Financial Data and Key Metrics Changes - Consolidated production decreased by 12% to 135,884 gold equivalent ounces compared to 2023, while the selling price increased by 24% [4] - Adjusted EBITDA rose significantly to $29.2 million or $0.57 per share, up from $7.7 million or $0.16 per share in 2023, marking a 3.8 times increase [5] - The company reported a net loss of $43.7 million, primarily due to equity accounting for expenditures at Los Azules [5] Business Line Data and Key Metrics Changes - Exploration expenses increased to $16.5 million, contributing to resource growth at the Fox Complex, which now has over 2 million ounces of indicated and inferred resources [8] - Plans to double production at the Fox Complex to 60,000 ounces by 2027, with potential for further increases to 130,000 to 150,000 ounces [9] - The investment in the San Jose Mine is expected to yield dividends soon, marking a positive change after years without dividends [10] Market Data and Key Metrics Changes - The company increased its debt from $40 million to $130 million through a capped call convertible debenture, allowing for a 100% premium over the share price at the time of the deal [11] - Current cash reserves are approximately $62 million, primarily allocated to increasing production at the Fox Complex and Gold Bar [12] Company Strategy and Development Direction - The company is focusing on advancing the Los Azules project, with an implied value of $984 million based on recent financing, and plans for an IPO contingent on market conditions [7] - Exploration efforts are being intensified at the Fox Complex and Gold Bar, with additional acquisitions like Timberline Resources to extend reserve life [10] - Management is optimistic about the copper market and is preparing for a feasibility study completion by June [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance of their mines despite the net loss attributed to investments in Los Azules [6] - The management anticipates a positive outlook for copper prices and is preparing for potential market opportunities [8] - There is a belief that the gold sector will see increased interest from investors, driven by rising gold prices and potential M&A activity in the industry [116] Other Important Information - The company received an environmental impact statement for Los Azules, indicating progress in regulatory compliance [14] - A claim from an indigenous group regarding property in Timmins is being addressed constructively by management [17] Q&A Session Summary Question: Opportunities for mine life extension at Gold Bar - Management confirmed ongoing exploration work at Timberline properties, with permitting expected to start soon [22] Question: Future of the royalty portfolio - Management indicated interest in both expanding and potentially monetizing the royalty portfolio [26] Question: Impact of high gold prices on mine planning - Management is actively working to increase production in response to high gold prices, estimating significant cash generation from even small production increases [28] Question: Timeline for Los Azules RIGI approval - Management expects to know about the approval within 2 to 4 months [32] Question: Concerns about Rio Tinto's involvement in McEwen Copper - Management reassured that Rio Tinto cannot squeeze them out due to existing shareholder rights agreements [67] Question: Progress at Stock Mine - Management reported that they are on track to start driving the ramp soon, with production expected to begin later this year [75] Question: Update on Mexico operations - Management is cautiously awaiting permits in Mexico, with readiness to move forward once approvals are received [81] Question: Dividend expectations from Hochschild - Management expects to receive a dividend of just over $2 million from Hochschild by the end of the first quarter [92]

Consolidated Water Co. Ltd. (NASDAQ:CWCO) Q4 2024 Earnings Conference Call March 18, 2025 11:00 AM ET Company Participants Rick McTaggart - CEO David Sasnett - CFO Operator Good morning. Thank you for joining us today to discuss the results for Consolidated Water's 2024 Full Year Operating and Financial Results. Hosting the call today is the Chief Executive Officer of Consolidated Water Company, Rick McTaggart; and the company's Chief Financial Officer, David Sasnett. Following their remarks, we will open t ...

High Tide Inc. (NASDAQ:HITI) Q1 2025 Earnings Conference Call March 18, 2025 11:30 AM ET Company Participants Carter Brownlee - Communications & Public Affairs Advisor Raj Grover - President & Chief Executive Officer Mayank Mahajan - Chief Financial Officer Conference Call Participants Matt Bottomley - Canaccord Genuity Frederico Gomes - ATB Capital Markets Andrew Semple - Ventum Financial Operator Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welc ...

Financial Data and Key Metrics Changes - For Q4 2024, DallasNews Corporation reported a net income of $4 million or $0.74 per share, compared to a net loss of $2.2 million in Q4 2023 [6] - Total revenue for Q4 2024 was $31.1 million, down from $34 million in the same quarter last year [6] - For the full year 2024, the company reported a net income of $131,000 or $0.02 per share, an improvement from a net loss of $7.1 million in 2023 [10] - Total revenue for the year was $125.4 million, down from $139.7 million in 2023 [11] Business Line Data and Key Metrics Changes - Advertising and marketing services revenue decreased by $1.3 million in Q4 2024, primarily due to a 6% decline in print advertising revenue [7] - Circulation revenue decreased by $800,000 in Q4 2024, mainly due to a $700,000 decline in print circulation revenue [7] - For the full year, advertising marketing services revenue decreased by $11.1 million or 18.9% year over year [12] - Digital-only subscribers increased by 1,334 or 2.1% year over year, totaling 64,334 as of December 31, 2024 [13] Market Data and Key Metrics Changes - The average newsprint industry cost per metric ton decreased by 7.3% to $637 compared to $687 in 2023 [16] - The company had $60.1 million of federal net operating loss carryforward as of December 31, 2024 [19] Company Strategy and Development Direction - The company has transitioned print operations to a smaller, more efficient facility, generating over $5 million in annualized expense savings starting in 2025 [21] - The sale of the Plano property for $43.5 million will allow the company to fully fund its pension plan [22] - Investments in website and app enhancements were prioritized to stabilize the digital audience before expanding the digital product portfolio [27] Management's Comments on Operating Environment and Future Outlook - Management noted that print advertising revenue is volatile due to the lack of long-term contracts with advertisers, but there is potential for recovery [40] - The company is focused on becoming cash flow positive as soon as possible, although specific guidance was not provided [67] - Management expressed optimism about the progress made in 2024 and the expected benefits from operational changes in 2025 [19][20] Other Important Information - The company recorded a non-cash tax benefit of $5 million due to a reduction in the valuation allowance [10] - As of March 17, 2025, cash and short-term investments totaled $47 million [18] Q&A Session Summary Question: What led to the decrease in print advertising revenue? - Management indicated that print advertising is volatile, with less than 10% of advertisers on annual contracts, leading to a significant drop in classified revenue in Q4 2024 [39][40] Question: Can you provide details on the operating expenses related to the severance plan? - Management stated that specific fourth-quarter expenses would be clearer in the first quarter call, with substantial savings expected from the severance plan [43][45] Question: What are the expected after-tax proceeds from the asset sale? - The gross proceeds from the sale were $43.5 million, with expected net proceeds around $39 million after taxes and expenses [57][58] Question: What is the expected capital expenditure after the first quarter? - Management indicated that capital expenditures would return to a range of $250,000 to $500,000 per quarter after the initial expenses related to the new facility [59][75] Question: How are digital margins performing? - Management noted that video advertising yields higher returns than print, contributing positively to digital margins [91][92]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $40.7 million, up 12% year-on-year and effectively flat sequentially compared to Q3 2024 [31] - Rental revenue for Q4 2024 was $38.2 million, reflecting a year-on-year increase of 21% and a sequential increase of 2% [31] - Adjusted EBITDA for Q4 2024 was $18 million, an increase of $1.7 million year-on-year and roughly flat sequentially [34] - Net income for Q4 2024 was $2.9 million, up 68% year-on-year, resulting in $0.23 diluted earnings per share [33] - Total adjusted gross margin for Q4 2024 was $23 million, increasing year-on-year and sequentially [31][32] Business Line Data and Key Metrics Changes - Rented horsepower increased to 491,756 at the end of 2024, up 17% from 420,432 at the end of 2023 [34] - Horsepower utilization improved to 82.1% in Q4 2024 compared to 80.8% in the prior year [34] - Rental adjusted gross margin in 2024 was 60.5%, approximately 650 basis points higher than 2023 [12] Market Data and Key Metrics Changes - Natural gas prices increased from around $3 to $4 since the last earnings call, indicating a more bullish market [17] - Oil WTI prices remained around $67 to $68 per barrel, showing volatility but no significant change since the last report [15] Company Strategy and Development Direction - The company is focusing on optimizing its fleet and increasing the utilization of existing assets, having reduced accounts receivable by $23.6 million [22][36] - Plans for significant increases in large horsepower rental fleet based on secured contracts for 2025 and 2026 [27] - The company is evaluating M&A opportunities to improve competitive positioning and returns [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment and its impact on oil prices, monitoring conditions closely [16] - The company expects continued growth in adjusted EBITDA for 2025, guiding to a range of $74 million to $78 million [39] - Management highlighted the importance of customer diversification, with a key customer expected to become the second-largest by revenue in 2025 [28] Other Important Information - Capital expenditures for 2024 totaled $71.9 million, with $60.5 million allocated for growth CapEx [37] - The company ended Q4 2024 with $170 million outstanding on its revolving credit facility, maintaining compliance with financial covenants [35] Q&A Session Summary Question: Clarification on guidance and EBITDA projections - Management acknowledged the difficulty in predicting unit deployment timing but confirmed that the guidance provided is reasonable [54][56] Question: Timing for placing orders for 2026 deliveries - Management indicated that orders for 2026 are being placed throughout the year, with no current plans for 2027 orders [62][63] Question: Dollar-per-horsepower pricing trends - Management noted that while prices have increased significantly in recent years, the rate of increase is flattening [70] Question: M&A opportunities and geographic focus - Management stated that potential M&A opportunities are not limited to specific geographies but are influenced by overall market conditions [72] Question: Margin performance and future expectations - Management expects a more stable margin profile moving forward, with less dramatic increases due to the fleet mix [76] Question: Lead times for components and capital expenditures pacing - Management confirmed that lead times for engines remain long, and capital expenditures will be more heavily weighted towards the second half of the year [86][90] Question: Demand environment for oil and electric drive units - Management indicated that while there is strong demand for compression, the focus is on 2026 due to lead times for new units [94][96] Question: Plans for the Tulsa facility and outsourcing fabrication - Management clarified that there are no plans for expansion at the Tulsa facility, and most fabrication will be outsourced to third-party fabricators [104][107]

Financial Data and Key Metrics Changes - As of December 31, 2024, the company reported total combined cash and investments of $44.1 million, down from $52.9 million at the end of 2023, indicating a decrease due to cash used for operations [34] - Current liabilities increased to $5.4 million from $2.8 million, while working capital decreased to $39.2 million from $50.9 million [34] - Net cash used in operating activities for the full year 2024 was $22.1 million, compared to $18.7 million in 2023, driven by increased net loss and advance deposit funds for the ReMEDy2 trial [35] Business Line Data and Key Metrics Changes - Research and development expenses rose to $19.1 million for the year ended December 31, 2024, up from $13.1 million in the prior year, primarily due to the continuation of the ReMEDy2 clinical trial and increased manufacturing activities [36] - General and administrative expenses decreased to $7.6 million from $8.2 million, attributed to reduced legal fees and lower insurance premiums, partially offset by increased personnel costs [38] Market Data and Key Metrics Changes - The company activated 30 clinical sites for the ReMEDy2 trial, which is expected to generate a steady stream of enrollments [16] - The protocol for the stroke program was updated to allow DM199 to be stored at refrigerated temperatures, expanding the eligible patient population [17] Company Strategy and Development Direction - The company is focused on advancing its clinical programs for DM199 in both stroke and preeclampsia, aiming to provide treatment options for conditions with no current therapeutic alternatives [31][78] - The strategy includes expanding the ReMEDy2 trial globally and increasing site activation and enrollment activities [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress in clinical trials and the potential of DM199 as a transformative therapy for patients lacking treatment options [78] - The company anticipates that its current cash and investments will provide a runway into Q3 of 2026, indicating a stable financial outlook for the near term [36] Other Important Information - The independent Data Safety Monitoring Board reviewed safety data and concluded that the ReMEDy2 trial should continue without modification [27] - A peer-reviewed publication analyzing DM199's mechanism of action was released, providing scientific insight into its potential benefits for acute ischemic stroke patients [28] Q&A Session Summary Question: How many of the activated sites are among the top 15 identified? - The majority of the top 15 sites are activated, with many currently enrolling patients [43] Question: What data did the DSMB review for safety? - The DSMB had access to the entire database of patient data up until a specific cutoff date [45] Question: What are the expectations around enrollment rates for the ReMEDy2 trial? - The company anticipates doubling the number of enrolling sites and expects sites to enroll about one to two patients per month [55] Question: Has the amended statistical analysis plan been finalized with the FDA? - Yes, the amended statistical analysis plan has been finalized with the FDA [74]

Financial Data and Key Metrics Changes - The company ended the year with a cash balance of $4.6 million, with cash used in operations for Q4 2024 at $1.7 million and for the full year at $9.6 million, compared to $3 million and $15.8 million for the same periods in 2023, reflecting efforts to contain spending while advancing programs [27][28] - The net loss for the year ended 2024 was $10.8 million or $2.86 per share, a significant reduction from a net loss of $22.5 million or $6.54 per share in the prior year [28] Business Line Data and Key Metrics Changes - The company made strong progress in its clinical programs, particularly with the iNKT cell therapy, which has shown effectiveness in treating solid tumors and immune-driven diseases [11][12] - The collaboration with Autonomous Therapeutics aims to enhance the efficacy of iNKT cell therapy by integrating their encrypted RNA technology, targeting metastatic cancer with greater precision [9][10] Market Data and Key Metrics Changes - The company presented data at major conferences, demonstrating that its iNKT cell therapy enhances immune activation and overcomes resistance in challenging cancers, including gastric cancer [12][13] - The Phase 1 study of AgenT-797 in patients with severe acute respiratory distress showed an 80% survival rate in patients on life support, compared to just 10% of in-hospital controls, highlighting the potential of iNKT cells in addressing high-impact health challenges [20][21] Company Strategy and Development Direction - The company is focused on bringing scalable, durable, and effective allogeneic iNKT cell therapy to patients, with plans to advance multiple clinical programs in 2025, including gastric cancer and GvHD [5][31] - The addition of Dr. Robert Kadlec to the Board of Directors is expected to enhance the company's strategic depth in biodefense and pandemic preparedness [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's momentum entering 2025, with a differentiated technology and a clear plan to reach the next value inflection point [26][32] - The company remains committed to operational efficiency and fiscal responsibility while advancing its innovative therapies [32] Other Important Information - The company is advancing its PRAME-TCR program, which targets intracellular tumor antigens, demonstrating high specificity and potent tumor killing [15][18] - The Phase 1 trial of 797 in patients undergoing allogeneic bone marrow transplant for GvHD is expected to be conducted with external support to offset development costs [22][24] Q&A Session Summary Question: Status of the Phase 2 study and focus for 2025 - Management confirmed that the majority of patients are enrolled in the Phase 2 study for gastric cancer, with data expected in the second half of the year, and emphasized the importance of advancing both gastric cancer and GvHD studies in 2025 [41][37] Question: KOL investigator feedback and approval prospects - Management noted positive feedback from KOLs and highlighted the potential for the program to be registrational, with ongoing data accumulation to demonstrate clinical benefits [49][53] Question: Timing of funding for GvHD study and cash runway - Management indicated that funding from NIAID is fluid but expressed optimism about securing it, while also stating that the company has cash runway through the end of 2025 [66][78]

Financial Data and Key Metrics Changes - The net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, with a daily time charter equivalent (TCE) of $14,250 compared to $15,874 the previous year [10][26] - For the full year 2024, net revenues reached $45.4 million, significantly higher than the previous year, with adjusted EBITDA growing to $20.3 million from $18.9 million in 2023 [27] - The company recorded a net loss of $1.8 million in Q4 2024, compared to a net loss of $0.7 million in Q4 2023, while the full year net loss was $3.4 million versus a net profit of $200,000 in 2023 [26][27] Business Line Data and Key Metrics Changes - The performance was impacted by a temporary slowdown in coal and iron ore exports, which was viewed as a seasonal adjustment [9] - The company sold the Oasea vessel and reinvested in the Nisea vessel, which has been employed on a profitable fixed-rate charter [11] - The fleet composition consists exclusively of high-quality Japanese-built vessels, ensuring compliance with evolving environmental regulations [12] Market Data and Key Metrics Changes - The Capesize and Panamax charter rates softened due to seasonal factors and high inventory levels in China, leading to reduced urgency for new imports [17] - The Capesize market saw a decline in rates as larger cargoes were split into smaller shipments, while Panamax rates were pressured by a slowdown in grain imports and lower coal volumes [18] - Despite the challenges, there is optimism for a rebound in the Capesize market due to expected increases in steel production and iron ore supply [19][20] Company Strategy and Development Direction - The company is focused on building and operating a high-quality dry bulk fleet, with a commitment to capital returns through dividends and share repurchases [5][7] - The company has extended its share repurchase program by 12 months due to the current undervaluation of its shares [8] - The recent entry into the offshore market is seen as a strategic move, with expectations for high returns from the energy construction vessel project [15][37] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term fundamentals of the dry bulk market despite current volatility [9] - The company expects to see higher TCE rates in the following quarters of 2025 as the dry bulk market rebounds from seasonal slowdowns [14] - The potential ceasefire in Ukraine could positively impact cargo demand, particularly for the Panamax/Kamsarmax segment [23] Other Important Information - The company declared a total of $0.235 per share in dividends for 2024, with a reduced dividend of $0.01 per share for Q4 2024 [7] - The cash position at year-end was $6.8 million, with total assets reaching $153 million and stockholder equity at $60.1 million [29][31] - Outstanding debt stood at $99.4 million, with a loan-to-fleet value ratio of approximately 60% [32] Q&A Session Summary Question: Can you review the scheduled delivery of the offshore vessel and remaining capital commitments? - The scheduled delivery is in Q1 2027, with $3.5 million already paid and another $4.5 million committed to be called in two tranches within 2025 [42] Question: Can you review comments on the US missile strikes and their potential link to the dry bulk market? - The Red Sea remains closed, which disrupts trade routes, but a ceasefire in Ukraine could reopen the grain corridor, positively impacting the Panamax/Kamsarmax segment [45][46] Question: Regarding the Capesize sale, does the $50 million sales price imply a gain of $7 million? - The net amount after the sale for United will be around $7 million, considering the outstanding loan and management agreements [50]

Financial Data and Key Metrics Changes - SNDL reported record full year net revenue of $920 million, a 1.3% increase year-over-year, driven by a combined cannabis business growth of 10.6% [14][11] - Q4 2024 net revenue reached a record $257.7 million, a 3.7% increase compared to Q4 of the previous year [11] - Gross profit for the full year was $240 million, reflecting a 26% growth year-over-year, with a full year gross margin of 26.1% [14][12] - Free cash flow for 2024 was positive at $8.9 million, exceeding guidance and representing a $70 million improvement compared to 2023 [16][14] Business Line Data and Key Metrics Changes - Cannabis operations segment achieved net revenue of $37.1 million in Q4 and $109.5 million for the full year, with growth rates of 42% and 26% respectively [25] - Cannabis retail reported Q4 net revenue of $83.2 million, a 10.7% increase year-over-year, driven by same-store sales growth of 6.3% [22][23] - Liquor retail segment experienced a decline of 3.4% in Q4 compared to the previous year, although gross margin improved to nearly 22% [21][12] Market Data and Key Metrics Changes - The liquor segment is expected to see flat revenue growth in 2025, with a long-term underlying growth rate of 1% to 1.5% [42][44] - The cannabis market continues to show strong momentum, with SNDL's cannabis segments growing well ahead of market averages [4][3] Company Strategy and Development Direction - SNDL is focused on long-term growth through strategic initiatives, including the acquisition of Endiva, positioning the company as the largest manufacturer of infused edibles in Canada [7][29] - The company is applying for a listing on the Canadian Stock Exchange to provide shareholders with additional flexibility and optionality [8][51] - SNDL aims to achieve $100 million in annualized free cash flow within the next three years [38] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slowdown in liquor sales across North America, impacting the entire market, but anticipates a return to growth in the long term [42][44] - The company remains optimistic about its cannabis operations, citing significant improvements and new records in financial performance [27][25] - Management emphasized the importance of operational and financial discipline as a winning formula for sustainable value delivery to shareholders [6][3] Other Important Information - SNDL ended the year with $218 million in unrestricted cash and zero outstanding debt, providing a competitive advantage for capital allocation [8] - The company has implemented productivity improvements totaling $8 million in Q4, primarily from cannabis operations [32] Q&A Session Summary Question: Outlook for liquor retail segment given weak same-store sales - Management noted a slowdown in liquor sales across North America and anticipates flat revenue growth for 2025, with a long-term growth rate of 1% to 1.5% [42][44] Question: Performance of US investments and operational challenges - Management highlighted challenges in the US cannabis market, particularly in Florida, but remains optimistic about long-term potential and restructuring efforts [48][50] Question: Rationale behind CSE listing application - Management stated that the listing would create optionality for future growth opportunities, although no decisions regarding plant-touching activities have been made [53][51] Question: Growth in B2B orders and product performance - Management reported strong growth across all product categories, particularly in pre-rolls, vapes, and edibles, driven by increased distribution [60][62] Question: Importance of multiple banners in cannabis retail - Management indicated that both converting existing banners and adding new ones are part of the strategy to meet consumer preferences [66][67]

Financial Data and Key Metrics Changes - The company ended 2024 with cash totaling $3.7 million, down from $7.5 million as of December 31, 2023 [25] - Research and development expenses for Q4 2024 were $0.8 million, a decrease of $1.1 million from $1.9 million in Q4 2023 [25] - General and administrative expenses for Q4 2024 were $2 million, down from $3.2 million in Q4 2023, primarily due to decreases in professional fees and share-based compensation [27] - The net loss for Q4 2024 was $2.8 million or $0.16 per diluted share, compared to a net loss of $5.1 million or $0.37 per diluted share in Q4 2023 [28] Business Line Data and Key Metrics Changes - The company is advancing its lead antibiotic candidate, ibezapolstat (IBZ), into international Phase 3 clinical trials for the treatment of C. difficile infection [8] - In Phase 2 trials, ibezapolstat demonstrated a clinical cure rate of 96%, with 100% of patients remaining cured one month after treatment [9] Market Data and Key Metrics Changes - The company raised a total of $6.6 million in gross proceeds under its ATM financing program for the year ended December 31, 2024 [25] - The FDA has granted ibezapolstat QIDP and Fast Track designations for the treatment of C. difficile infection, indicating a favorable regulatory environment [22] Company Strategy and Development Direction - The company is well-positioned to commence its international Phase 3 registration program following positive regulatory guidance from both the FDA and EMA [13] - Acurx aims to differentiate ibezapolstat from other antibiotics by demonstrating its microbiome-restorative potential and lower recurrence rates [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential economic impact of ibezapolstat, which could reduce the annual cost burden of C. difficile infection in the US, estimated at $5 billion [23] - The company is actively pursuing funding opportunities for its Phase 3 clinical trial program, including partnerships and grants [42] Other Important Information - The Japanese Patent Office granted a new patent for the company's DNA polymerase IIIC inhibitors, expiring in December 2039 [19] - The company closed a registered direct offering and concurrent private placement, raising gross proceeds of $1.1 million [20] Q&A Session Summary Question: Differences and similarities between FDA and EMA for Phase 3 program - Management confirmed that the protocols for the Phase 3 program are identical for both FDA and EMA, as they aligned their strategies before approaching the EMA [35] Question: Geographic enrollment for Phase 3 program - The plan is to start with 150 clinical trial sites, with approximately 50% in Europe and the remainder in the US, Canada, and South America [37] Question: Upcoming data releases for ibezapolstat - A full set of Phase 2 data is expected to be published in a prestigious scientific journal within the next 30 days [40] Question: Funding options for development of ACX-375C - Management is exploring various funding opportunities, including partnerships and government grants, to support the Phase 3 trial [42] Question: Partnership environment and timeline for Phase 3 trials - The current tumultuous market conditions have made securing partnerships challenging, but management is optimistic about starting Phase 3 trials in 2025 [56] Question: Timeline for top-line data from Phase 3 trials - Management indicated that it would take approximately two years from the first patient enrolled to obtain top-line data [62] Question: Status of ATM program and NASDAQ listing - The ATM program was suspended in January but can be reactivated when management decides. There is confidence in maintaining the NASDAQ listing despite current share price challenges [70][72]