that have not yet been recognized as revenue, reached $17.9 million compared to $17.3 million at the end of December. This provides clear visibility into future revenue and demonstrates strong customer engagement across our product suite. Overall, we remain focused on maintaining financial discipline while continuing to invest in areas that are driving long-term growth. With that, I'll turn the call back over to Atul for closing remarks.
Thanks, Malcolm. So guys, in summary, we're off to a strong start in 2025, delivering profitable growth, expanding the reach of our platform, and deepening engagement with major brands across key verticals. We look forward to the resumption of trading on the exchange and have submitted all requested documentation as of last week. We're now literally just waiting for the exchange to respond. I would tell you my guess is as good as yours as to when they'd allow for trading. Nothing's holding them up, per se. I guess it's just their process. You know, we should hear from them pretty soon. Malcolm's first job today after this call is to call them again just to, you know, push them to approve the file. So with that, let's move to Q&A.
You know, again, as with Q&A on these calls, you can either chat on the chat and, you know, ask the question or put your hand up, and I will try and unmute you to do that. We have the first question on chat comes from AP. Hi, AP. Can you please explain why there's no trading in Canada yet? I just said what I had to say, which is I, you know, we're waiting for the exchange. As soon as we hear from them, as soon as they turn us on, we'll be back on. It should be very soon, I'm pretty sure. The next question is from Daniel Rosenberg. Hey, Dan. I owe you an email. I'm sorry. I will call you right after this call maybe, but go ahead. Let me unmute you. Yeah, there you go.
Hi, good morning, Atul. Thanks for taking my question. My first one comes around the cash flow from operations. It was nice to see the strength in the quarter. I was just wondering if you could elaborate on what, you know, accounts receivable that shifted. You mentioned the quality in your prepared remarks. Just any seasonality in there or one-time things that happened and how we should think about it moving forward.
You know, with our accounts receivable, it's just, it's like when you look at your portfolio of shares and when the market's up, everything starts moving up. You don't know which one share actually caused it. It's just growth with our clients, you know, with more business being sold. You know, it directly reflects the bookings backlog. It isn't any one deal, which is a good thing that's causing this bump. There probably is some seasonality that's reflecting in that number, but it's not material. I don't really have a straight answer for you. It's just, you know, the nature of our business, as more clients sell, you know. The interesting part there is that because we are in an environment where no one really knows what's really gonna happen, everybody's hedging in some ways.
You know, with our Q2, for example, you know, it's not that they're not gonna do business. They don't, they just don't know what type of business they're gonna do. If the market goes into recession, which is one of the questions that an investor's asked me to address today, right, we get a certain product mix that reflects recession-based tactics, right? When the market's not going into recession, you know, we get a different set of, you know, marketing tactics that reflect a non-recessionary kind of marketing cycle. Right now, no one really knows which way to invest into these tactics, but the good part for our business is they have to invest in these tactics.
What you're seeing in their accounts receivable is really probably clients hedging, thinking that a, you know, recession is coming and giving us more short-term type programs that we have to launch on our Snipp Win platform and Snipp Offers, for example, you know, which is a good product for this type of environment. Those shorter-term programs result in, you know, more capital having to be deployed by them upfront because we gotta put them in market. They might switch those around, you know, if things change or their confidence changes over the interim. It's a period of real flux for us. This Q2 is an interesting quarter. You know, when we see clear signs to a recession, I never worry because our business, the product mix changes. When we're coming out of a recession, it's also great, you know.
We're pretty not, we're not impacted so much by those kinds of business cycles. Seasonality, seasonality definitely affects our business because, you know, obviously Q4 has more, you know, more types of promotion windows, you know, Christmas, New Year's, Boxing Day, Thanksgiving, something working backwards, right? You know, but, you know, these clients have to do things across, you know, there are about 80 promotion windows in a year: Mother's Day, Father's Day, Super Bowl, Sunday, back to school, Halloween, etc., etc., right? So, you know, they're probably thinking about more short-term elements to their business right now just because they can't plan in a, in a way that you could if you actually had more confidence about, hey, are interest rates going down, you know, is the market gonna go into recession, is inflation gonna start showing up again in a big way, etc., etc. Sorry, Dan.
I don't have a straight answer for you. I just actually don't, you know, it's, it's no one knows.
No, that, I understand the short-term dynamic that, helps unpack some things. Maybe taking, a higher view, you know, if you were to think about the next 12 months, the next 24 months, if we're kinda normalizing for any short-term cycle type stuff, and hopefully we get back to kind of a normalized, world. I'm just wondering if you could help us think about the drivers of growth as you see them, 'cause you had a number of new product launches. You have a core business that seems to be, gaining traction. Just if you could segment the growth avenues that you have, ahead, that'd be helpful.
Yeah, so look, our strategy is actually quite simple. You know, to articulate it in a line, it is you land and you expand, with existing clients, and you land new clients in new industries, on the other flank of the strategy. You know, that's why Bally invested in the company. That's why we've gone after companies like Sinclair Media, which has become a pretty big client of ours. We don't do much work in the media business, for example, right? Casinos, banks, the financial media network that we created. To land and expand, right? That's been the strategy and that continues to be the strategy. With existing clients, it's obviously selling them more products and getting more into their marketing mix, but also working with them geographically in different parts of the world. We've been investing in Europe, for example.
You know, we've now got people in the U.K., we've got people in Germany, we've got people in France now recently. You know, we're starting to even look at some of their programs in a better way in Asia. Again, same clients, land and expand, right? Both in products that we sell them, Snipp Offers, Snipp Media. If we have a Snipp Win client who now wants to do loyalty, sell them Snipp Loyalty. If they have a rebate platform, we sell them rebates. We've got all these different programs so that they can come to one enterprise provider, have a universal view of the data. You know, that drives their machine learning, their AI strategy, etc., etc., right?
Global expansion, you know, as I just talked about, taking those same clients, the Nestlés and the Kellogg's of the world, the Procter and Gambles, and working with them in multiple markets, right? Then there are the new markets, right? Like going after new industries. That is really the simple articulation of our strategy. We are razor-sharp in doing that, and nothing else. To the extent that we wanna add an inorganic layer to the business, if there is the right opportunity at the right time, we have cash on the balance sheet, we have no debt, you know, we will execute that, but it has to be something that is transformational. I do not need to get stuck in acquisitions for skills or tech. I have that in-house now.
I appreciate that, Khaled. I was wondering if I could just double down on, I mean, you mentioned geographies. That's certainly an opportunity and understandable. I was curious about the product suite, you know, as you think about new markets, what are kind of the leading ways that you're penetrating into a new account? And then, you know, what things have you seen in terms of that expand portion, gaining traction in terms of driving the growth as you see it going forward?
Yeah, you know, for us, gaining traction in new markets with our clients is a function of putting people on the ground because we are already globally approved vendors for these clients, right? It's not like I have to worry about building a reputation. I mean, you do have to do a little bit of that, but the door's open for us to do it if I can make the investment to service the team locally, right? That means putting a salesperson, putting a project manager, an account manager or two. It's not a huge investment, but, you know, it's a people investment in those markets so that they actually have local support for what they need. You know, that's really the key. The key to that is finding the right people, training them up.
You know, there's a lead time to all of that stuff. It takes 6 to 8 months to get good people up and running. You know, and then, you know, you gotta factor in walking the corridors of these companies. They know who we are. They know of us. They have good references from us, from their colleagues overseas. But then they have to bake us into their planning cycle. Remember, we're not selling a widget that gets bought today and consumed tomorrow, right? These, these programs take anywhere from three months to six months to plan out, get retailer approvals. You know, sometimes you gotta print stuff. There's a whole bunch of stuff that has to happen for these programs to hit your retail shop, whether it be your e-comm store or whether it be your physical store. There is a lead time there.
I think, you know, we want, we think Europe can be as big a business for us as the US market is. After all, it's as many people and the market's as big. It's a really good opportunity for us. Let's, you know, yeah, we've got a few global clients now, and we're really excited about ramping that part of the business. We wanna make sure we do it profitably and not just blow up money doing it, you know? I don't mind being a break-even business, but I don't wanna go, I don't wanna spend all this money to build out an overseas operation without the right people, right management, 'cause that just, you know, it could be a, it could just use up all of our cash.
Great. Lastly for me, just an update on the banking initiative that you've been pursuing for the last 12 months or so. Can you give an update there on kind of traction you're seeing, opportunities, challenges, anything would be appreciated, and I'll pass the line. Thanks.
Yeah, our banking relationships are really good. Bank of America and PNC Bank are the two big institutions that we have now integrated with, and our media product is available in their apps as part of their CardLink offerings. We continue to build on those relationships and getting deeper with them. Other opportunities for other products in our business are starting to show up. Sorry, did my thing, my thing get—hear me all right?
Yeah, we can hear you.
The other opportunities starting to show up with these banks for other products. Really, the key is, you know, they're monetizing their audience, is a massive untapped opportunity that many people are chasing, not just us. Some very large billion-dollar valued, you know, companies in our space have been chasing this opportunity for a while. You know, we continue to work with new platforms that have unmonetized audiences in the financial services sector. I think we launched one called Benny's recently. You know, they go after an audience of EBT cards in the U.S., which are basically food stamp cards that the government distributes. It's basically free money that if we can put offers in front of that audience, it'll drive more usage of our offers product and of our financial media network product, right?
We're also expanding into credit unions. I think we have maybe 85 live right now, and there'll be about 250 eventually. I think we've solved quite nicely the piece of the puzzle around building a nice audience that can be valuable to brands that brands have not been able to monetize in the past, right? Now we gotta get the brands on file, and that's the next step of breaking the chicken and egg here. Our banking relationships are great. Okay, I'm gonna move on. Let's scroll up. Lots of questions here. So one from Mukun. With the strong cash positions, are there plans for dividends, share repurchases, or I think your last word got strategic, I guess you mean acquisitions, I think. Yeah, so look, we're not gonna spend cash distributing money. Think about it. We're just a $20 million plus business.
We wanna build this into a large, you know, the opportunity is very large here. Reinvesting our capital back into growing the business is really the goal here. In terms of share repurchases, if there was a reason to do it, we'd do it. We'd do it in instance, for example, if we were flipping our story to the U.S. markets and wanted to list the company on the NASDAQ, we'd have to repurchase, you know, we'd have to roll back the shares, you know, starting our repurchase with a rollback to do that. We're definitely not right now considering using the capital to repurchase shares in any form or fashion. The next question was from Charles B. With $132 working capital deficit, how do you plan any near-term obligations or raising funds or disposable?
I mean, we have upwards of $4 million on our balance sheet right now, so I'm not sure I understand the question, Charles. Yeah, we have capital on, like, the question was with the $132,000 working capital deficit in Q1, how do you plan to meet near-term obligations without raising funds? I don't think we need to raise funds. Deferred revenue is not something we can, we do different to until we deliver the program, it converts into revenue and the program goes live, and they're all in flight. That deferred revenue automatically converts into revenue or has to return it. Yeah, I'm not worried about the deficit of working capital. I don't even think we have one actually. The next question's from Sky.
Do you have any plans to market the company or do other things to increase the market value of the company for shareholders? Yeah, so look, the first step of this was to get a new CFO. We have now done that. You know, we do wanna market the company. I think we have a story to tell, and we do plan to, you know, work with a PR and IR firm to facilitate that. We haven't chosen anybody yet, but it's definitely part of the first-half plan to work on a strategy to do so. Okay, the next question is, the company has no debt. Does management plan to leverage this for acquisitions, R&D, or share buybacks? I think I just answered that. In terms of acquisitions, again, nothing on the horizon. Many opportunities, but nothing imminent.
We continue to evaluate, you know, opportunities as they arise, but we gotta do the right opportunity, the right, at the right time. Right now, you know, we've got a good story going. Our organic business is growing quite nicely. If something good comes along that can be transformational for the company of value for shareholders, we definitely consider it. Okay, next question was from Ray. Given increasing focus on data and advances in data science, AI, how will Snipp ensure its first-party data collection capabilities and instead train a sustainable competitive advantage? Okay, good question. So look, the key, the key to all of this data science, AI, ML is actually to, to begin with the data. If you control the data and if you generate the data, the next step of that is what can you do with the data, right?
Right now, we are, the datasets that we have are unique datasets. We generate this data. We create the data. The data is what the AI engine that a client wants to use needs for it to be effective. Without the data that we generate, those engines are completely and absolutely useless. Without our machine learning, those engines can't do anything. As long as we keep doing more and more programs, we can generate more and more data that's relevant. You know, we're not, we're not in any way at risk from all of this. In fact, our AI capabilities, arguably, which is some, which is an area we definitely are investing in as we speak. Y'all should all go try it on our website. There's a little chatbot there. It's an agentic AI agent, built with a partner. We announced it a few months back. It's fantastic.
It's really, really worth playing around with it and asking them all sorts of questions. Arguably, it's as good, if not better than my Salesforce. I shouldn't say that, but it's quite an interesting evolution of what we, of the data that we generated to teach it how to answer things. We're feeling pretty good about where we are in this new age. The whole, you know, when we started this company, it was all about building out a solution that can personalize offers for a human being.
It was, you know, if you look at, if you go back and see the movie Minority Report, you'll see Tom Cruise walking down a mall and, you know, the LCD panels while he's walking down the corridor of the malls before he enters Gap recognize who he is and start speaking to him based on his past history. That's the future we are enabling. We have the data layer on it. The rest is easy. If you have the data, you can do lots of great stuff. Okay, next question. Do you still have aspirations to be acquired? I mean, look, I don't, I don't wake up in the morning thinking, "Hey, I wish I could get acquired." I wake up in the morning thinking, you know, how do we basically make more money, from Snipp?
If you do the right things around building your business, eventually you'll either be acquired or, you know, you'll end up acquiring a lot of companies that continue to grow your strategy. The simple answer to your question is, I, of course, I have aspirations to be acquired, but it's not what we are building towards. We are building a company that adds shareholder value, right? What happens along the way will happen along the way. Okay, the next question is, can you talk about how you're thinking about near-term cash management, especially with deferred revenue opposite and working capital still looking tight this quarter? I'm, I'm a little confused by this set of questions because, again, deferred revenue for us, 99.99% converts into revenue.
You know, our near-term cash management is build and execute on projects that come our way and deliver to our clients what they've contracted us to do and what they've paid us a little bit for upfront. That's really the focus, right, of managing cash is continuing to deliver on what we've sold because that is a profitable business. Okay, the next question. Can you comment on the potential contribution of Snipp Media if it were to stabilize at the projected audience of 150 million? Just depending. Sorry, let me read out the question. Can you comment on the potential contribution of Snipp Media? If it were to stabilize at the projected audience of 150 million, does the success depend on reaching an audience size threshold?
Okay, so the contribution of Snipp Media is something that I can't forecast right now only because it is something that doesn't exist in the market other than with what we've built and implemented. What I can say is this. The paper coupon industry in the U.S. is a $30 billion market. Snipp Media takes an analog industry and converts it into a digital age. That mark, that vertical of couponing is where I am trying to capture market share on using the audience of the banks that have been untouched. So its potential contribution for a business should it cap on with the manufacturers is quite sizable. At one end of the spectrum, one could think of this as a standalone business in itself now that we've funded the technology.
but it remains to be seen at what pace we can build this into, you know, that type of vertical, which is a standalone business on its own. Success for that business at this stage doesn't depend on reaching the audience size, which was the second part of your question. We've done that. Success now is totally tied to getting brands to try it, understand the data coming out of it, and embed it into their ongoing couponing strategies. That's it. Because the audience that we have is a very quality audience. It's basically people who have bank accounts, which are normal people. No bots, no fraud, none of that. So yeah. Okay, the next question is, is AI gonna have any effect on your business going forward? I think I just spoke about this. So, we drive the data that an AI engine needs.
Yeah, it's gonna have an effect on our business because now, it makes us more valuable because these engines need more data. And then the output of these AI engines, look, AI is a really broad term. There are many, many different elements of AI that are going to help any business, from reducing customer service costs to, you know, shortening the sales cycle to improving efficiency of training your employees. I mean, I can go on about how we are trying to use AI in a staged and gated manner. But is it gonna affect our business from an existential perspective? Absolutely not. It's only gonna help us. I mean, I could go on about, you know, I could wax poetic about the use of AI in our business, but probably best to have a call, one-on-one on that. Okay.
The next question was, what companies are you directly competing with for business? I think the easiest way to answer this question is for you to just look up our investor deck because, you know, at one level, we have many different products that are vertical industries in themselves. Marketing and promotions and loyalty industry historically has evolved as an industry of verticals where each is a different vertical. If you wanted to do different types of programs, you'd be calling different vendors to do it.
We took a horizontal approach to this business, saying, "Let's build an ERP-type solution that can span multiple verticals that a client like Nestlé has to play in for their marketing tactics." The reason we got into all of these big companies as a small penny stock company was because we offered them one vendor that can do all of these different solutions instead of having them, you know, have to, instead of having these brands go out and having to procure from multiple different companies and manage multiple different relationships. At one level, you know, we do not actually have a lot of competition at the horizontal ERP level for a single client looking for multiple types of tactics.
At a vertical industry level, yeah, we're now, you know, competing with all the loyalty guys who just do loyalty, all of the text messaging guys who do just text messaging, all of the sweepstakes guys who do just sweepstakes. Yeah, that's how I would think about competition. There is a great slide in our investor deck that outlines the competition, and how to think about it. Okay, the next question is, what is the company's strategy for listing on more prominent exchanges? Hey, Canada is a great exchange. Yes, we do wanna bring the story to the American markets. Again, we gotta do it in the right way. Part of that is getting accounting systems and processes mature enough to be able to do quarterly audits. We also need to be PCOAB certified. All of this also requires investment, right?
We have had a few different conversations with various banks. Quite a few of them are interested in bringing us to the U.S. market. There are different formats of doing that through a merger with a SPAC, through a direct listing, etc., etc. Each has its own pros and cons. Each has a different timeline. I think the first order of business is, let's make sure we never have a delayed audit again. Let's make sure we can file our quarterlies, audited quarterlies, correctly. We do not need to do it for the Canadian exchange, but you will have to do it if you come to the U.S. We are putting in automation in our finance department. We are moving to a single unified financial solution that is tied to our booking engines. We now have a new CFO on board.
you know, we're making the steps necessary so that if and when we do switch over, the infrastructure supports it. and then it's a matter of making the investment to do so. It will cost a lot more money to be public in the U.S. it'll also cost a lot more money on the audit. you know, it's a, it's a million-dollar expense or more, to make the switch over. So we have to think about that carefully, you know, when we think about strategy. Okay, does your company have offices or does everyone work from home in some capacity? So we, we, from the time we founded this company, have only had dev offices. We have an office in Corkoran Island. We have a very small office in Vancouver, which is actually a shared space. but yes, all, all of our people have always worked from home.
We will never change that because as a small penny stock company, I don't wanna be restricted to a certain location to find people. It gets expensive. I wanna find the best people I can afford anywhere in the world. We stayed true to that from the day we started this company. There's a reason why during COVID our operations were not impacted one bit. This was not, you know, a strategy that was caused by COVID or anything. We just had the strategy from day one. I think that answers. I hope I didn't miss anybody. I'm sorry if I did. I've just had a lot of questions here. Appreciate everybody's time. Thank you. We will talk to you via press releases. I promise we will start communicating a lot more.
and, you know, yeah, if anyone has any questions, feel free to reach out, email us, call me. Yeah, we're available to answer questions. Thanks. Take care.