Banxa Holdings Inc
XTSX:BNXA
Earnings Call Analysis
Q1-2024 Analysis
Banxa Holdings Inc
As it encounters the ebb and flow of cryptocurrency markets, the company has faced a significant decrease in the fiscal year 2023 due to the current bear market phase, impacting its volumes and overall financial performance. This demonstration of market sensitivity underscores that investment in such companies could be subject to volatility associated with market cycles.
The company emphasizes gross profit and net take rate as its core financial metrics. Despite a decrease in gross profit by 17% in contrast to a 54% drop in total sales, the net take rate improved by 80%, signaling better efficiency and shrinking cost of goods sold. The company is approaching an efficiency plateau where future improvements are expected to be incremental.
Efforts to optimize costs over recent months are bearing fruit, and the company anticipates becoming cash flow positive soon. This indicates a potential turning point towards financial stability and growth.
A legal claim from Illinois poses some risk, but the company remains unfazed, citing errors in the claim akin to those received by other crypto companies. This response demonstrates a perceived control over the situation and a belief that it will not significantly impact operations.
A strong financial foundation is seen as the key to a robust share price, influenced by factors within and beyond the company's control. As the company works towards positive cash flow, efforts will also focus on investor relations to enhance market visibility, particularly in post-CTO times to regain investor attention.
The company is very excited about its U.S. launch, viewing it as a major opportunity, though the exact timing is being worked through. Penetrating the U.S. market could be a strategic move to expand its customer base and increase transaction volumes.
Understanding how the company recognizes revenue, whether acting as an agent or a principal, is important for assessing financial performance. This has implications on the revenue volatility and is therefore pivoting towards emphasizing gross profit and net take rate as more stable metrics.
Most volume-based costs are included in the cost of goods sold, which, along with interest costs, are key factors affecting the net outcomes. The business model is highly scalable, with operational costs that need to keep pace. Additionally, using in-house wallets, rather than third-party solutions, will help reduce costs and make funds more secure, further benefiting the bottom line.
The company has seen increased transaction volume (TTV) and new user sign-ups, though not to the extent of the broader market growth. There is an expectation that greater growth will be realized in 2024, especially in the noncustodial space, which may indicate strategic positioning for capturing future market adoption waves.
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Hello, everyone. We're just waiting for people to join. A couple of more minutes. Just 1 or 2 more minutes until more people have joined, and then we'll start the webinar. Okay, maybe we can start. Hello, and welcome, everyone, to Banxa's webinar today. My name is Holger Arians, I'm Chairman and CEO of Banxa. Thank you, everyone, for joining from all around the world, I believe. I see a number of familiar names. Thank you for taking the time and the interest in our presentation today. Today, we're going to present you the financial year '23 results and Q1 FY '24 results, and Zafer, if you can go to the next slide, just to share who is presenting today. Besides me, I have Zafer Qureshi, who is Executive Director, Head of Corporate Affairs at Banxa. We have Josh D'Ambrosio, our Chief Commercial Officer; and Sean Moynihan, our COO and Interim CFO. The agenda today, I'm going to start with a short business update. We just had our last webinar in November when we presented the FY '22 results after the delayed audit. Today, Sean is going to walk you through our audited '23 results and the unaudited Q1 results of FY '22 -- '24, excuse me, and then Zafer is going to touch on the path to profitability, which we've been spoken to earlier, and then we'll start with the question-and-answer session. If you have any questions during the webinar, please just hold them until the end, put them into the chat window, the question window, and we'll make sure that we have enough time to answer all of these.
Okay. So I just want to start with a quick business update. Banxa is still leading on and off-ramp in the world. What that means is we're integrated with major crypto platforms like MetaMask or Trust Wallet or OKX or Crypto Exchange and hundreds of others, where their users -- their hundreds of million users can basically just convert their fiat currency to cryptocurrency.
For everyone who wants to do something in crypto or digital assets, that journey usually starts with fiat currency. So think about your Australian, Canadian dollars that you want to convert to Bitcoin, for example, Banxa is doing that inside all these platforms. We can do that because we have all the licenses and the payments. We have all the fraud controls and the technology, most importantly, to source these coins and settle them directly into your wallet.
So that's what Banxa does, and we've been doing this very successfully. The business is now 10 years old. We've transacted over $3 billion in that time. We have over 1 million customers, and 5 million orders processed. In fact, we're processing 1 new order every 18 seconds. And that's still in a market which is only slowly warming up.
I mentioned the partners that we have, again, compared to the last bull cycle where we had less than 100 partners, we now have 300 partners. So we're really everywhere. There are only a few big ones missing that we don't have yet, but we're obviously working on those. But you can see that Banxa has made great progress on that front, and that was always the goal for us, to be pretty much everywhere. Banxa is now a very well-known entity in this space. And all these major crypto platforms around the world are relying on our infrastructure.
We continue to acquire licenses to be able to do what we're doing. The crypto money transmitter licenses in the U.S., for example, and other places in the world. So that is a very strong point of Banxa, and then we're obviously trying to offer as many payments as possible so that people have a good way into this industry, and out as well because we're doing off-ramping, obviously, as well where you can convert your crypto back to fiat.
Next slide, please, Zafer. I guess, on the corporate side, we've removed the management [ fee ] straight order that was in place for 2 months' time while we were completing the audit. We have changed auditors after what happened with the FY '22 audit. We've now new auditors that needed to get their head around the business, but also really didn't leave any stones unturned. So that was a very thorough review, but it has taken more time because it was the first one, and Banxa was still sort of processing the learnings from FY '22 audit where regulation has changed and suddenly, our processes had to be updated as well.
So we're in a much better shape right now, have learned a lot, have implemented a lot, and part of that is also that we have now appointed Patrick Maguire as our official CFO; Sean Moynihan, our COO, has taken the role in the meantime and has done an incredible job of just jumping in without much background, taking over from the previous CFO who left a little bit unexpected, and we were very happy that Sean took this over and really uncovered many, many things that should have been done much earlier. So we're very happy with the outcome and the stability we have created for the future.
So this chapter is closed. We're excited about the shape with what Banxa in on the financial systems and processes front and the structure, obviously, with our people. I guess, on the corporate front, we have continued our turnaround. Zafer and I have really done a lot of heavy lifting over the last quarter. There were -- there was a capital raise in a very difficult market, still. We have bought out the convertible note as a next step after the capital raise, and we've initiated board changes, and are continuing to look at the board composition, obviously. And then we're also reducing our cost of capital with the loans we're having and just making things much more efficient.
I think what's important is just to be patient on seeing these changes because Banxa, with all our licenses, being a listed company, being -- having gone through hyper growth, it takes a long time to turn the ship around. And I really just would like to ask our shareholders -- potential shareholders to have the patience. There are great things happening. We're certainly seeing the market warming up, and we are very sure that the things are surfacing very soon, and you will see those -- continue to see those results. And we're very excited of what we have achieved, but also what's in store for the next few months and the next few years as well.
I guess on the partner front, we have continued to onboard the major partners of the industry, Trust Wallet is probably the biggest wallet, together with MetaMask out there with tens of millions of users. And Coinbase, we are an aggregator called, Onramper, who has integrated with Banxa. So we're now indirectly integrated in Coinbase, but also talking with them directly as well.
So I think that just validates the quality product we've built and we've always focused on the product. We did have to get other things in the heart and order. I think we have made great progress and continue to do so. And we're getting a lot of good signals from the market as well. So earlier this month, we had the spot ETF approvals in the U.S., which sent a really strong signal to the market. What that helps with is just a much better user experience if people want to get into this space, much more trust and clarity on the regulatory front, which we've always waited for.
The next milestone or event to look forward to is very soon as well, and there's usually a buildup in the market. The Bitcoin halving in April that usually gets more people excited and get back into the space to trade.
So we are quite happy that the last 2 years are now behind us and that there is an exciting time ahead of us. And hopefully, our share price will also reflect that very soon with all the work we're doing.
So please stay tuned for what's going to come, and trust us on the work we've done that you might not see yet, but there's a lot going on. And I believe we got the message of the needed to be changed. We've done it. We continue working on it, and we're happy with the progress, but we're still -- there's still a long way ahead of us. But we do have the confidence that we'll get there.
And with that, let's get into the numbers. Sean, I'll hand over to you.
Thanks, Holger, and hi, everyone. Thanks for joining.
So, yes, excited to show you the numbers for FY '23 and first quarter of FY '24. Just to clarify, when we're talking about FY '23, we're talking about the period of 1 July '22, through to 30 June '23. So we're working on the Australian financial year and not calendar years. I just want to clarify that in case anyone was uncertain. And we presented an estimate for FY '23 in the last webinar. So now we have the final audited numbers, as Holger mentioned, that was completed at the end of December. So these are the final numbers for FY '23. But they haven't really changed materially to the estimates we presented in the last webinar, except for perhaps the revenue item, and I'll talk to that a little bit as well on this slide. But just starting at the top line, the Total Transaction Volume, assets of the total sales, we process otherwise, acronym to TTV, it's a really, really important metric for us, but won't be the most important metric, and I'll get to that in a second. So we did see a decrease in that and quite a significant decrease in FY '23. And that was driven by the contraction in crypto volumes through the bear market. And many of you may already know, the crypto markets go through 4 year cycles, 2 years of bull market and 2 years of bear, and we're in the bear market in FY '23, and hopefully coming out of that pretty soon. So we did see a reduction in the TTV, but at the same time, there was an increase in the revenue. And you may be asking how could that happen? Quite simply, it's just how the revenue is recognized. And I talked to this a little bit in the last webinar, but I realize some people may be joining it, and not seen that one. But basically, we can recognize our revenue on 2 basis. One, as an agent. And when we act as an agent, the revenue recognized is just our commission. And one as a principal where we recognize 100% of the sales.
And so what has been happening throughout FY '23, and will happen more in FY '24, is we're acting more as a principal. And the determination when we're a principal is essentially, we're selling our own inventory. We're selling coins that are in our own wallet, which we have the keys to. And we've been moving to doing that more because, one, it's more efficient in terms of settling to customers. The fees are lower if we settle from our own wallet versus a third-party wallet. And two, the security aspect as well. And I'm not sure everyone is pretty familiar with FTX, and what happened to people holding funds in FTX, and still not being able to access those funds. So it's sort of twofold. And so you'll see this revenue item go up over time, and it can be a little bit disproportionate to the movements in the TTV. Because of that, what we really focus on, and we think are the 2 core metrics, which are the ones in green here, is the gross profit. So once we've netted out all the cost of sales, what's our gross profit and the Net Take Rate. And we've been focusing really on trying to grow these metrics.
Now in FY '23, we weren't able to grow the gross profit, unfortunately. But you can see that the decrease in it is only 17%, whereas a decrease in the total sales of 54%. And the reason for that is in the next slide, you see a Net Take Rate, that's gone up 80%. So we've been focusing really, really hard on being more efficient, focusing on reducing our cost of goods sold. And yes, we're seeing great results there. And we're sort of getting to the point now where we definitely still see improvements, and we saw some improvement in Q1, but it's probably getting to the point where the improvements are going to start to become incremental. We're not going to see these huge uplifts in the Net Take Rate. But what's really important is that we've got it to this point now, because as Holger mentioned, we're expecting the market to really pick up, and we want to be the most efficient we can be during that time. We saw a little bit of a decrease in our operating expenditures. So we have been doing some restructuring, and that went down by 21%. We saw a reduction in our operating income, also an increase in operating income reduction or operating loss, largely due to the operating expenditure being a little bit more efficient. And you see that through into the net loss and the adjusted EBITDA. Cash went down a little bit, and that was really funding the product development, so we could enter new segments such as the wallet segment has been a real core area of focus for us and customizing our product to better suit that segment. And it has worked really well, which we'll see in the next slide. So now if we compare Q1 of FY '24, so 1 July '23 to 30 September '23 to the corresponding period, the financial year before. We've had a massive uplift in TTV, a massive uplift in revenue, but not all that's due to the increase in TTV. Like I said, we've been moving more to doing transactions on a principal basis. So we will naturally see that number go up a lot. But really importantly, we've seen a really big increase in the gross profit. And again, the Net Take Rate has helped, but it's been twofold, increasing the TTV and increasing the Net Take Rate. A marginal reduction in our operating expenditure. So we're always working on how can we be more efficient there, and we want to always try to drive that down quarter-on-quarter. But at the same time, it may go up if we see opportunities in the market to grab more revenue. The operating loss went down because the gross profit has gone up. But I should also mention, in the prior financial year, in FY '23, we did have $3.2 million of other income, which you'll see in the P&L. And that was from a sale of a non-core business asset. So in FY '23, that did reduce our net income than a net loss. But you'll see here that when we do the quarter-on-quarter comparison, that sale of that asset happened in Q1 FY '23. So that's why the net loss is lower relative to Q1 FY '24 because in Q1 FY '24, we didn't have to sell that asset. And the adjusted EBITDA was lower in FY '23 because it was really boosted by the sale of that asset. Again, cash is down a little bit, but that's been really investing in the sales, particularly in the wallet segment, which has driven the TTV and GP growth. So it has had a really great return on investment.
And that's everything again, put your questions in the Q&A, if you have any.
Great, Sean. So on to, I guess, how are we tracking forward since I joined as an Executive Director, our big initiative has been to get to profitability and get there as quickly as we can. In this market, it's very critical that we operate within our means. And our cash flow positive, because companies that are burning cash quite -- and we want to ensure that we're self-sustainable and moving forward in a very healthy financial position. So I'm really excited to share with you guys that all the effort that we've been putting in, in optimizing our cost, getting more efficient, over the last 3 to 4 months, we're starting to see the fruits of all that effort. And in January of essentially this month, we are on track to be cash flow positive. So super excited about that.
Just double-clicking into it, how we've been able to do that. The cost optimization efforts since -- when you compare us to Q1, we've really tried to hammer down on -- trying to become as lean as we can and reduced our costs overall by 22% quarter-over-quarter. And some of the efforts that have gone into that, the key areas of essentially restructuring our debt, buying out the secured convertible note, lowering our cost of liquid facilities, rightsizing our payroll, enhancing a lot of the controls and reducing unnecessary third party processing costs. And then generally, just in terms of our overall financial operations as well, ensuring that we have the funds in the right jurisdictions, the right bank accounts for how the TTV is being processed in all these different areas. So that's been super critical in getting us to this point. And then as kind of Sean has mentioned, over the last 12 months, there's been a massive effort in trying to make sure that our Net Take Rate, we're essentially processing our transactions as efficiently as we can. And that's been a combination of product enhancements and generally ensuring that we're having the liquidity available where it needs to be minimizing FX rates and things like that. So greater focus on the key markets and the key partners, ensuring that we're using the right -- providing the right payment method to the customers through our partners and ensuring that we have the adequate banking relationships in all the different jurisdictions that we operate in, that just ensures lower banking costs and just overall processing costs. So just that -- as we kind of look forward to 2024, really optimistic that the market is going to be on an upswing. And we wanted to really ensure that we're in a position to capitalize on that. But if it doesn't pan out based on our expectations or the timing isn't right, that we don't have a need to or we're not continuing to burn cash, and we can essentially operate within our means. So super excited about 2024. And all the work that we've put in, there's lots of return that we're still yet to see from all our efforts. But I'm really confident that 2024 will be a big year for Banxa and obviously, all our shareholders.
Thank you, guys. Appreciate your contribution here.
Let's go to the question. There are only 3 questions. If there are any other questions, please add them to the Q&A section here.
We'll start with the first one.
Gentleman, an update on the company's biometrics suit, please.
So for those of you who don't know, we've been -- we received a legal claim out of the state of Illinois in the U.S. We've seen many other crypto companies receiving the same claim -- the same claimant. We've identified a number of errors with this claim, and we have formally responded. But other than that, there is no real update. And we'll just have to wait and see what the next steps are, but we are not very concerned about this. Zafer, you might be best placed to take the next one. What are concrete steps Banxa is going to take in 2024 to increase stock price shareholder value?
Yes, definitely. So generally, I think the key thing is that if we create a good strong foundation for the business financially, be in a very strong position, the share price naturally will reflect that. I mean -- but when it comes to the share price, there's several factors that drive that, some that are in our control, others that are driven by generally the market. So I think we're doing all the right things to move the levers that are in our control, making sure that financially, first big thing is that we're operating the cash flow path moving forward, positive cash flow. And then beyond that, I think the other thing really is to now tell our story to all the investors out there, really get out there in front of the right investors, and ensure that we get back on the radar because obviously, with the CTO, we essentially fell off the radar of many investors. But now as the crypto market is picking back up, there is interest starting to come back into the sector. It's important to basically get back on the radar. And we're going to be doing that over the next couple of quarters. So super excited about that.
Thank you, Zafer. The next question is, what's the progress with U.S. expansion? There was a lot of news initially, and now there is radio silence. What is happening with banks and U.S. operations?
Josh, you're probably best placed to answer this one.
Yes. Look, the U.S. launch is something we're very, very excited about, we talked about quite a bit. Obviously, myself being on the commercial side, I see immense opportunity and demand in that space. In terms of timing, so it's something we're actually just working through at the moment. And we're hoping to come up with our formal plan on when that should exactly land. In the meantime, it is worth noting we do continue to serve the U.S. market at great -- at large extent via our third-party provider and looking to unlock further opportunities when we eventually do go live with our own infrastructure.
Yes. And I think today, we have 34 of the money transmitter licenses. So we're still waiting for a few more there. But yes, definitely going to be activated this year, and we're very excited about it. But there's a lot of heavy lifting to get that done.
Okay. And then the next question is, hi, guys. I didn't understand the Q1 FY '24 revenue jump from $13 million to $85 million.
That is a really good question because perhaps, Sean, you can explain again how this revenue recognition is working there.
Yes, yes, definitely. And it's a good question. And -- it does look like a bit of anomaly, but it really just comes down to the accounting, recognition of revenue. And as I described before, there's 2 types. So there's the -- are we acting as agents, so it's selling someone else's inventory, or are we acting as a principal and selling our own inventory. And this is similar to other online platforms. So Amazon would have the same considerations if they're selling their own stock, they would be recognizing that revenue was principal. And if they're selling someone else's, it would be on an agency basis. So if I just run through an example, it might be the easiest way to explain it. If someone buys -- a customer who buys $100 of Bitcoin from us, if we send them that Bitcoin from our own wallet, so we've got Bitcoin sitting in a wallet, which we control, which we have inventory, was gone, and we have the keys to, that would be -- we'd be acting as a principal. And we recognize that full $100 as revenue. Now if we settle that transaction from a third party's wallet, we'd be selling their inventory, and we'd only recognize our commission, which we went through before, the Net Take Rates around about 2.8%. So we'd only recognize $2.80 as revenue. So what's been really happening is we've been having more transactions where we're acting as a principal. We've been settling more customer transactions from worlds which we control. And we're selling more transactions using our own inventory versus selling somebody else's. And as I mentioned before, the reasons for that are twofold. One, it's cheaper for us to do it. So that's what helps improve our Net Take Rate. And two, it's more secure because we're the key holders. So if -- there can't be that insolvency event like in FTX, so we're trying to do more through our own wallets to provide, to secure up our funds. So hopefully, that explains it. I know it's a little bit confusing. It's a relatively new thing in accounting still, and the standards are still being clarified, but does create a bit of confusion. So hopefully that helps explain it.
Yes. And just 1 more thing to add on that. Generally, our revenue is going to be volatile just because of the mix between agency and principal. The typical standard metric to actually be -- the better metric to be tracking, which we're going to be shifting more of our focus on in terms of our reporting is the gross profit and the Net Take Rate, which is generally kind of the standard metrics within the payment space.
Yes. And another one, how will the change in gross profit in upcoming quarters affect operating costs? Will increased profit have a significant impact on costs? Or will costs remain stable and profitable to the bottom line?
Perhaps, Sean, you can take this one.
Yes, another good question. So most of our volume-based costs sit in our cost of goods sold, which is sitting above the gross profit item. So we should have already netted out those costs when we get to the gross profit line item. Now there's a couple of exceptions to that. There's a couple of software subscriptions, but they're relatively small, like there's less than $100,000, and I wouldn't expect they grow to be more than $100,000 in a month. That would increase as our volume increases. Probably the main item sitting below the lines and below the gross profit line that goes into our net outcome is interest costs. So if the volume scales quickly, we'd need to source more liquidity to just service that volume because of the delay in fee [indiscernible] times over the weekend. So we would expect the interest cost to probably be the main item to go up, but it would be disproportionately less in its increase in the increase in gross profit. So yes, we're now at that point where as the volumes -- the TTV volumes go up and the gross profit goes up, the majority of that's going to be going to bottom line.
Yes, Sean. It's scalable. There are obviously a few operational costs that need to keep up. But overall, this business is highly scalable. We've seen that in the last bull market where we didn't have all these efficiencies. And now, this is definitely going to reflect on the bottom line. And so we're very excited about the market warming up as well with all the work we've done internally. Sean, there's another question for you. Is there a way to only use our wallet instead of using third-party wallet partners to increase TTV?
Yes. Look, we can use our own wallets. Now, that won't increase TTV, it will reduce our costs and make our funds more secure. It just requires building some infrastructure and there's a cost to building that. So sometimes it's better to use third-party solutions, particularly for coins or blockchains, which haven't got a lot of adoption. So there's really not the payback for us in building that infrastructure for these coins and chain. So we will outsource to third parties in that instance. But yes, we want to get to the point where the vast majority are processing through our own wallets. But yes, that itself won't have an increase in TTV. It should help the GP and the bottom line.
There's another one. We've seen Bitcoin, Ethereum, USDT and USTC volume increased 50% to 80% in the October to December quarter versus July to September. Are you seeing similar increase in TTV?
Okay. So I think that's the market increasing versus is our TTV is also increasing. And perhaps Josh, you can take that one.
Yes, it's been really -- obviously quite good seeing that the market pick up in the last quarter or 2, particularly in that Q2. We certainly saw the broader market increases as you've outlined there. In terms of our specific TTV, we have seen increases. We've seen increases in number of new users. In terms of -- is it comparable, it's probably not quite to the extent that we're seeing the growth in the overall crypto trading volume, and that's probably for a number of reasons. One is it's the type of users that are getting back into this space. We've seen a number coming in at the institutional level. And then number two, a lot of the -- where we've been building in the noncustodial space, we're expecting a pick up further as that next wave of adoption comes through into retail. And so we're probably projecting the greater growth to come through 2024 in that space. But nevertheless, we have seen some growth across Q2 compared to Q1.
Thank you, Josh. There are no more open questions at the moment. If there's anything after the webinar, please reach out to Zafer or myself. We really want to communicate much more proactively. We would like to hear from you. And again, we hope that you see the work that has been done at Banxa, especially over the last couple of months, how we are really trying to turn the ship around for hopefully a better market in the next 2 years. But even if the market is still a little bit slower, Banxa is getting in a really strong position. And we believe that we're building critical infrastructure for a space, which is, I always call it a generational event. It's as big or bigger than the Internet. And what we are doing is building these critical payment and compliance infrastructure. And I think we've proven with all the integrations that we have and the users and the partners that we can really deliver. But we also have to work within the constraints we have for a public company in a very new space. We have many, many licenses. So we can't always move that quickly, but there's been a lot of great work done, and we expect to -- for this to continue and for all our shareholders to see the fruits of that. So with that, please, was there another question? Let's quickly answer this one as the last one. Will U.S. expansion make a significant impact on TTV considering the U.S. market is already being served through a third-party partner? Is there a set date for the expansion?
And Josh, we'll throw this one to you, and then we'll -- I think, we'll try and wrap for today.
Yes, sure. So for the U.S. expansion, as outlined, we do already serve that market, and that provides us broadly access to provide our products there.
The opportunity for us is really as this -- and we believe this industry does scale to quite a large extent over the coming years. It really offers us the ability to reduce costs in that market. The way we currently operate is, we do get aggregated with a number of other providers. And so by providing those reduced costs, we do expect to see higher top-of-funnel growth from new users and return users, which would therefore drive a lot more TTV. And the other key areas, which are really important for us is it's -- the opportunity to add new revenue streams. And so there's a few different areas that, that can get driven from. It can be from new coins and chains and other sort of features that we can't offer in the U.S. market, which we do offer globally. And there is quite a significant demand from a number of partners asking us to provide these products in the U.S., which we're currently unable to do so. And then the second area is a number of new products that we're working on in the background to see how we can unlock those through that U.S. expansion.
And then probably the third part worth noting is the U.S. regulatory environment is obviously always evolving. What we sort of foresee, wherever the years to come, is that we hope that we do get that greater clarity. But more and more, it's going to be important to be sitting on top [indiscernible] licensing for any company operating at scale in this space. As -- if you are not, and you do rely on a third party, you're going to be coming up against some really intense competition from those that do have the local infrastructure as they can also -- we'll be able to offer a much more seamless product. So we think it's just from a revenue projection point of view, really important and equally on the TTV revenue growth as well as the cost reduction in that kind of growing market. And then sorry, again, in terms of that data, that's exactly what we're trying to work on in the background, probably over the next coming weeks. When do we formally want to sort of set that go live, at least internally, and then be communicating that to the greater market.
Awesome. Thank you, Josh. And thank you, everyone, and thanks for presenting today. Thank you to our shareholders for dialing in. And again, reach out for any questions to Zafer or myself. I'm very happy to answer any of your questions or address concerns. Again, overall, we're really excited about the change we've brought and what's ahead of us and hopefully also a market that is looking much better this year than last year. Thank you, everyone. Goodbye.