UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 001-35628 PERFORMANT HEALTHCARE, INC. Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Exact name of registrant as specified in its charter) Delaware 20-0484934 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 1, 2025 Performant Healthcare, Inc. (Exact name of registrant as specified in its charter) Delaware 001-35628 20-0484934 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 900 South Pine Island Road, Plantation, FL 33324 (Address of ...

Summary of Performant Healthcare Conference Call Industry Overview - Performant operates in the healthcare payment integrity industry, which is characterized by a limited number of players and a significant market size. The total healthcare spending in the US exceeds $4 trillion, with an estimated $1 trillion wasted, which is more than the entire US K-12 education budget [4][5] - Within this waste, over $300 billion is attributed to payment integrity waste, which relates to the processing of claims [5] Company Positioning and Services - Performant's services are categorized into claims-based and eligibility-based offerings. Claims-based services focus on auditing whether claims should have been paid, while eligibility-based services determine who should pay the claim by coordinating benefits among multiple payers [6] - The company has evolved from a call center debt recovery provider to a healthcare-focused entity since acquiring a CMS contract in 2009. The technology acquired in 2012 remains central to its operations [7] Competitive Landscape - The competitive landscape has consolidated from 10-15 direct competitors to 2-3 major players, enhancing Performant's market position. The industry has seen increased barriers to entry due to the need for compliance and cybersecurity standards [8] - Performant has established strong relationships with federal entities like CMS and five of the top seven national payers, as well as around 20 mid-market plans [9] Growth Strategy - The company's growth strategy includes a "land and expand" approach, where initial contracts lead to upselling additional services over time. This strategy is crucial for expanding relationships with both commercial and government clients [10] - The sales cycle in this industry is lengthy, often taking 2-3 years from contract win to steady revenue, providing high visibility into future results [11] Financial Performance and Projections - For the current year, Performant projects healthcare revenues between $133 million and $135 million, with adjusted EBITDA between $9 million and $10 million. The company aims for a 20%+ adjusted EBITDA margin as it scales [12] - Performant has demonstrated consistent double-digit growth in top-line revenue and anticipates continuing this trend, focusing on execution rather than new market wins [13] Macro Environment and Future Outlook - The company believes it is well-positioned within a macro environment that emphasizes reducing fraud, waste, and abuse in healthcare, which aligns with broader systemic goals [13] - Performant is optimistic about its future, citing a combination of competitive wins and a favorable market environment as key drivers for growth [13] Conclusion - The conference concluded with an invitation for questions, indicating a readiness to engage with stakeholders [14][15]

Revenue Growth - Total revenues for the three months ended March 31, 2025, were $33.269 million, an increase of 21.7% compared to $27.334 million for the same period in 2024[84]. - Healthcare total revenues reached $33.186 million, up from $25.800 million, reflecting a growth of 28.5% year-over-year[84]. - Claims-based services generated $17.104 million in revenue, a 37.7% increase from $12.412 million in the prior year[84]. - Eligibility-based services revenue was $16.082 million, compared to $13.388 million, marking a 20.2% increase[84]. - Total revenues for the three months ended March 31, 2025, were $33.3 million, an increase of approximately $5.9 million, or 22%, compared to $27.3 million for the same period in 2024[110]. - Healthcare revenues reached $33.2 million for the three months ended March 31, 2025, representing a 29% increase compared to the same period in 2024, driven by growth in eligibility-based and claims-based services[111]. Outsourced Services Impact - The company ceased providing outsourced services, resulting in a significant drop in revenues from $1.534 million to $83,000[84][94]. - Customer Care / Outsourced Services revenues decreased to approximately $0.1 million, a decline of 95% compared to the same period in 2024, due to the cessation of outsourced services[112]. Financial Performance - Net loss for the three months ended March 31, 2025, was $81 thousand, a decrease of approximately $3.9 million, or 98%, compared to a net loss of $4.0 million for the same period in 2024[118]. - Adjusted EBITDA for the three months ended March 31, 2025, was $3.3 million, compared to a loss of $1.2 million for the same period in 2024[123]. - Cash provided by operating activities was $2.9 million for the three months ended March 31, 2025, primarily due to increasing revenues outpacing operating expenses[128]. Cash and Credit Position - Cash and cash equivalents totaled $10.0 million as of March 31, 2025, an increase from $9.3 million as of December 31, 2024[124]. - As of March 31, 2025, $8.0 million was outstanding under the new $25 million Credit Agreement, with $14.2 million available for additional borrowings[125]. - The Credit Agreement with Wells Fargo Bank includes a $25 million revolving loan commitment, with $8.0 million outstanding as of March 31, 2025[132][134]. - The annual interest rate under the Credit Agreement was 7.1% as of March 31, 2025[134]. - The company has $14.2 million of additional available credit under the Credit Agreement as of March 31, 2025[134]. - The Credit Agreement matures on October 27, 2026, with the option for the company to prepay borrowings without penalty[135][136]. Compliance and Financial Covenants - The company is subject to financial covenants requiring a minimum liquidity and a fixed charge coverage ratio of not less than 1.25 to 1.00[138]. - As of March 31, 2025, the company was in compliance with all financial covenants under the Credit Agreement[139]. Risks and Economic Factors - The company faces risks related to client contract cancellations, which could significantly impact revenues due to high client concentration[103]. - Macroeconomic factors, including fluctuations in Medicare expenditures, may influence the company's business and results of operations[105]. - The company has exposure to interest rate changes, with a potential increase of $80 thousand in annual interest expense if rates rise by 100 basis points[140]. - Future investments of excess cash may be made in short-term investments, which could be affected by market interest rate changes[141]. Growth Outlook - The company anticipates continued growth in its healthcare services as it expands its technology-enabled services platform[93]. - The company’s revenue model is primarily success-based, earning fees based on the amount of funds recovered for clients[82].

Performant Financial (PFMT) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Jon Bozzuto - Head - Investor RelationsSimeon Kohl - CEORohit Ramchandani - Chief Financial Officer Conference Call Participants Anderson Schock - Research Analyst Operator Good afternoon, ladies and gentlemen, and welcome to the Performant Healthcare Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a quest ...

Financial Data and Key Metrics Changes - The company reported a total revenue of $33.3 million for Q1 2025, reflecting a year-over-year growth of 22% [17] - Excluding $1.5 million of customer care revenue from the prior year, revenue growth was nearly 30% [17] - Adjusted EBITDA was positive at $3.3 million, a significant improvement from an adjusted EBITDA loss of $1.2 million in Q1 2024 [24][26] - The company generated positive cash flow of $1.4 million in the quarter, compared to a negative cash flow of $3.6 million in the same quarter last year [26] Business Line Data and Key Metrics Changes - Claims-based business revenue was $17.1 million, showing a year-over-year growth of 38% [18] - Eligibility revenue for the quarter was $16.1 million, representing a 20% increase compared to the previous year [19] - The company implemented 13 commercial programs in the quarter, expected to contribute $4.5 million to $5 million in annualized revenue at steady state [20] Market Data and Key Metrics Changes - The commercial market remains a significant opportunity, with a robust pipeline of both existing and new client opportunities [21] - The company is seeing a rebound in government revenue, indicating a positive trend in the healthcare payment integrity market [11] Company Strategy and Development Direction - The company is focused on advancing technology and client-centric partnerships to drive growth and deliver value [6] - Strategic investments are being prioritized to win new business and ensure sustainable, profitable long-term growth [7] - The company aims to lead in the eligibility space by delivering high-quality results and has successfully displaced legacy vendors [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategy and the positive impact of recent operational improvements [14] - The company anticipates continued positive adjusted EBITDA in future quarters and aims to achieve free cash flow generation by the end of 2025 [25][26] - Management noted that the demand for healthcare payment integrity services is at a critical inflection point, emphasizing the urgency of addressing fraud, waste, and abuse [6] Other Important Information - The company is well insulated from tariff pressures, as all revenue is domestic and does not rely on foreign goods or services [22] - The New York State Medicaid RAC implementation is progressing well, with expectations of double-digit annualized revenue at steady state [9] Q&A Session Summary Question: What was the main driver for the faster growth in claims-based services revenue compared to eligibility-based revenue? - The main driver was the mix of implementations, with a stronger focus on claims-based business in recent years [30] Question: What should be expected regarding adjusted EBITDA guidance and potential declines in the middle of the year? - The company anticipates maintaining positive adjusted EBITDA every quarter, with some fluctuations due to investments in the New York RAC implementation and the decline of Region 5 [32][33] Question: Can an update on project turning and tech initiatives be provided, specifically regarding ROI expectations? - Initial product integrations are expected to yield results as soon as this quarter, with operationalization across 2025 leading to higher efficiency and expanded EBITDA margins [34]

[Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Performant Healthcare reported strong Q1 2025 financial results, with total revenue increasing 22% year-over-year to **$33.3 million**, driven by a 29% rise in healthcare revenue, significantly improving profitability to a net loss of **$0.1 million** from **$4.0 million** and achieving a positive Adjusted EBITDA of **$3.3 million** from a **$1.2 million** loss Q1 2025 Key Financial Metrics (in millions) (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $33.3M | $27.3M | +22.0% | | Healthcare Revenue | $33.2M | $25.8M | +28.7% | | Net Loss | $(0.1)M | $(4.0)M | +97.5% | | Net Loss per Share | $0.00 | $(0.05) | +100% | | Adjusted EBITDA | $3.3M | $(1.2)M | N/A | | Adjusted Net Income | $1.2M | $(3.0)M | N/A | Q1 2025 Healthcare Revenue Breakdown (in millions) (vs. Q1 2024) | Service Line | Q1 2025 Revenue | YoY Growth | | :--- | :--- | :--- | | Claims-based | $17.1M | +38% | | Eligibility-based | $16.1M | +20% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed strong satisfaction with the first quarter's performance, highlighting that both revenue and profitability surpassed expectations, with growth broad-based across government and commercial clients and significant momentum from the commercial sector, reinforced by 13 new commercial programs expected to generate substantial annualized revenue - CEO Simeon Kohl stated that Q1 revenue and profitability exceeded expectations, driven by strong demand for the company's services and solid growth across both government and commercial clients[3](index=3&type=chunk) - The company implemented **13 new commercial programs** during the quarter, which are estimated to contribute between **$4.5 million and $5.0 million in annualized revenue** once they reach a steady state[3](index=3&type=chunk) - CFO Rohit Ramchandani noted that the strong start to the year is a testament to the execution of the strategy set in 2021 to become a pure-play healthcare company, with commercial clients being the largest growth area[4](index=4&type=chunk) [2025 Full-Year Guidance](index=1&type=section&id=2025%20Full-Year%20Guidance) Buoyed by the strong first-quarter results and a positive outlook for the remainder of the year, the company has raised its full-year 2025 financial guidance, projecting higher healthcare revenues and increased adjusted EBITDA Updated Full-Year 2025 Guidance (in millions) | Metric | Guidance Range | | :--- | :--- | | Healthcare Revenues | $133M - $135M | | Adjusted EBITDA | $9M - $10M | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial position as of March 31, 2025, and its performance for the first quarter, showing growth in total assets to **$105.4 million**, a significant improvement from a **$3.9 million** operating loss to a **$0.15 million** operating income, and positive cash flow from operations at **$2.9 million** [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$105.4 million** from **$101.8 million** at year-end 2024, driven by increases in cash, trade accounts receivable, and contract assets, while total liabilities grew to **$27.2 million** and total stockholders' equity rose to **$78.1 million** Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $41,970 | $38,358 | | Total assets | $105,365 | $101,774 | | Total current liabilities | $16,401 | $13,971 | | Total liabilities | $27,233 | $25,275 | | Total stockholders' equity | $78,132 | $76,499 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, the company generated **$33.3 million** in revenue, up from **$27.3 million**, with operating income of **$0.15 million**, a significant improvement from a **$3.9 million** operating loss, and a net loss narrowed dramatically to **$81 thousand** from **$4.0 million** year-over-year Statement of Operations Summary (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $33,269 | $27,334 | | Total operating expenses | $33,119 | $31,255 | | Income (loss) from operations | $150 | $(3,921) | | Net loss | $(81) | $(4,017) | | Net loss per share (Basic & Diluted) | $0.00 | $(0.05) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash provided by operating activities was **$2.9 million**, a strong reversal from **$0.1 million**, with net cash used in investing activities decreasing to **$1.5 million**, and the company ending the quarter with **$10.0 million** in cash and cash equivalents, up from **$3.8 million** Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,904 | $121 | | Net cash used in investing activities | $(1,450) | $(3,652) | | Net cash used in financing activities | $(765) | $(14) | | Net increase (decrease) in cash | $689 | $(3,545) | | Cash and cash equivalents at end of period | $9,981 | $3,788 | [Reconciliation of Non-GAAP Measures](index=2&type=section&id=Reconciliation%20of%20Non-GAAP%20Results) The company provides reconciliations for its non-GAAP financial measures, Adjusted EBITDA and Adjusted Net Income, to the most comparable GAAP measure, Net Loss, with Q1 2025 net loss of **$0.1 million** adjusted for items like stock-based compensation (**$1.7 million**) and depreciation & amortization (**$1.5 million**) to arrive at an Adjusted EBITDA of **$3.3 million** and Adjusted Net Income of **$1.2 million** - The company uses non-GAAP measures like **Adjusted EBITDA** and **Adjusted Net Income** to evaluate core operating performance, excluding items such as interest, taxes, depreciation, amortization, and stock-based compensation[6](index=6&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(81) | $(4,017) | | Adjustments (Taxes, Interest, D&A, etc.) | $3,403 | $2,787 | | **Adjusted EBITDA** | **$3,322** | **$(1,230)** | Reconciliation of Net Loss to Adjusted Net Income (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(81) | $(4,017) | | Adjustments (Stock comp, tax adj., etc.) | $1,293 | $979 | | **Adjusted net income (loss)** | **$1,212** | **$(3,038)** | [Historical Revenue Breakdown](index=8&type=section&id=Quarterly%20and%20Annual%20Revenues) Historical data shows a clear strategic shift towards healthcare services, with total healthcare revenue consistently growing to **$33.2 million** in Q1 2025, while revenue from 'Customer Care / Outsourced Services' has been systematically reduced, reflecting the company's focus on its core healthcare payment integrity business Q1 2025 Revenue Breakdown (in thousands) | Service Line | Revenue | | :--- | :--- | | Eligibility-based | $16,082 | | Claims-based | $17,104 | | **Healthcare Total** | **$33,186** | | Customer Care / Outsourced Services | $83 | | **Total Revenue** | **$33,269** | - Historical data from 2022 to 2024 shows a consistent increase in **total healthcare revenue year-over-year**, from **$94.7 million in 2022 to $118.3 million in 2024**[22](index=22&type=chunk) - Revenue from non-healthcare services like 'Customer Care / Outsourced Services' has steadily declined from **$14.3 million in 2022 to $4.7 million in 2024**, and only **$83 thousand in Q1 2025**, indicating a successful transition to a pure-play healthcare company[22](index=22&type=chunk)

Financial Performance - For the year ended December 31, 2024, the company generated approximately $123.0 million in revenues, with a net loss of $9.9 million and adjusted EBITDA of $4.4 million[22]. - The company's eligibility services represented 50% of total revenue for the year ended December 31, 2024, down from 54% in 2023[39]. - A substantial majority of the company's revenues are derived from a limited number of large clients, and any deterioration in these relationships could materially harm revenues[88]. - Revenues depend on the scope of potentially improper claims that can be audited, and restrictions on these claims could adversely affect revenue generation[92]. - The U.S. federal government accounts for a significant portion of revenues, and any loss of business from federal contracts could lead to a substantial decrease in revenues[96]. Market Trends - U.S. healthcare spending grew by 7.5% to $4.9 trillion in 2023, projected to grow at an average annual rate of 5.6% from 2023 to 2032[23]. - Federal spending on Medicare increased by 8.1% to $1,029.8 billion in 2023, projected to grow at an average rate of 7.8% per year from 2025 to 2031[24]. Strategic Initiatives - The company plans to pursue strategic alliances and acquisitions to enhance existing capabilities and enter new markets[36]. - The company has expanded its sales and marketing team to better capitalize on new business opportunities and align with operational growth[59]. - The company may pursue strategic transactions, including acquisitions or divestitures, which could strain resources and affect financial results[124]. Regulatory and Compliance Risks - The company is subject to extensive regulations regarding the use and disclosure of confidential personal information, which could lead to significant liabilities and expenses if not complied with[120]. - Future legislative or regulatory changes could materially affect the company’s business and operations, particularly in the Medicare program[119]. - The company’s legacy student loan recovery business was subject to various state and federal regulations, which may still impose liabilities despite exiting the business in 2022[121]. Operational Challenges - The company faces significant risks related to long implementation periods for new contracts, which can lead to substantial upfront expenses before revenue is generated[87]. - Most contracts allow clients to unilaterally terminate or change the amount of work available, leading to potential revenue instability[90]. - The company operates in a highly competitive market, and failure to maintain service levels could result in loss of contracts and negatively impact financial performance[91]. - The company may face challenges in managing growth effectively, which could increase expenses and negatively impact results[97]. - The ability to hire and retain specialized employees is critical for growth in the healthcare business, and failure to do so could hinder revenue growth[99]. Technology and Security - The company maintains a comprehensive enterprise-wide information security program certified by third-party auditors, ensuring compliance with industry standards[74]. - The company utilizes encryption technologies certified to FIPS 140-2 to protect sensitive data, ensuring compliance with HIPAA and related laws[60]. - The company’s IT systems are critical for operations, and vulnerabilities could lead to significant operational impairments and cybersecurity risks[108]. - The company’s data security measures are crucial, and any breaches could result in reputational damage and financial losses[107]. - The company holds Authorization to Operate (ATO) licenses for RAC Regions 1, 2, and 5, and is in the process of obtaining an ATO for the MSP contract[73]. Human Resources - As of December 31, 2024, the company had 964 employees, all based in the United States, with no union membership[81]. - Retaining key management and employees is critical for future success, as their loss could adversely affect the company's financial condition[126]. Financial Risks - Interest rate changes could impact annual interest expenses; a 100 basis point increase would raise expenses by approximately $80,000[225]. - Future investments of excess cash may be affected by market interest rates, influencing interest income and expenses[226]. - The company relies on third-party providers for software and network services, and any failure in their performance could adversely affect business operations[110]. Litigation and Governance - Ongoing litigation may lead to substantial costs, potentially impacting business operations and financial performance[125]. - Anti-takeover provisions in corporate governance documents may deter beneficial acquisitions and affect stockholder interests[127]. Stock Performance - The price of the common stock has fluctuated between a low of $0.54 on June 1, 2020, and a high of $14.09 on March 4, 2013, indicating significant volatility since the IPO in August 2012[122]. - Significant stockholders include Prescott Group Management (20.2%), First Light Asset Management (15.4%), and others, collectively influencing corporate decisions[123].

Revenue Performance - Fourth quarter 2024 healthcare revenues were $34.3 million, an increase of 10.3% from $31.1 million in the prior year period[3]. - Full year 2024 revenues totaled $123.0 million, up 8.9% from $113.7 million in the prior year[5]. - The company achieved an 18% increase in healthcare revenue from commercial clients, which now represent over 57% of total healthcare revenue[8]. - For the year ended December 31, 2024, total healthcare revenue reached $118,291,000, representing an increase from $106,444,000 in 2023, which is a growth of approximately 11.3%[29]. - Claims-based revenue for the year ended December 31, 2024, was $56,431,000, compared to $45,265,000 in 2023, reflecting a growth of approximately 25%[29]. - The healthcare total revenue for the three months ended December 31, 2024, was $34,279,000, up from $31,133,000 in 2023, indicating a growth of approximately 10.3%[29]. - The company reported a total of $34,766,000 in revenue for the year ended December 31, 2024, which is an increase from $32,567,000 in 2023, reflecting a growth of about 6.7%[29]. - The eligibility-based revenue for the year ended December 31, 2024, was $61,860,000, compared to $61,179,000 in 2023, showing a slight increase of about 1.1%[29]. - Total revenue for the three months ended June 30, 2024, was $29,362,000, an increase from $25,485,000 in the same period of 2023, marking a growth of about 7.4%[29]. - For the three months ended March 31, 2024, total revenue was $27,334,000, compared to $25,729,000 in the same period of 2023, showing an increase of about 6.2%[29]. - For the three months ended September 30, 2024, eligibility-based revenue was $16,070,000, up from $18,165,000 in the same period of 2023, indicating a decrease of about 6%[29]. Financial Performance - Net loss for the fourth quarter of 2024 was $0.5 million, or $(0.01) per diluted share, compared to net income of $1.3 million, or $0.02 per diluted share in the prior year[4]. - Adjusted EBITDA for the fourth quarter was $3.1 million, down 31.1% from $4.5 million in the prior year[4]. - Full year adjusted EBITDA was $4.4 million, an increase of 29.4% from $3.4 million in the prior year[6]. - Adjusted EBITDA for the year ended December 31, 2024, was $4,372 million, compared to $3,393 million in 2023, representing a 28.9% increase[26]. - The diluted adjusted earnings per share for the three months ended December 31, 2024, was $0.02, down from $0.05 in the same quarter of 2023[28]. - Total operating expenses for the year ended December 31, 2024, were $132,481 million, compared to $119,871 million in 2023, marking a 10.5% increase[22]. - Operating expenses for the three months ended December 31, 2024, rose to $35,455 million, compared to $30,657 million in the prior year, reflecting a 15.8% increase[22]. Cash and Assets - Cash, cash equivalents, and restricted cash as of December 31, 2024, were approximately $9.3 million, up from $7.3 million in the prior year[9]. - The company had cash, cash equivalents, and restricted cash of $9,292 million at the end of the year, up from $7,333 million at the beginning of the year[24]. - Total assets as of December 31, 2024, were $101.8 million, compared to $99.0 million in the prior year[20]. - Cash provided by operating activities for the year ended December 31, 2024, was $6,178 million, an increase from $3,860 million in 2023[24]. - The company reported a net cash used in investing activities of $(7,010) million for the year ended December 31, 2024, compared to $(4,140) million in 2023[24]. Future Guidance - The company provided full-year 2025 revenue guidance in the range of $131 million to $135 million, and adjusted EBITDA guidance of $8 million to $9 million[10]. - The company has completed over 100 commercial implementations since 2022, including 42 in 2024[8].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]