Earnings call transcript: Xtract One Tech’s Q2 2025 revenue misses forecast

Published 13/03/2025, 15:54
 Earnings call transcript: Xtract One Tech’s Q2 2025 revenue misses forecast

Xtract One Technologies Inc. reported its second-quarter earnings for fiscal year 2025, revealing a revenue shortfall against expectations. The company achieved a revenue of $3.4 million, falling short of the projected $4.5 million. Despite this, the company’s earnings per share (EPS) met expectations at a loss of $0.01. Following the earnings announcement, the stock price experienced an 8.24% increase, closing at $0.46, up from $0.425. According to InvestingPro data, the company’s market capitalization stands at $69.88 million, with impressive revenue growth of 156.34% over the last twelve months.

Key Takeaways

  • Xtract One’s Q2 2025 revenue was $3.4 million, below the $4.5 million forecast.
  • EPS met expectations at a loss of $0.01.
  • Stock price increased by 8.24% in after-hours trading.
  • Gross margin improved to 70%, up from 61% year-over-year.
  • Record bookings of $13.5 million, a 250% increase from the previous year.

Company Performance

Xtract One Technologies demonstrated robust growth in several key areas despite missing revenue expectations. The company reported a 17% increase in total revenue compared to the previous year, driven by innovations like the One Gateway product and expansion into new markets such as healthcare and education. The company also achieved record bookings of $13.5 million, marking a 250% year-over-year increase, and a significant backlog of $37 million in bookings. InvestingPro analysis indicates the company maintains strong financial flexibility with a current ratio of 1.88, and holds more cash than debt on its balance sheet. Get access to 10+ additional ProTips and comprehensive analysis with an InvestingPro subscription.

Financial Highlights

  • Revenue: $3.4 million, up 17% from the previous year.
  • Earnings per share (EPS): -$0.01, meeting the forecast.
  • Gross margin: 70%, an increase from 61% last year.
  • Operating cash usage: $200,000, down from $1 million.

Earnings vs. Forecast

Xtract One’s actual revenue of $3.4 million fell short of the $4.5 million forecast, representing a 24% miss. However, the EPS matched expectations with a loss of $0.01, aligning with forecasts and maintaining consistency with previous quarters.

Market Reaction

Despite the revenue miss, Xtract One’s stock price rose by 8.24% in after-hours trading, reflecting investor optimism. While the stock has faced challenges, declining 30.33% over the past six months according to InvestingPro data, current analysis suggests the stock is trading below its Fair Value. The company maintains impressive gross profit margins of 61.13%, demonstrating operational efficiency despite market pressures. Discover detailed valuation metrics and access the comprehensive Pro Research Report, available for over 1,400 US equities on InvestingPro.

Outlook & Guidance

The company anticipates higher top-line results in the second half of 2025, driven by a qualified pipeline of $100 million, with $40 million in late stages. Xtract One aims to accelerate revenue growth in upcoming quarters and continues to diversify its customer base across various sectors.

Executive Commentary

CEO Peter Evans highlighted the company’s progress towards profitability, stating, "We’re making very rapid progress towards profitability and cash flow breakeven." CFO Karen Hirsch emphasized customer retention, noting, "Every existing client wants to stay with Xtract1."

Risks and Challenges

  • Potential tariff impacts on costs and pricing.
  • Capacity constraints for deployments, although currently not a concern.
  • Inventory increases due to One Gateway production.
  • Macro-economic pressures affecting global expansion.

Q&A

During the earnings call, analysts inquired about potential tariff impacts and capacity constraints. The company confirmed no current capacity issues and discussed strategies to manage tariff-related costs. Additionally, inventory levels have risen due to the production of the One Gateway product, a key focus for future growth.

Full transcript - Xtract One Technologies Inc (XTRA) Q2 2025:

Conference Moderator: Good morning, and welcome to the Extract One Technologies Fiscal twenty twenty five Second Quarter Earnings Conference Call. All participants will be in listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Chris Witty, Investor Relations Advisor.

Please go ahead.

Chris Witty, Investor Relations Advisor, Extract One Technologies: Good morning, everyone, and welcome to Extract One’s fiscal second quarter conference call. Joining me today is the company’s CEO and Director, Peter Evans and CFO, Karen Hirsch. Today’s earnings call will include a discussion about the state of the business, quarterly financial results and some of Extract One’s recent milestones followed by a Q and A session. This call is being recorded and will be available on the company’s website for replay purposes. Please see the presentation online that accompanies today’s discussion.

Before we begin, I would like to note that all of the dollars are Canadian unless otherwise specified and provide a brief disclaimer statement as shown on Slide two. Today’s call contains supplemental financial measures. These measures do not have any standardized meanings prescribed under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. These supplementary financial measures are defined within the company’s filed management’s discussion and analysis. Today’s call may also include forward looking statements that are subject to risks and uncertainties, which may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the company.

No assurance can be given that any of the events anticipated by the forward looking statements will prove to have been correct. Also, some risks and uncertainties may be out of the control of the company. Today’s call should be reviewed along with the company’s interim condensed financial statements, management’s discussion and analysis and earnings press release issued 03/12/2025, available on the company’s website and its SEDAR plus profile. And now it is my pleasure to introduce Peter Evans, Chief Executive Officer of Extract One.

Peter Evans, CEO and Director, Extract One Technologies: Well, thank you, Chris, and good morning, and welcome to all of our investors and the analysts joining the call today. I could not be happier to be on this call today presenting the results of the company and to join you all on this Thursday. Let’s start by turning to the first slide, Slide four. To begin with, we had a record quarter across multiple number of business metrics with growth in each of our key market segments and securing new business from a broad set of customers. The booking success we experienced in Q2 has set Xtract out one for our best year ever and with results from Q2 setting the tone for continued accelerated growth that we expect throughout the year.

There are several key metrics and deliverables I’d like to highlight about our fiscal financial second quarter. First, we’ve had more wins this quarter and our bookings and booking backlog indicate that in the numbers that were presented. We reported bookings of $13,500,000 in Q2, our strongest performance ever and far exceeding our prior record of $9,600,000 and representing 250% growth year over year from the same quarter last year. Together with our Q1 results, our first half results have put us back on track and a foundation for a very strong fiscal year. Similarly, we grew our total booking backlog and we grew the business.

Our total bookings backlog is now at $37,000,000 versus $22,000,000 at the same time last year. Aaron will get into the details of these booking backlogs and the breakdown of that in a moment. We also continue to build a highly scalable operational model and we’ve leveraged that significantly as we progress through fiscal twenty twenty five. Our Q2 gross margins reached 70% versus 61% last year, while we managed to take our overall operating costs down very slightly throughout the quarter. Again, this is due to that highly scalable model that we’ve been leveraging for aggressive growth.

We reported revenue of $3,400,000 for Q2 versus $2,900,000 in fiscal twenty twenty four. The second quarter revenue results were negatively impacted primarily by the timing of the deployments and the makeup of subscription business versus upfront deals. Again, Karen will get into the details, but we had a larger number of subscription deals than we’ve historically seen in the past. This is good news for the future as our existing backlog of agreements positions the company for continued success and better results in future quarters to come. As a reminder, we previously indicated we expect this year to be back end loaded and that is still the case and we still see that kind of growth coming.

We see that through the customers we’re engaged with, through the quality of the pipeline we’re seeing and we’re expecting growth acceleration and anticipating that for the second half of fiscal twenty twenty five. We’ve also experienced further momentum in all of our business segments with new customers in healthcare, in schools, in manufacturing and distribution and in the arenas. And we are experiencing a rapid expansion of our international demand right now, where legislation similar to Martin’s law in The UK is now being adopted in other countries throughout Europe and Asia. With our unique technical capabilities to address the broadest set of weapons and delivering a fantastic guest experience, we are well positioned to serve those countries and expand our business globally and create more diversification in our business model. Key for myself and the executive team is that we continue to set new milestones for ourselves and we set new targets and exceed those milestones and targets that we put ourselves up against.

We’re doing what we have set out to do at the beginning of each fiscal year and we are beating our business plan in all cases. We’re responding to incredible demand for our products and building a base of business that will continue to accelerate our top line growth going forward, our profitability, and at the same time, improving our cash burn and underlying results. For me and for the team and for our customers, particularly who we serve, I believe the future continues to look very, very bright. I’d like to turn to Slide five now and provide some further color on the market dynamics that we’re seeing and our expectations for the coming quarters. Our recent wins include being selected to install the Smart Gateway at locations like Bowie State University and the One Gateway at hospitals throughout Manitoba.

Interestingly, healthcare has become a fast growing market for us and has represented almost 30% of all our bookings in Q2. We are also seeing legislative changes in The United States that are mandating weapon screening, such as the announcements made in California requiring hospitals to implement weapon screening policies at the main entrance, entrances, emergency entrances, etcetera, as a minimum. This has to go in place by 2027. And as such, we’re seeing an uptick in interest. Violent incidents are actually five times more frequent in healthcare facilities versus any other vertical marketplace.

And so we are rapidly developing a presence in this market and finding that both Smart Gateway and One Gateway have excellent use cases for both products in that health care environment. At the same time, we saw solid bookings across numerous other markets this past quarter demonstrating the flexibility and performance of our products, which gives us continued confidence of the company’s future growth potential and the large addressable markets we serve. As we deliver more and more unique features suited for each of those vertical marketplaces, we’re finding ourselves becoming the default answer to solve unique vertical market needs. We’ve also been having great success with our channel partner program, which we started with an intended focus about eighteen months or so ago. And we’ve been steadily onboarding the types of partners that we want, strong regional and national partners that are trusted within their geographies and with the vertical markets that they serve.

With the investment of time, the focus on working with selected partners, we’re now seeing the impact of those efforts. In the most recent quarter, channel partners accounted for about 50% of the total systems deployed and also just under half of the revenue recognized. Channel partner sales also now account for about one quarter of all deployed systems in our installed base. These results demonstrate our ability to rapidly leverage those channel partners to grow based on their marketing and selling efforts. Said another way, we’re finding a great upside to our business through partner led opportunities versus partner fed opportunities.

These relationships like this are helping us solidify and bolster our growth trajectory, and they can meaningfully add new customers on top of our own what our own great sales organization can deliver. I think we’ve built a solid foundation for growth from both our own staff as well as these key partners. I also cannot be happier with what we’ve seen with the Extract One gateway. Whether by intelligent design or by good fortune, the timing for One Gateway has been ideal as momentum builds for delivery of this unique and innovative solution. The product is benefiting from very strong interest within the education marketplace.

But given its effectiveness in not only stopping threats in the presence of laptops and other devices, we’re also seeing growing demand from a host of other industries, whether it’s healthcare providers, offices, convention centers and others. And interestingly, we’re seeing new use cases for One Gateway in manufacturing and distribution, an entirely new market application that interestingly also that we alone can serve. My estimate is that this is a new $8,000,000,000 market segment and our new technology now fully certified will be shipping very soon and we believe product acceptance and referenceability will further accelerate new contracts in the second half of fiscal twenty twenty five. Everything we’re doing now is paving the way not only for record results this year, but much stronger performance in 2026 and beyond. Our smart gateway sets the new standard for sorry, our ONE gateway sets the new standard for what we believe will be the number one threat detection system going forward.

I mentioned briefly our qualified pipeline. Let’s dig into that a little bit level. Our qualified pipeline of opportunities is at record levels, currently sitting about $100,000,000 of which conservatively $40,000,000 are in the late stages of development with the customers. This is what gives us confidence in the quarters to come as well as the years to come. Our ability to grow that pipeline, ability to convert that to bookings and backfill the pipeline and the ability to convert that to revenues and backfill the bookings.

Our technology, our people, our partners and the inbound demand for our solutions in a growing marketplace is giving me a lot of confidence in where we are as a company. I did a quick calculation the other day on just our top six customers and they alone are scanning over 75,000,000 people every year. And if we look at the entire environment of all of our customers, the number is well, well in excess of that amount. But with top six customers alone, 75,000,000 people. That gives us a lot of insights and a lot of opportunity to be a customer back organization and reflect the kinds of products back to the marketplace that they want.

As our reputation grows, so too does the size and complexity of the opportunities being presented to us and particularly satisfying to me is the inbound calls that we’re getting from Fortune 50 type companies. This means multiple locations, larger venues, more lanes and a greater number of people passing through our systems. There’s nothing more rewarding to me personally than seeing satisfied clients and I see more and more and more of those every single day where they’ve now become champions for what we do versus customers. Overall, I’m very optimistic about our future, which is no surprise given the growth in our backlog and the strong accolades we’ve seen from these existing customers and champions. As stated last quarter, we expect higher top line results in the second half of the year, and we’re also building a foundation for revenue acceleration for the future quarters and future years, given the nature of the contracts, many of which have a subscription or recurring revenue component to them.

The business is running on all cylinders right now, extremely proud of where we are and the staff that has gotten there. And after a small bump in the road, we’re now back to the passion and delivering with acceleration that we had ourselves accountable for. Our products and the outlook for Extract One Gateway is also looking extremely good. Without the hard work and execution of our team and of our partners, we’d not be sitting where we are today. We’re making very rapid progress towards profitability and cash flow breakeven, and I’m very excited about that also.

As always, I appreciate the ongoing interest and support of our investors. We have dedicated to the success of our company. We’re dedicated to the success of our investors also. Now, I’m going to turn it over to Karen to provide a bit more details around the financial results. Karen, over to you.

Karen Hirsch, CFO, Extract One Technologies: Thanks, Peter. As previously noted, Q2 results represented a record quarter for bookings based on a diverse set of new customer wins. This was tempered by certain deployment timing issues. However, we’re on track for a record year of performance in fiscal twenty twenty five. Let’s start by turning to Slide seven.

Total revenue was approximately $3,400,000 for the second quarter versus $2,900,000 in the prior year period with about 67% of sales coming from upfront purchase contracts versus approximately 55% in the second quarter of fiscal twenty twenty four. Revenue was once again spread across a wide swath of customers and industries including education, sports, live entertainment, healthcare and other market verticals with education and healthcare once again representing a significant portion of our Q2 revenue. We anticipate that the revenue mix will continue to fluctuate going forward, particularly as our One Gateway draws more education and other types of end users into our customer base. I’ll speak about this again a little later in the presentation. As previously discussed, our Q2 revenue much like Q1 was negatively impacted by order timing as certain customers elected to install their smart gateways in a phased manner.

That said, we have a solid backlog of new installations that are expected to occur in the coming months and quarters. In addition, our pipeline of opportunities and customer discussions are more active than ever and we continue to see opportunities move towards larger, more complex system installations and multiple site locations. In addition, the introduction of our one gateway has continued to gather momentum and we anticipate the second half of fiscal twenty twenty five will show top line growth in this regard. It’s a very busy time for us with persistent market demand and the need for systems that can accurately distinguish between a laptop or phone from a dangerous weapon. Not surprisingly, we’ve not seen any churn in customer renewals coming due.

Every existing client wants to stay with Xtract1. Our gross profit margin was a healthy 70% for Q2 versus 61% in the prior year period, reflecting improved product mix and successful pricing strategies. We continue to anticipate solid margins for the remainder of fiscal twenty twenty five, although margins may decline slightly from the second quarter as we ramp up our manufacturing and customer success processes for our new One Gateway product. Now turning to Slide eight. We continue to grow the value of our contractual backlog and signed agreements pending installation.

At the end of the quarter, this collectively totaled a record $37,200,000 as compared to $26,900,000 at the end of Q1, reflecting roughly $13,500,000 in new bookings, of which approximately two thirds were subscription contracts. We continue to see variations in our mix of purchase versus subscription contracts from quarter to quarter, often depending on the industry mix of our customer base and each customer’s priorities and business operations. The company’s contractual backlog at quarter end was $16,700,000 with an additional $20,500,000 worth of signed agreements pending installation, the majority of which are expected to be installed within the next twelve months. Based on the continued growth of our sales pipeline, the success that we’re seeing with our channel partner program and the immense level of interest with One Gateway, we anticipate bookings and backlog to grow further in the second half of fiscal twenty twenty five and our outlook for future quarters remains positive. Moving on to Slide nine.

I wanted to provide investors with a little more insight into our diverse customer base. You may recall that our primary focus early into commercialization for Smart Gateway was in the sports and entertainment markets in North America. We’ve had great success serving these markets with advocates at many professional sports leagues including the NHL, NBA and MLB. Over time, we have diversified this customer base significantly. When we look at the makeup of our combined 37,200,000 order backlog, for example, we can see that our customers are well diversified across several markets and geographies.

I’m very pleased to see that we’re continuing to transition to a larger mix of customers as this helps ensure that we’re not overly dependent on a single market. At the same time, we’re finding that certain industries have somewhat different buying cycles, which over time we anticipate will result in smoothing out our bookings and subsequent conversion to revenue as we take benefit from each market’s purchasing behavior throughout the year. Now let’s turn to Slide 10, which shows second quarter operating costs year over year and sequentially versus Q1. Sales and marketing expenses were $1,200,000 for the quarter versus approximately $1,300,000 a year ago, while costs associated with R and D were $1,600,000 this year versus $2,100,000 in fiscal twenty twenty four. General and administrative expenses were also down at $1,600,000 for the quarter as compared to $1,700,000 last year.

Overall, we reduced operating costs both sequentially versus Q1 and the second quarter of fiscal twenty twenty four, even as we added to backlog and made substantial progress towards rolling out our new One Gateway product. We feel confident in our operating results as we’ve built a scalable model on our path to profitability and cash flow breakeven. Finally, on Slide 11, I’ll discuss cash flow. During the quarter, the company had operating cash usage of $200,000 compared with $1,000,000 in the prior year period And excluding changes in working capital, we spent approximately $1,200,000 much lower than last year’s 2,500,000 This change in use of cash reflects higher margins and lower operating expenses along with sound financial management of the company’s working capital as we continue our trend towards cash flow neutrality. In closing, I’d just like to reiterate what Peter said earlier that we’ve built the foundation for success this year and moving forward with a record backlog, strong margins, new innovative products and a path to profitability.

We’re very upbeat about fiscal twenty twenty five and beyond. And with that, Peter and I welcome any questions that investors may have. Thank you.

Conference Moderator: We will now begin the question and answer session. Our first question today is from Scott Buck with H. C. Wainwright. Please go ahead.

Scott Buck, Analyst, H.C. Wainwright: Hi, good morning guys. Thanks for taking my questions. I’m curious, the $20,000,000 or so of pending that are pending installations, that installation schedule is set by your customer, right? That’s not a capacity issue on your side, is it?

Peter Evans, CEO and Director, Extract One Technologies: No, that is not capacity at all, Scott. This is purely how customers are perhaps choosing to deploy. Simple example, we may have a customer who might have 10 locations and they’re choosing to deploy one and then the next and then the next and then the next. So they’ve contracted for our locations, but they can only consume the technology, deploy it, train people at a certain period of time or a certain manner.

Scott Buck, Analyst, H.C. Wainwright: Perfect. And Peter, would you have capacity constraints for deployments in the second half of ’twenty five or ’twenty six based on what you’re seeing in

Peter Evans, CEO and Director, Extract One Technologies: the pipeline? Similar to what we’ve seen for the business operations, you may recall, Scott, about a year or two ago, we built out a plan to double our capacity and double our capacity again. We have more than enough capacity to address the continued aggressive growth that we’re seeing in the business through the second half and into 2026.

Scott Buck, Analyst, H.C. Wainwright: Great. And then Karen, it looks like sales and marketing was pulled back a bit in the quarter. Is that seasonal or are you getting more efficient in the way your marketing spend

Peter Evans, CEO and Director, Extract One Technologies: is used? What are kind of

Scott Buck, Analyst, H.C. Wainwright: the dynamics there and what’s the expectation for the remainder of the year?

Karen Hirsch, CFO, Extract One Technologies: Sorry. Yes, Scott, that’s a good question. I think it’s definitely a question of timing. We’ve moved from supporting one market to addressing multiple markets and there’s a certain seasonality to how we’re addressing that market. So Q2 is perhaps a relatively quiet one and we may have other quarters that where we’re spending a little more on the marketing as we figure out which shows work best for us, which trade shows.

So it is a question a little bit of timing, I would say. Peter, I don’t know if you wanted to add to that.

Peter Evans, CEO and Director, Extract One Technologies: Yes, I mean, exactly. There’s a bit of seasonality where you see certain trade shows, certain activities that have certain timing on them. And so we obviously are focusing on where we see high value return for those events that we participate from a marketing point of view. And there’s other periods of time in the year where you tap the brakes a little bit because the audience isn’t listening. So it’s really a seasonality thing and how we’re selectively pursuing certain markets at the time those markets are open.

Budgeting cycles and things like that come into play quite a bit too.

Scott Buck, Analyst, H.C. Wainwright: Okay, perfect. That’s helpful. And then last one, Peter, if you could just kind of touch on tariffs, what are your thoughts there? Is there anything defensive you could do? Any kind of additional color there could be helpful.

Peter Evans, CEO and Director, Extract One Technologies: Sure. There’s lots of thoughts on tariffs, but as it pertains to Extract One, the tariffs thank you for the humor, Scott. The look, the tariff story seems to be changing almost on an hourly basis. Every single day, things are changing. It’s very fluid.

It’s very dynamic. And it could or it could not have implications for business, whether that’s pricing or supply chain dynamics. If tariffs are enacted and apply to all goods entering The United States and Canada, there may be some impacts. Right now, it’s too early to determine to be quite honest and the exact impact from those proposed tariffs. We’re watching it very, very closely.

We’re working with our supply chain folks to understand the impact. But again, the situation remains very, very fluid right now with ongoing discussions between all levels of government that could change the scope, the timing and the impact of those tariffs. So we can’t predict those actions, but we’re preparing alternative options depending on what those actions could be. Having said that, we believe the customer demand in The United States and quite frankly globally is not going to decrease in light of the tariffs. And we’re confident we’ll be able to successfully navigate through those challenges with our customers.

The demand out of Asia and Europe is very, very strong. The demand out of Canada is very, very strong. And the demand out of The United States seems to be very, very strong and right now is not price sensitive. So having that selling on value, having diversification is putting us in a good position, right? The other thought here, Scott, is we do have competitors and they source components from around the world, including places like China.

So, we are not unique in the fact that we are Canadian because there could be impacts on those competitors as well as us. So, right now, we’re going to closely monitor developments. We’re going to evaluate all the potential scenarios. But given the uncertainty, we’re not going to draw any definitive conclusions at this point.

Scott Buck, Analyst, H.C. Wainwright: Great. I appreciate the added color, guys. Thank you very much for the time.

Conference Moderator: The next question is from John Hyde with Strategic Investing Channel. Please go ahead.

John Hyde, Analyst, Strategic Investing Channel: Hey, Peter, Karen, thanks for taking my questions. Maybe got two here. One, really impressive on the gross margins increasing that to 70%, especially with, it looks like I think 45% of that revenue in this quarter coming from channel partners. I would have thought that this would be a lower margin, but can you guys talk about that dynamic there and how that’s all working and contributing to gross margin?

Peter Evans, CEO and Director, Extract One Technologies: Yes, I think a couple of things there. First off, we continue to internally manage the cost of our products, constantly look at things to do to lower the bill of material costs and things like that and our efficiency around the cost of sales. In terms of the partners, what we’re seeing here, John, is there’s so much business demand and there’s so much demand for what we do because we are a high value solution that addresses a lot of problems for customers. We’re not really seeing concerns about price and price competition. And if we see somebody solely based on price or making a decision based on price, that’s not our business.

We deliver a security solution, not just a cheap solution. And so with that in mind and selling on value, that’s allowed us to in fact, the customers don’t ask for or don’t bring to the table concerns about price. So that’s allowed us both internally as well as partners to make sure that both ourselves and our partners are quite profitable in the process.

John Hyde, Analyst, Strategic Investing Channel: Awesome. That’s really good to hear, especially like you were mentioning earlier with the tariffs, the pricing power there. One more question maybe related to tariffs. I noticed that on your inventory side, your components and kind of work in progress goods, I think have almost doubled just quarter over quarter. Just wondering if this is ramping up for new installations or if this is maybe ramping up some or kind of stocking up on some inventory of components in preparation for potential tariffs?

Just any color around that would be great.

Karen Hirsch, CFO, Extract One Technologies: Sure. I don’t think, John, that there is really any sort of change in our business operations. I think it’s just more a question of a point in time as we’re starting to build certain units for one gateway as well as just a number of units that we have on hand for smart gateway that we to in order to fulfill the backlog that we have coming up. So I don’t think that there’s any sort of fundamental change in terms of how much inventory we need to carry. We will have two products going forward, so there will be some increase as we ramp up.

But generally, we build in we have fairly high turnover of inventory throughout the year. So I don’t see us having to significantly increase our inventory going forward. Not sure if that helps answer your question.

John Hyde, Analyst, Strategic Investing Channel: No, that’s great. Yes, thanks for taking my questions and congrats on really impressive bookings and quarter. Thanks guys.

Peter Evans, CEO and Director, Extract One Technologies: Thank you,

Conference Moderator: John. Showing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Peter Evans for any closing remarks.

Peter Evans, CEO and Director, Extract One Technologies: Well, thank you. And as always, I want to first off start by thanking our shareholders and those who continue to believe in what we do and help us accelerate and be successful at what we do. It has been a fantastic year so far. We had a small bump in the road. And what we’ve got ourselves past that bump due to those external factors that we had to navigate and manage our way through.

Thanks everyone for continuing to support us. We thank our customers. We thank our amazing team of people at Extract One who do absolutely awe inspiring and innovative work every single day. And most importantly, I want to thank all the champions of our product, formerly customers, now champions, who are helping us grow our business through their advocacy and their referenceability in what we do. Take care everyone.

Have a good day.

Conference Moderator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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