Earnings call transcript: Atlas Engineered Products Q4 2024 revenue soars

Atlas Engineered Products (AEP) reported a significant increase in revenue for the fourth quarter of 2024, though it fell short of market expectations. The company’s earnings per share (EPS) came in at $0, missing the forecast of $0.005, while revenue was reported at $15.07 million, below the anticipated $15.68 million. Despite this, the stock price rose by 1.23% in pre-market trading, closing at $0.81, the same as the previous close. According to InvestingPro analysis, AEP is currently trading at a high earnings multiple, with a P/E ratio of 18.94, suggesting the market maintains optimistic growth expectations despite recent misses.

Key Takeaways

• Atlas Engineered Products reported a 613% year-over-year increase in Q4 revenue.
• The company’s EPS missed analysts’ expectations.
• Stock price increased by 1.23% in pre-market trading.
• AEP is investing heavily in automation and expanding its product offerings.
• The company anticipates 2025 to be a pivotal year with continued momentum.

Company Performance

Atlas Engineered Products demonstrated robust growth in the fourth quarter of 2024, with revenue increasing by 613% year-over-year to $15.1 million. The full-year revenue for 2024 reached $56 million. The company is expanding its product offerings to include full packages such as trusses, wall panels, and engineered wood products. This expansion, alongside a focus on automation, positions AEP strongly in the competitive construction materials market.

Financial Highlights

• Revenue: $15.1 million in Q4 2024, a 613% increase year-over-year.
• Full-year 2024 revenue: $56 million.
• Gross profit: $3.6 million for Q4; $4.1 million for the fiscal year.
• Adjusted EBITDA: $2.2 million for Q4; $8.5 million for the fiscal year.
• Cash balance: $13 million.
• Long-term debt: $21 million.

Earnings vs. Forecast

Atlas Engineered Products’ EPS of $0 fell short of the forecasted $0.005. Revenue of $15.07 million also missed the expected $15.68 million. This marks a slight underperformance compared to market expectations, though the company’s year-over-year revenue growth remains notable.

Market Reaction

Despite missing earnings forecasts, AEP’s stock price rose by 1.23% in pre-market trading, settling at $0.81. This movement suggests investor confidence in the company’s long-term strategy and growth potential, particularly its investments in automation and product expansion.

Outlook & Guidance

Looking ahead, Atlas Engineered Products anticipates 2025 to be a key inflection year, driven by its automation investments and expanded product offerings. The company expects continued momentum from 2024, with a robust M&A pipeline and a focus on multifamily and high-density projects.

Executive Commentary

CEO Hadi Abbasi highlighted the strategic direction of the company, stating, "We expect 2025 to be the key inflection year for the company." He also emphasized the industry’s shift towards comprehensive product packages, saying, "The industry is moving more and more towards wanting the whole package."

Risks and Challenges

• High interest rates pose a challenge in the competitive market.
• Housing starts have decreased year-over-year, impacting demand.
• The company faces potential risks with its $1.5 million vendor deposit impairment.
• Execution risk associated with the significant capital expenditure on automation.
• Dependence on multifamily and high-density project demand.

Q&A

During the earnings call, analysts inquired about the company’s $1.5 million vendor deposit impairment and potential legal recourse. Executives also provided insights into their M&A strategy and detailed plans for maintaining margins in a challenging market environment.

Full transcript - Atlas Engineered Products Ltd (AEP) Q4 2024:

Jake Bulma, IR Consultant, Atlas Engineered Products: Good morning, everyone. Welcome, and thank you for joining the Atlas Engineered Products earnings call. My name is Jake Bulma, IR consultant for AEP. Today on the line discussing AEP’s Q4 twenty twenty four financial results and company highlights will be CEO, Hadi Abbasi and CFO, Melissa McCray. Following the discussion, we will open up the call for a Q and A.

Before handing over the call to Hattie, please note that the information we present today could contain forward looking information that is based on management’s expectations, estimates and projections. Please consider the risk factors, including those in the filings made by Atlas on SEDAR when reviewing the information. Also, all amounts discussed will be in Canadian dollars unless otherwise noted. Adi, you can take it away.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you, Jake. Hello, everyone. Welcome to Atlas engineered products earning call to discuss our fourth quarter and year end 02/2024 performance. We are excited to be with you today, and thank you for your joining us. We appreciate your time.

We are pre we are very proud of our team as we expect, we executed through a challenging year for the industry volumes. While we continue to generate industry margins through the through the tough times and, take market share and significant growing the wall panel and engineered wood product business, We are very encouraged that both political party candidates have well delineated platforms that address the housing shortage in Canada. While both of the parties’ plans are different in the approach in terms of public versus private sector leadership, we see upside in the industry support from both sides of the aisle. AEP will play a pivotal role as a supplier of prefabricated structures to support the vision for more affordable housing. We are surprised that investors haven’t paid more attention to this potential tailwind for our industry.

But we see it, and we will capture the opportunity, and then we are ready for it. In terms of tariffs, as previously reported, AEP doesn’t have material exposure to US cross border transaction. However, with our product exempt under the US CMA and a strong US dollar, We prudently evaluate and consider opportunities in adjacent states given the currency arbitrage situation on our, lean cost structure. We expect 02/2025 to be the key inflection year for the company, and we are encouraged to see momentum from 02/2004 ’24 carrying into 02/2025. The quote funnel and bookies are up year over year.

In the meantime, the m and a pipeline remains robust, and we are investing in automation, which is the future of our industry. We have now formalized a relationship with with robotic vendors for, to the the diversify exposure and manage risk. Our first robotic hub in Clinton is under construction and is on time and budget. AEP anticipates seeing a return from the investment in time for the busy construction season of 02/2006. Capital allocation is important to the company.

While M and A and automation have been the focus in 02/2024, We recently instituted an NCIB given the share price performance. The company has been active acquiring shares of at attractive levels. We sit deep value in our stock, and we manage our capital prudently to make create accretive purchases when appropriate. We are steadfast in our approach to evaluate evaluate a return on investment capital, and we’ll take a balanced approach considering organic growth, m and a, and buybacks. We have a very ambitious plan at Atlas to expand our footprint across Canada and increase our capacity through automation.

We have aggressively added to our sales headcount counter cyclically and anticipate material contributions from the team in 02/2025. These investments have been a short term drag on our financial result, but we are positioning the company for long term value creation. I would like to introduce Melissa McCrea, CFO of AEP, to provide commentary on our q four and year end financial performance. Thank you for your time.

Melissa McCray, CFO, Atlas Engineered Products: Great. Thank you, Hadi. Results for our q four and year ended December 2024 include revenue of 15,100,000.0 for the quarter and 56,000,000 for the year to date, which represents a 613%, respectively, year over year increases. These increases were driven largely by wall panel production and engineered wood pannets organic growth, along with the strategic acquisition of LCF. Just to remind everyone, we acquired LCF in August late August of twenty twenty three, and it’s been one of our successful acquisitions.

One of our main strategies and focus, you know, as our company is organic growth along with acquisitions. With this in mind, the company has been focusing on continuing to build its wall panel production and providing as much engineered wood products for the much needed condo and apartment buildings on the West Coast Of Canada. These condo and apartment buildings in BC have continued despite the housing starts dropping in the province year over year recently. Gross profits of 3,600,000.0 for the quarter and 4.1 for the fiscal year. Adjusted EBITDA, 2,200,000.0 for the quarter and 8,500,000.0 for the fiscal year.

No adjustments were made in these numbers associated for costs with future automation, which includes expansion of the sales and management teams for the additional support. Also, there are no adjustments for management labor costs related to the previously announced due diligence completion for a location in Western Canada, still anticipated to close in the spring of twenty twenty five. Profits, income, and EBITDA have been impacted by a more competitive market compared to the past few years. Initially, it was the higher interest rates and need to reduce inflation that impacted the construction market. The company has seen had seen strong signs of a rebound at the end of fiscal twenty twenty four with positive results and continuing into 2025 with a 25% increase in quoting through the first three months.

The company is working diligently to convert those quotes to orders, increase the number of jobs that include a full package of trusses, engineered wood products, and wall panels representing organic growth and further gain market share with the bolstered sales staff. The company has a strong balance sheet with cash of $13,000,000 long term debt of $21,000,000 and net carrying value of real estate of $15,000,000 The strength of our balance sheet helps position the company to move forward with the robotic facility in Ontario and future acquisitive growth. I’d now like to open up the call to your for your questions. Operator, please provide the appropriate instructions.

Steve, Call Moderator, Atlas Engineered Products: Thank you, Hadi, and thank you, Melissa. So at this time, we’ll be conducting a Q and A session from our analysts. So please go ahead and raise your hand if you have a question, and then we’ll address them, in order. And then if there’s any outstanding questions at the end of this call, there will be our contact information at the end of the before the end of the call. So, we’re we’ll be happy to answer them all.

So the first question is going to be from, David from, Cormark Securities. David, the mic is yours.

Hadi Abbasi, CEO, Atlas Engineered Products: He’s muted,

David, Analyst, Cormark Securities: There we go. I can you guys hear me now?

Steve, Call Moderator, Atlas Engineered Products: Yes. We can.

David, Analyst, Cormark Securities: Okay. Hadi or Melissa, you guys took a $1,500,000 impairment charge this year just related to a vendor deposit. I’m guessing this is related to the the house of design failure. I was hoping you guys could walk us through your ability to reclaim some of that cash. And probably secondly, what other automation partners are you considering?

Is it, someone more local in North America, or are you guys looking towards Europe?

Melissa McCray, CFO, Atlas Engineered Products: I’ll step in and answer the first part there, David. The we under IFRS, we had to write it off. At this point in time, we don’t have certainty until when and how much of that deposit we can get back. We have started legal proceedings. We do have a lawyer in The US, and we are confident that a portion of it will be returned.

It’s just when and how. They did have assets when they shut down that should be supportive of returning some of the funds. We have joined a larger group that includes some heavy hitters in The US that also need software support and and are going through those legal proceedings. At this point, The US legal system is a seems a little is a little slow like I think any legal systems. And right now, we’re just forcing them into bankruptcy.

As I don’t know. Do you want me to address the

Hadi Abbasi, CEO, Atlas Engineered Products: No. I can I can do that? And then hi, David. And just to add to Melissa’s the fight we’re doing we’re doing it with the all organization from the private equity firms all the way down there. And we are and another company from Canada, we are part of it.

But the the fight is not just us. It’s a worldwide group of companies that they have deposits there, and they have machinery halfway done and everything there. And rather than me getting to a legal problem and stuff there, like, this is a giant that of the team that they’re fighting this money to get back and everything there is giant team there. And they have a it’s a huge force. However, that’s put aside.

Lesson learned. This is part of pioneering everything. This kind of bump in the road will happen. We have moved forward, and we have make sure we have another solid supply that they’ve been in the in the in the business for a long, long time from Europe and Australia. And then still plans are moving ahead, and thank god we have alternative suppliers to for the automation and stuff.

And there are more coming on stream there. So and then we’re moving forward on that and and learn lesson learned from the last one, and we are moving very carefully, but still a steady forward.

David, Analyst, Cormark Securities: That’s a very helpful color. And then maybe, Melissa, you

Hadi Abbasi, CEO, Atlas Engineered Products: can can

David, Analyst, Cormark Securities: you provide us with a a CapEx plan for for 2025? And if if that includes any other deposits that you have to make to to the new vendors that you’re establishing relationships with?

Melissa McCray, CFO, Atlas Engineered Products: Yes. Just one moment here, actually. So we’re still finalizing the so this year, we’ll be finalizing the building at the robotics facility in Clinton. That is estimated to be about 6.8 for the budget at this point. All of that roughly will be this year.

The further robotics and automation, again, still another probably another about another 7 to 9,000,000 here depending on how fancy we wanna go with this project and on the outset. Additional capital expenditures are a little tentative at the moment, but they run about another 1 to $2,000,000.

David, Analyst, Cormark Securities: That’s very helpful. Then maybe just the last one for me before I turn it over. How do you you know, when we think about the market in 2025, it does sound like it’ll be tough once again. So when you’re thinking about defending market share, especially as you’re you’re expected to bring on additional capacity with robotics, how much margin are you you willing to sacrifice to just maintain those same level of volumes you did in 2024?

Hadi Abbasi, CEO, Atlas Engineered Products: Great question. David, the focus we’ve had all the time is take care of the employees, make sure everybody’s working and they’re feeding their family, and take care of our customers and not lose any custom. And we have we are fighting very, very hard to do that. And usually, then it depends to your hunters and your soldiers and how you manage your margin. And it’s an amazing chess game that you have to play.

And then we are doing that. And then in terms of we have a threshold of how far we go. And sometimes we go below that while we make it in another job. But we will fight whatever it takes. However, we will not we will make sure we make money.

And there are ways. There are many, different ways. And I look at this business right now. Last year was like this and this year. We are a cyclical business.

And in my history, in the last thirty five years, noticed this. When the winter come and the snow comes and everything, that’s when everybody booked their holidays to go to a snowy destination and enjoy that holiday time. With our approach was now competition’s hibernating. Let’s go fight it out harder. And then that’s the approach we’ve taken even in the summertime right now and this year and we did last year because the start’s been down and it’s a tough market there.

However, with the power we have, you know, buying power or production facilities and the sales abilities and manufacturing abilities, we will look at it’s a multidimensional way we look at an order. How do we sell it and how do we produce it? That way at the end, we will make money. Because that’s the main objective is we need to be positive there. And that’s how we do it.

So we take it job by job, whether it’s $2,000 or it’s a million dollar job. We analyze it. We talk to our suppliers. We look at what we can do to save money and everything, and we approach it like that. And it’s very, scientific and very, very prudent thinking behind it there.

And I’m blessed I have a team there, that we have a team at AEP that they believe in this, and then they do it. And they are amazing hunters. Like, they don’t back off, and they will they will make anything happen to get the job, keep people working, and make money at the same time.

David, Analyst, Cormark Securities: Okay. That was perfect. Thank thanks so much for the the color, Hadi and Melissa.

Steve, Call Moderator, Atlas Engineered Products: Thank you, David. So the next question is from Russell, from Beacon Securities. Russell, your mic has been unlocked. You can mute yourself.

Russell, Analyst, Beacon Securities: Good morning, and thank you for taking my my question here. Congrats on the growth in in wall panels. Understanding you’ve got a diverse customer base, but you you mentioned, you know, trying to sell full packages now including trusses panels and and engineered wood products. I’m just wondering, you know, roughly what share of your existing truss customers are now buying wall panels from you? Just wanna understand where your where your penetration is on this product category.

Hadi Abbasi, CEO, Atlas Engineered Products: I would say, location to locations, I would say in Maritimes, it’s a major, major port. I couldn’t give you the exact percentage, Rajesh. I apologize for that. But major part of our business in The Maritimes is from the wall panel and trusted with the customers. We are more advanced and more, experience, workforce there, and the clients are more receptive to that product because of the shortage of season they have in that area.

And we have expanded that really is is a small percentage at the moment. But when it comes to organic growth, especially the wall panel, we did the same approach with engineer wood wood a few years ago. You don’t open the tap all of a sudden there because of our capability of producing it and the knowledge of the client and the knowledge of our team there. And in the rest of the country, Ontario in one operation is a pretty good percentage do there. But in BC and stuff, it’s a very small percentage, but a very steady growth.

Because with our business, you need to know what you’re doing. You need to know how to manufacture it, how to deliver it, and the client needs to do knows how to install it. And we’re going through that process of growing. And then as the as we the better we become at it, the more we open the tap to the client and stuff there, really. If the customers are there and the demand is there, it’s us managing the supply and not all of a sudden.

It’s not like a buffet dinner. You can’t just go eat all you can. You have to take a prudent approach to it there and be very conservative about it.

Russell, Analyst, Beacon Securities: Got it. That’s that’s helpful. I think in the the report, you noted you you worked on a large multifamily project in q four that helped margins. Just wondering, you know, has has any of that carried over in q one? Are you seeing more projects like that in the outlook for ’25?

And any color around that that type of business would be

Frederic, Analyst, Desjardins Securities: Yeah.

Hadi Abbasi, CEO, Atlas Engineered Products: With the that wasn’t just one off. That was one of many projects we have. And usually, there is a big segment. The as the starts went down and the housing costs went up, the rental activity in the country for rental units and especially in BC government gave some incentive with GST PST and everything there. So they were there.

So they there was a there is a huge increase in multifamily and hotel structures and everything across the country. And that’s the one area we have a we have the experts in design, and we have a great suppliers and great buying powers on there. And that’s been a mainstay of our business. Like, that has always been there and increases year over year there. And as we can see it, as the affordability, it gets tightened and the density and the approach is not into building a big house.

In cottage countries and Vancouver Island and maritime, they do that. But most of the other areas, they need more square footage out of a piece of land. So we we had seen that in the past years, and we are ready for it with our design team and sales team. And we try to capture as much market share as we can from that area. And those are big major construction companies that they have ongoing projects going through year over year, and those are condo projects, old old people’s homes, all kinds of projects that the density is high on it, and they need our expertise and our engineered wood products and the way we do the everything together with them.

Russell, Analyst, Beacon Securities: Great. And maybe just one more question for me, and I think this one’s for Melissa. Just on deferred taxes, I think a notable impact there on operating cash flow. Just wondering if you’d provide some color on what’s what’s behind that. Thank you.

Melissa McCray, CFO, Atlas Engineered Products: Yeah. The the completion of the LCF purchase price allocation. So we hadn’t completed that by the year end prior. So the tax account the the tax lady that we have that does everything had an extra deferred tax allocation to the intangibles that were valued out. So a noncash item

Frederic, Analyst, Desjardins Securities: Got it.

Melissa McCray, CFO, Atlas Engineered Products: Overall.

Russell, Analyst, Beacon Securities: That’s all for me. I’ll get back in the queue. Thank you.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you, Russell.

Steve, Call Moderator, Atlas Engineered Products: Thank you, Russell. So the next question is from Frederic Frederic from Desjardins Securities. And, Frederic, your mic has been unlocked. You can unmute yourself.

Frederic, Analyst, Desjardins Securities: Hi. Good morning. Wanted to follow-up on the large multifamily project there. Can you clarify which products, were sold into that that project? Was it, was it the full package you’re talking about, or was there one product specifically that was part of that project?

Hadi Abbasi, CEO, Atlas Engineered Products: Good good morning, Fredrik. In a certain projects, we just do the roof, the floors, and the and the engineer wood product. And most of them, because of the height restriction and the view restriction in certain provinces and certain location, they do not use trusses on the roof. They use I joists, we call it, or engineer wood products. It’s a flat roof they put on there.

And in certain projects, we do everything. We do the walls, we do roofs, the floors, the floor cassettes, the engineer wood products, the beams, everything. We supply them. So it’s a mix of depending to the contractor choice how they wanna do. And some of them, they do a mixture of different types of wall and everything there.

So we just do the roofs and the and the floors for them and stuff there. But majority of our jobs becomes right now, we’re doing the walls the walls and the floor to sets for them too.

Frederic, Analyst, Desjardins Securities: Great. And just

Hadi Abbasi, CEO, Atlas Engineered Products: add excuse me. And just to add, the industry is moving that way now, the construction industry and the our industry. We’re moving more and more towards especially on this big multifamily project that they need huge labor force. And because of the shortage of the labor force, once things get busier, they’re moving more and more towards they want the whole package. That’s the walls, the floors, the trusses, everything.

This is an amazing organic growth opportunity, and we are trying to get ready for that demand.

Frederic, Analyst, Desjardins Securities: Okay. Great. And speaking of the walls, 27 growth in q four was really impressive. Just wondering if you could maybe dig a bit deeper on where that growth came from. I know you spoke about the Maritime is being the walls being more penetrated there and a bit earlier stage in BC.

But in terms of the growth you saw in Q4, was it from that sort of legacy Maritime business? Or did you get contributions from earlier stage

Hadi Abbasi, CEO, Atlas Engineered Products: Yeah.

Frederic, Analyst, Desjardins Securities: Markets like BC?

Hadi Abbasi, CEO, Atlas Engineered Products: We got from maritime business, a significant part significant part from Ontario, from our locations in Ontario, and a small part from the BC location.

Frederic, Analyst, Desjardins Securities: Okay. Great. And if I could squeeze in the last one here on M and A. On your M and A pipeline, just curious if you had any comments on the types of opportunities that you’re seeing out there, and sort of the the M and A landscape as we move forward in in 2025.

Hadi Abbasi, CEO, Atlas Engineered Products: The M and A landscape is very, very healthy and is amazing. And sometimes you wish you had all the capital and all the bench power and the manpower so you could go buy everybody tomorrow. But in reality, M and A is a is an amazing tool for adding to your location, to your footprint, and to the geography of the areas you cover. But it can go sour very, very fast. So we take a very prudent conservative approach to it, and then we will try to do keep on normal adding one or two a year and if they fit into the program and everything.

And now we have another I two m and a that has added in the toolbox is the automation. We have to make a choice now. When you are all across every provinces and when you have a footprint with your manpower, with your Salesforce, everything, does it make sense to add another company, or does it make sense to put up a new automated green belt factory in there? And those are all the factors we are looking at right now. But looking at the m and a it’s very, very, it’s very, very healthy right now.

And then it will get better as we go around because of the demographic of the age, ownership, the age of, all the ownership and their succession planning and stuff there. And it’s pretty healthy right now.

Frederic, Analyst, Desjardins Securities: Great. Thanks for taking my questions.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you.

Steve, Call Moderator, Atlas Engineered Products: Thank you, Frederic. So next, we have Andrew from Vantum Capital Markets. And Andrew, you can unmute yourself now.

Andrew, Analyst, Vantum Capital Markets: Great. Thanks for taking my questions. Good morning, everyone, and congrats on the Q4 results. I just wanna go back to the CapEx some of the CapEx items we were talking about earlier. 6,800,000.0 number that Melissa said, I I believe that’s or I’m assuming that’s for Clinton.

For the additional 7 to 9,000,000 of of further automation spend, I could we just get an update on the scope of those projects, the timing of when they might be implemented, and what kind of return on invested capital you might be budgeting for those those investments there?

Melissa McCray, CFO, Atlas Engineered Products: Yes. So that’s the robotics project. We are we are anticipating having those ready to go for the building the busy building season next year in 2026. Given the fact that take just taking the time to make sure it’s installed, and we’re using the equipment effectively and efficiently. So allowing for that a little bit of time in there for that project to to move forward.

ROI, we’re looking at three to five years depending on capacity. So we see a strong return once we get up to the two out of the three shifts running, and I think that’s what we presented before when we’re looking at house of design equipment, and it’s about similar with the with the new supplier.

Andrew, Analyst, Vantum Capital Markets: Great. And just to be clear, that’s automation lines being installed in other existing facilities?

Melissa McCray, CFO, Atlas Engineered Products: So the these are the this is the robotics for the Clinton facility. So the 6.8 was the building itself, not the robotics inside of it.

Andrew, Analyst, Vantum Capital Markets: Got it. Okay. Okay. Thanks for clarifying.

David, Analyst, Cormark Securities: And then just And,

Hadi Abbasi, CEO, Atlas Engineered Products: Andrew, if I may add to your question, for the automation role, that it will be partly robotic and so for for for the other facilities. We have identified the facilities, and we are in a process of working with a new supplier and going through the design, the costing, and everything there and stuff there. And then I will have further update later on in the year for you on that. But right now, we are working very on on that angle to that right now to

Andrew, Analyst, Vantum Capital Markets: Great. That that’s helpful. That’s what ties into my next question. So, just on the cash balance of 13,000,000 on the books at the end of the year, You know, I know the, the company is, EBITDA positive and and bringing in cash flow from operations. But just kind of summing up some of the, items on the agenda, you know, it looks like there is about 14 to 16,000,000 of of total spend for Clinton, the building, and the automation, the growth CapEx there.

You know, you’ve also noted an acquisition of about 3 to 4,000,000 that’s expected to close soon. You’re talking to healthy m and a pipeline ahead and potential other automation activities going on across the organization. Just wondering, like, how how you’re feeling about the cash balance now given all these opportunities ahead of you and, thoughts on, self financing that, going back to lenders, thinking of other alternatives, for for funding your growth options ahead of you.

Melissa McCray, CFO, Atlas Engineered Products: Yeah. We’re we’ve invest we’re investigating all opportunities, and it’s the best one that’s gonna be for the for the company and the shareholders. We do have a healthy cash balance, and we have, we’re anticipating healthy cash even through a positive cash flow throughout the year here. We’ve actually negotiated some great payment structures, with suppliers and with the m and a’s potentials, that allow for continuous payments through over the course of a year, year and a half here to stretch things out and allow for internally generated cash to help support these these projects. As Hattie mentioned before, though, obviously, if more cash in the bank and there’d be a lot more we could do a lot more acquisitions and and a lot more manpower, we could get this all done right away.

But being prudent and being efficient and managing our cash that way. Thankfully, we have a great partner in our bank, and they’re willing they’re willing to step up should we need it.

Andrew, Analyst, Vantum Capital Markets: Great. That’s helpful. I’ll get back in the queue. Thank you.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you.

Steve, Call Moderator, Atlas Engineered Products: Thanks, Andrew. So before we wrap up, I wanted just to double check to make sure, all the analysts that we have invited today, if you have any questions, please go ahead and raise your hand. I’ll give a few moments for you to do that. Now just so you know, we will take questions from all the analysts that we have invited. So if you’re not on that list, please follow-up with us, you know, with the by using the contact information that we will be providing, before the end of this call.

Thank you so much.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you, Steve, and thank you everybody for being on the call. We appreciate your time.

Steve, Call Moderator, Atlas Engineered Products: Yeah. Thank you. Thanks everyone. And so this is then the end of our q and a session. So we will be available to answer all of the questions that you may have.

I know some of you may have raised your hand, although you’re not on that MIT list, but you can definitely reach out to us at info@aliceep.ca or you can submit the contact form from our website, which is alice e p dot c a. And this is the end of the call, and you may disconnect now. And thank you so much, and have a great day.

Hadi Abbasi, CEO, Atlas Engineered Products: Thank you. Thank you.

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