Tantalus Systems Holding Inc. (GRID) Earnings Call Transcript & Summary

Good afternoon, everyone. Thanks for joining us today. We have an update with Tantalus Systems, which trades on the Toronto Stock Exchange under the ticker GRID. With me today, I have CEO, Peter Londa. He's going to walk us through the preliminary Q4 and 2022 results that they published recently. And talk about some of the upcoming catalysts for the company for 2023, which I think is going to be a really exciting year for Tantalus. As always, this presentation contains forward-looking statements. You can find those on the company's presentation on their website and there will be a Q&A session. So feel free to input your questions at the box at the bottom of your screen or you can e-mail them to me if you prefer. With that out of the way, I'd like to introduce Pete. Hi Pete, nice to see you.

Deb, good to see you. Happy Valentine's Day.

Yes, thanks. I wore pink. So.

I'm wearing red.

You're wearing red. Yes, very festive.

Very festive.

You recently put out your preliminary results, maybe you want to start with a discussion on those?

Yes, absolutely. So thanks for that. And for those of you joining, thanks for allocating some time. We were very pleased with the performance of Tantalus through 2022 despite operating in what continues to be a fairly challenging economic environment with a lot of macroeconomic issues that are unfolding. But with that in mind, we're eager and excited to share recently that Q4 of last year 2022, we delivered a milestone revenue number in our company's history, generating approximately USD 12 million of revenue. That translates into roughly CAD 16 million of revenue, which was the highest threshold we've ever delivered in a quarter. The strong results in Q4 from a revenue perspective, we also delivered neutral EBITDA, which I know has been a topic of discussion and questions from some investors and on these webinars as we have been making heavy investments in some R&D that tied to significant growth opportunities for Tantalus, which we'll talk a little bit more about momentarily. So the high-level number, Deb, is USD 12 million of revenue or CAD 16 million and slightly positive EBITDA of about USD 100,000, roughly CAD 133,000 for the quarter. As that relates into full year results, we'll be excited to share those results in more detail on March 15, so in about a month as we complete our audit process with KPMG. But what investors can anticipate seeing is a revenue profile for 2022 just under USD 40 million which translates to roughly CAD 53 million. On that revenue profile we ended the year 2022 with just under USD 10 million of annual recurring revenue. So almost 25% of our revenue profile is now in the form of high-margin recurring revenue, which is an area of significant focus for us as we get more of our intelligent and distributed edge computing devices deployed in the field with utilities. And then from those devices generating recurring revenue on a per endpoint basis moving forward. In terms of how that shakes out from an EBITDA perspective, on an annual basis, investors will see that we were negative EBITDA for the full calendar year as we've been communicating, that negative EBITDA really ties to our R&D investments throughout the calendar year. But I'm pleased to report that for the last 6 months of 2022, we were effectively EBITDA neutral within a few hundred thousand dollars of EBITDA neutral. And that's a good barometer and data point for us as we continue to drive revenue growth in the company, absorb the expenses of going public and most importantly, absorb the expenses that we've been incurring on the R&D front. So with that between the EBITDA, we ended the year from a balance sheet perspective with roughly USD 6 million of cash, that translates into roughly CAD 8 million. As investors see from our financial disclosures, we typically invoice for our recurring revenue towards the end of Q4 and through early portion of Q1 and then see the influx of that cash in the first quarter of the year. So we'll start this year with a very strong balance sheet to support the ongoing investments that we're making in the business and certainly then support the ongoing operations of the company. Beyond sort of revenue, EBITDA and cash, Deb, we also shared that we set a record in orders converted out of our pipeline in a calendar year. During 2022, our sales team converted USD 42 million. That's roughly CAD 56 million of orders out of our backlog. That's above our revenue profile. So added a little bit to the backlog that we have in the business to, again, continue to provide visibility into our planning as we turn our attention now to 2023. I'll take a pause and at least make sure that was clear on the 2022 initial summary or preliminary results.

It was clear to me, and I don't see any questions coming in. So I think we can continue along.

Sure. So we've chatted a lot about the R&D investments that we've been making and we expense those R&D investments, we don't capitalize. And so that R&D investment has come at the expense of EBITDA but also been made in the context of our balance sheet, which was strengthened by going public and then doing a follow-on financing. So I thought it would be helpful to sort of explain where the R&D investment has been going with a visual and explain what that enables our organization to do is we focus not only this calendar year, but really for the next several years. If you think about Tantalus historically, we have really gained traction on the left side of this slide, and I'll just use the mouse crudely, apologies for sort of rudimentary technology, but right like within this, from the substation to the meter, as almost a dedicated vertical focused on the electric utility industry, within that, a couple of multi-commodity utilities. As of the end of 2022, our user community of utilities now is in excess of 270 utilities, most of which are in the United States, a few in Canada and a few in the Caribbean Basin. But the historical focus has been really automating and digitizing devices from the substation left-hand side, down distribution lines to devices on poles, ultimately down to the meter on the side of a home or business for those of you that have been following our company for some time. And that's -- from that, we gather a significant amount of data around consumption and some power quality statistics that have bled into our enterprise software and the data analytics that are enabled by artificial intelligence to help utilities pinpoint where they have some vulnerabilities in the distribution grid. As we focus forward and think about really expanding our business with the capital that our shareholders have provided, we have been making fairly regular mention of what we call the TRUSense Gateway, which is right in the middle of the page. And what you're looking at is an expansion of our historical and distributed edge market-leading hardware that is installed meters and other devices on the left-hand side of the screen. So we're using a lot of the same principles and a lot of the same capabilities in a new device called the TRUSense Gateway. What this gateway will enable utilities to do and why we're so excited about the prospects of what it means for our company is a meter on the side of a home or a building, we'll be able to plug into this device which sort of works like a collar that sits between the meter and the meter socket. And so you can envision this device in the middle of the screen, fitting in between seamlessly those 2 assets that the utility has always had and continues to have on the side of homes and buildings. This device, the TRUSense Gateway really has 4 primary use cases for us. Not only will it continue to support all of the good work that we've been doing on the left side of the screen around metering data for consumption and power quality, but it takes that power quality to a different level. And what we've embedded in this device is beyond the metering capabilities, use case 1, what we refer to as grid optimization as a second use case. Grid optimization ties to a more granular sensing of voltage and current to key power quality metrics to the point of what we refer to in the industry as 256 samples per cycle. So we're talking millisecond type levels of data around voltage and current that are hitting the side of a home or a building. And it's from that incremental sensing that we'll be able to enhance our analytics capabilities offered in a SaaS model to utilities to really pinpoint where they have stress on very specific assets like pole-top transformers, which you would be familiar with in your neighborhoods or as you drive up and down the streets of wherever you live for distribution grids that are above ground. They're typically metal, circular devices that sit at the top of a utility pole with power lines connected to it. And those assets are under significant stress. When those assets fail, they can either translate into a power outage or even worse, they can translate into an explosion, which can lead to fire, loss of life or other damage. And so as we change our behavior, electric vehicles, rooftop solar panels, storage behind the meter, additional consumption at our homes or businesses that all stresses the legacy assets that we've been helping utilities try to monitor. And so the second use case is what we refer to as grid optimization. It's a more granular view of power quality data. The third use case is around helping utilities leverage assets like fiber or leverage investments they're making in fiber or cellular communications to deliver broadband services to the home. And we're seeing an increasing number of electric cooperative utilities access stimulus dollars or make direct investments on their own to solve the broadband divide, which emerged during COVID-19. And so we're seeing utilities actually step into the shoes of communications companies and deliver triple-play services, broadband services, voice, Internet, TV as an incremental revenue source for the utility. This device doesn't -- isn't an ISP. But what it will do is it will power and connect an optical network terminal which is installed on the home by a utility and through that device then Ethernet or fiber into the home to deliver broadband services. So that's the third use case. And the fourth use case, which I think is actually the largest is we've embedded on this device, a WiFi chip and something called power line communications to a standard referred to as HomePlug 2.0, which is quickly being adopted by GE on smart appliances as an example. By putting a WiFi chip and power line communications capabilities on this device for the first time, and this is first to market from what we've been able to validate through our research and our efforts is to provide the utility with a utility-grade communication signal that goes into the home or into the building to directly connect to an EV charger or an inverter for solar and storage that may deploy -- be deployed at the house. We directly connect to a smarter hot water heater using HomePlug 2.0 or WiFi connectivity standards. And what that will allow the utility to do is not only enter into a bidirectional relationship with us as consumers, to gain access to those different assets behind the home that we're all investing in or adopting over time, but more importantly, it will give the utility a very secure from a cyber perspective and a very reliable connection, eliminating our consumer WiFi, but a direct connection to these devices so that they can better plan what the demand profile looks like versus the supply of electricity. So they can better pinpoint where has an electric vehicle shown up in the grid and then track what's the true impact on power quality and what's the impact of assets, the power lines, the pole-top transformers, the lines feeding all the way back up into a substation. And so it's behind the meter, this is sort of right side of the slide that we think provides a multibillion-dollar, multiyear path to continue the growth trajectory of our company as we've seen in 2022 and really position our business in a very unique way for being if not the first, one of the first companies to deliver sort of a unified platform hardware with codified software, CIQ, the business that we acquired, embedded on it to allow utility to take data from an EV charger through their firewall conforming to emerging cybersecurity standards and bringing that data right into their mission-critical systems. So we're really excited about what this means for Tantalus, what it means for the utility industry, what it means for the distributed energy, resource providers, solar providers, storage providers, EV charging infrastructure companies. And we think we're at the precipice of all of that with this effort. We are -- we have this device now deployed in 8 laboratory or 8 test labs of utilities that are part of an advisory committee that have been working with us for the last 18 months or so to bring this to market from those initial trials, alpha trials in test labs at 8 utilities. We are in the process of starting a UL certification for this device, which is a certification process required to put any electronic device in the field. Once we get to completion of UL certification in 2023, we'll be able to make continued announcements about the start of field trials, actually putting these devices in the field to validate all 4 of the use cases. So it's really 1 bird -- or excuse me, 1 stone 4 birds approach in a unified way. And not only do we see this as a great path to continue to win business on the public power and electric cooperative side based on attending the largest electric grid industry conference last week in San Diego called DISTRIBUTECH, we've had a number of investor-owned utilities approach us to use this device as a way to supplement an existing smart metering system that they may have purchased from one of the larger meter manufacturers, not Tantalus, but ultimately using this platform to get behind the meter as they roll out EV charging programs, rooftop solar programs or other storage-related initiatives. So we're really excited about it. And this is the reason why we've been EBITDA negative through 2022. And we'll see some of that continue in the early portion of 2023 as we're trying to get this to market, but we're very close to bringing this into market and in conjunction with that, we'd expect to see upside for investors from a financial performance perspective.

I have a couple of questions, Pete. So first, this device that you're talking about is universal, it can be used in conjunction with other smart meters?

Yes, exactly. So if you think about the way we've approached the market historically, we've tried to convince utilities to buy our -- I'll just put it up on screens, so everyone can see it, right, buy our edge computer that typically -- not always, but it's typically installed under or behind the screen of a meter, but this device gets installed on a lot of other devices. It's just an easy example. Our goal has been, all right, get ourself deployed at the utility and then sell them everything. As we think about broadening our approach to the market, there's some large meter manufacturers that we partner with and we compete with. And so the design of this product is not only to continue to differentiate what we do to try to convince utilities to take our entire solution offering, as you see on this slide but also, yes, to work interchangeably with other competing solutions or legacy smart metering deployments that have been in the field for 10 or 15 years. So not every utility is going to have the ability to rip and replace and upgrade meters. They can do an awful lot and really, frankly, expand the return on those original investments by surgically deploying this device at very specific locations. So it definitely expands the universe of utilities we can pursue.

And you mentioned utilities having vulnerabilities that you're trying to help them address. Can you give a case study of how your product can help utility gather data and then address one of these vulnerabilities?

Yes. So a couple that I can share with you, Deb, that the first is in the world of electric vehicle charging. So if you think about what we're starting to witness in our communities with folks adopting an electric vehicle, most people are focused on the device, the EV charger and just making the gross assumption the power is always going to be available to charge that vehicle whenever and wherever it plugs in. Well, for utilities, when an electric vehicle shows up and gets plugged in, right, it's on wheels, right? It's mobile. So sometimes it could be charged at the home. Sometimes it could be charged in Whole Foods or the shopping mall or potentially a gas station at some point. And so what the utility has to do is once that electric vehicle is plugged in, it's changing the consumption profile, meaning how much electricity needs to be delivered at that specific location at that specific time. And our -- most people view it is, well, I just turn the light switch on and the light should come on because electricity is always available. That's not really a fair assumption to make when you're talking about large batteries that need quick charging so that people can continue to stay mobile. And so I'll draw your attention. So 1 specific use cases, this little device I'm circling on the screen here is called the pole-top transformer. These devices are deployed and they've historically been run to failure. That's the strategy of the utility. So install 1 of these on the streets where we live, in the communities where we spend our time. And then when that device fails, people will call and complain that powers out and utilities will go fix them and by replacing them. Maybe sometimes changing some of the fuses embedded in. These devices though, these pole-top transformers, I mean there are millions of these deployed across the United States. You're talking a multitrillion dollar investment in infrastructure. As these devices continue to age, they were never put onto the streets deployed by the utility, anticipating that we'd be electrifying transportation. And so as these devices continue to stress because of age, we'll see a multiplying effect of failure rates because when an EV gets plugged in at my home, I'm consuming more power at my house that's putting more pressure on the power line connected to my house. It's putting more pressure on the pole-top transformer that's feeding power down that power line to my home. And so the box on my street in front of my home is it dates to 1988, and I know that firsthand, because on the last power outage, when the electric utility service guys were out on the block, I went out and talked to them and they went up and checked the pole-top transformer, they fixed a fuse. The data on there is 1988, utility didn't vision electric vehicles in 1988. So when I do plug in my electric vehicle, that device is going to run hotter. When it runs hotter, it's more likely to fail. When that fails, I lose power, I'm really upset. I can't charge my vehicle. Worst case it explodes. It happens to be on the opposite side of the street from my home it's on my neighbor's property. It's a problem for my neighbor. So that's a use case where connectivity to the EV charger data from that EV charger, utility can track like consumption patterns. From consumption patterns, we could track power quality. Is that meter getting hotter? Is it running more power through it than utilities planned its physical infrastructure? And if so, through data, we can start to proactively by tracking voltage and current at this TRUSense Gateway. We can pinpoint for utilities where they have pole-top transformers that are stressing, potentially arching to a point of failure and explosion. And instead of having that exposure or having that power outage, the utility can proactively go and maybe move the pole-top transformer from my house to somewhere else and install a new device that can provide more power to my home for my EV and to my neighbors. So that's a specific example where we can help through connectivity, visibility and data analytics and help utilities pinpoint how to protect their assets. That's 1 use case. I'll take a pause before I dive down us to a second use case and see if that makes sense or see if you have other questions around it.

That makes sense to me. I've heard that use case before though. So if any of the audience members have questions, please feel free to reach out. But it was crystal clear to me, Pete, if you want to provide another case study?

Yes. So a second case study. We have some fun with this. And for those of you who may have met me recently, you'll see I'm carrying around a bag of little stress balls in the shape of a squirrel. I should have one on my desk because I look around and here's one. So the second use case is this little guy. We call them Marmalade Squirrel. Marmalade Squirrel typically runs around on power lines and starts chewing at them because power lines are warm in the winter. They think it might be food, they're scrounging. And as squirrels start to eat away at the insulation on power lines, what happens, that's momentary interruptions, momentary changes in power quality that run all the way down to where we live or where we work leads to blinks and flickers to technical terms in the utility industry. Over time, that installation starts to break away as Marmalade Squirrel continues to chew. And so first thing, poor little squirrel gets electrocuted, hits the ground, right? So we're trying to save the squirrels from getting electrocuted. But when Marmalade Squirrel ultimately gets electrocuted and falls the ground dead, that can lead to a power outage or a change in voltage that can impact other assets on the grid. And so we like to say we're trying to save squirrels 1 at a time through data, but what our devices can do is it will track every millisecond change in voltage that can follow the pattern of a squirrel eating, eating, eating, chipping, chipping, chipping, stop, chipping, chipping, chipping. And so that granular data can help utilities figure out where do they have potential issues in installation. I kind of -- maybe doesn't come across Zoom as much as it would in person, right? So are we really trying to save squirrels? No, not really. But it kind of annoying and my dogs go bananas every time they're on our property. But the important thing for utility is a breakdowns in insulation. So when we see breakdowns in insulation on power lines, that can translate to a lot of bad things beyond just power outages. When we get storms, which we're seeing in my area, for sure, in most places across the United States and Canada, right, trees end up hitting power lines quite frequently. And as those trees hit the insulation of a power line, right, eventually, they break through that insulation, especially with power lines that are old and cracked, right? And when those trees -- these tree branches hit a power line that's exposed meaning cracks in insulation, right? You have fire. You have tree limbs and trees catching fire that then can spread very quickly. So the second use case is not only trying to save little squirrels but what those little suckers do to the power lines that can translate into wildfires. And so we're using data to pinpoint where there are potential cracks in insulation that can lead to outages and disruptions in some circumstances out on the West Coast, right, as part of a wildfire risk mitigation strategy of using our technology based on the data that we're collecting. So that's a second use case. It's really asset protection. And on the West Coast, it's wildfire risk mitigation. You'll see some of that in materials on our website as well.

Okay. And then you talked a little bit about the steps to commercialization with the UL Certification field studies. Can you walk us through like time lines on that, how that looks and when you plan to commercialize the product?

Yes. So the UL Certification process is it's a government process here in the U.S. It's an entity or government-like entity that's working on behalf of to the U.S. So it's a little bit hard to predict what their flow is and the time frame. Our best estimate, Deb, is that we should have feedback from the UL Certification during the first half of this year. That may lead into early second half of the year, with the goal that we're starting field trials at some point in Q3 of this calendar year. And from those field trials, commercialization. And so what I think investors will see from us on this device is continued progress towards ultimately making this available for sale to utilities, what we refer to as commercialization. I would expect us to start receiving orders from utilities, some of which are members of our advisory committee that have been helping us develop this. So we would expect to see orders in 2023. There's a chance we might see some revenue this calendar year, but we're really planning for the ramp-up of production, the marketing through our go-to-market strategies and completing the commercialization with orders hitting the books this year that convert into revenue and cash flow in 2024 and beyond. And to that end, our advisory committee is made up of 8 utilities. All 8 now have this device in their test labs. It doesn't mean that all 8 will purchase the device in mass. But if we are successful in getting this product into their hands, getting through the UL Certification process, validating our use cases that we've articulated and convincing utilities to start adopting this technology, this new capability for us. It represents roughly USD 200 million to USD 250 million of incremental revenue just at those 8 utilities based on other utilities that we are starting to engage with, investor-owned as well as public power and electric cooperative utilities. I said, we've identified roughly $1 billion of additional addressable market opportunity for us to pursue in the coming years. It's transformational for this business. It's transformational for the utility industry to really have 1 device that not only does everything on the left-hand side of this slide, which they've been doing for some time with or without us, but it's the first time allowing utility to truly and securely get behind the meter to have more granular control over the investments that you and I are making into our houses and into the transportation. And through that control ultimately being a much more reliable and sustainable moving forward. So really excited, and it is a big pivot point. So Deb we'll see completion of UL Certification and we'll see some orders, we'll see field trials and maybe some small revenue contribution at the end of this year.

And that revenue that you discussed that the potential revenue from the 8 utilities, I didn't write it down, so forgive me that I've forgotten. I think you said $250 million?

It's between $200 million to $250 million of additional revenue opportunity for us over, I would expect a 5- to 7-year time frame.

That was my question, what's the time frame? And what does the typical contract look like? Or what would you anticipate a typical contract would look like in terms of deployment sizing, like would a utility go all in on a product like this? Would they deploy it over a certain percentage of their own clients, I suppose?

Yes. Well, they're meters, they are their customers. So I think what we'll see, Deb, I'll start on the sort of deployment. I think we'll see some utilities that deploy a TRUSense Gateway at every single home, particularly where utilities are trying to bring broadband services and also simultaneously plan for the next 10- to 15-year adoption curve of electric vehicles or other distributed resources behind the meter. So I think we'll see some utilities deploy 100% across their metering footprint. I think we'll see some utilities strategically put these devices where they've rolled out an EV program. So for a home that opts into an EV charging program, meaning utility can control the EV charger in exchange for reduced rates. We're starting to see some utilities play with that actually is almost a SaaS offering $40 per month charge or vehicle as much and as often as you want without having to pay incremental fees. So we're starting to see some utilities play with rate structure. And so I could see utilities pinpoint where they are going to roll out an EV charging program. They deploy one of these devices. So I think we'll see from the very surgical of just where the electric vehicles may be to utilities that are putting one of these on every single home as they plan for the next 10 to 15 years. So that's sort of deployment. So it won't be a one-size-fits-all or I should say, one-deployment-methodology-fits-all. In terms of contracts, we typically see a couple of different versions. Sometimes we get a utility that locks in and provides us a contract for everything right up front. And then we work on a deployment plan over a period of time, and we will ship them towards that deployment plan and invoice accordingly. We sometimes see utilities prefer to adjust, come up with their annual plans and provide us with purchase orders each individual year. We do everything we can to get what we refer to as a blanket purchase order upfront, meaning a purchase order for everything that the utility is going to purchase. And then as we actually shift there are invoices that go out and payments accordingly. So I think we'll see some variations. And I'd say our goal is to provide as much flexibility from a deployment perspective and from a contracting perspective to get this device into the hands as, as many -- to as many utilities as quickly as possible. Because once this device is deployed, just like the device we've been deploying now for several years, a few decades is it's there for 12 to 15 years. It's pulling a significant amount of data, and we can monetize that data over time through enhanced analytics and incremental enterprise software. So it's -- I think we'll try to be as flexible as we can trying to get this into the market as quickly as possible.

And is it fair to say this is like for investors to look at this as like a next-generation of products that you've already been selling?

Yes. So it's -- it won't replace or cannibalize what we do today. It's additive. So for utilities that are purchasing our technology today, this becomes an extension to do more and enhance the return on investment they've already made with us. It also has the ability to -- as you had asked the question previously, we can plug any type of smart meter, frankly, any type of meter into this device. And so it will help utilities evolve their grids over time. The concept of blunt force rip and replace everything, some utilities have the flexibility to do that, but most don't. And so we see this as a really nice and a very logical and frankly, cost-effective way of starting to transform the electric distribution grid, which is really the purpose of our organization.

And we spent a lot of time on the TRUSense Gateway. I ask some questions for you around stimulus funding and what's going on specifically in the U.S. And what sort of funding may benefit Tantalus. If you could talk a little bit about that, I think it would be helpful.

Yes. So let me just quickly flip to another slide. And this is all available on our website as part of our investor deck for those that are interested. But I flipped to this slide. So we've identified with a firm we're using in Washington, D.C. It's a law firm that does a lot of lobbying to the electric utility industry and various government entities. But we've identified over $400 billion of stimulus funding that are available and where our technology is applicable, meaning we are an approved use under 8 different programs that are on this slide in front of you, the aggregate to $400 billion. So the IRA is -- and the Jobs Act are the ones that get the most attention because of their size, but there are actually -- in addition to that, a number of other really compelling paths for us to help utilities access seamless dollars. So I think another thing utilities can see from us this year or expect to see from us this year is the increased activity that's unfolding in our pipeline. And from that increased activity in converting pipeline into orders. And as part of that, where utilities are successfully applying and are receiving funding to use our technology or deploy our technology. So this is unparalleled. And it's -- whether regardless of your politics, the Biden administration is setting the United States down a course around electrifying transportation and around electrifying and our economy here in the U.S. and simultaneously decarbonizing utility industry, they're putting hundreds of billions of dollars to back it, a lot of which is already legislated and in the hands of departments and being allocated through application processes. So we're pretty active at this point with a number of utilities. I can't disclose exactly which of those utilities are aggregate dollar amount, but it's material for Tantalus.

That's helpful. I don't see any audience questions, and I'm starting to run out of some of my own. I guess there's just 1 point that I wanted to clarify. At the beginning when you were talking about revenue targets for 2023, just to clarify, those do not incorporate very much revenue from the TruSense Gateway product that's your base business that you're referring to?

Correct. So we have not provided guidance yet on our 2023 trajectory. I think the -- for covering analysts for Tantalus from Canaccord, Cormark, Paradigm and Beacon have a pretty good perspective on the trajectory of the business and potential growth profile for this year, which is on par with what we saw last year. I think most analysts consensus have us in the upper teens, if not close to 20% growth year-over-year. And so I think that's a good proxy for investors to track us on. And that would be from our base business today before we really start to see the uplift from a financial perspective of the TruSense Gateway.

Okay. And if anyone is interested, if they e-mail me, I'll happily provide research, just don't tell the analysts. I'm just kidding. I think that the consensus target at the moment is $232, somewhere around there.

Per share price.

Per share price, yes, sorry.

Yes. And I think consensus for revenue profile, U.S. dollars is in the $44 million range, somewhere in that neighborhood.

Okay. And just to reiterate, those are U.S. dollars. I think that there was some confusion on some of the blogs, people not converting that. So we'll make it hopefully a little bit clearer for investors. Like I said, I don't have any more questions for myself, I haven't seen any audience questions. Pete, is there anything that we didn't talk about today that you wanted to drive home?

The one other point that I'd reference is I do get this question quite often from investors is with respect to insider buying and insider commitment to the company. I'd highlight that our Chair, Laura Formusa; our Director, Tom Liston, both were pretty active in December. All of this is obviously publicly available through our filings. And at the management level, our CFO, our COO, and myself as CEO, so 3 of the senior executives in the company, we're all buying stock in December relative to where it was trading. And I think that's a good indication, a good barometer for other investors to get a sense of how bullish we are and what we're seeing in the market and frankly, putting our own money to work as well.

Okay. And just as a reminder, you said that you're putting out your audited financials mid-March, and we'll have a conference call that you announced this morning. I believe it's on the 15?

Correct. March 15.

Perfect. Okay. Well, I think that's a great place to leave it. I think we've been marketing quite a bit, both in person and virtually lately. I think it's been difficult hill to climb explaining the technology, explaining how you are right in the sweet spot of helping modernize the grid for this whole EV revolution. I do feel like we're starting to get real traction with investors. As you can see in the share price, that's had a decent move since December. And we've got a lot more marketing plans. So if anyone would like a virtual meeting, feel free to reach out or an in person meeting, I think we're going to be hitting quite a few cities in the coming months. So looking forward to that and looking forward to continued -- to get the story out, because I do think it's such an important theme. And you really are right at the heart of what's happening in the grid in North America. And maybe if you want to give us a little bit of an overview of how you see where Tantalus is positioned and kind of what's happening on that macro level?

Yes. So I'll try to do my best to summarize 40 minutes into 30 seconds or less Deb, I think, is what you're trying to ask is the...

I was trying to get you to ramble so I didn't anymore.

There you go. So what I would say is if you believe that we'll see an increasing adoption rate of electric vehicles, which I do. If you believe we'll see homeowners or landlords or businesses, make investments in rooftop solar and then corresponding storage to benefit from that solar on rooftops. And if you're -- if there's an investment thesis that you have around that, you can ignore the impact that those 3 specific changes in our world will have on the electric utility in terms of reliability and sustainability. And so that's where we come into play. We are very much focused on transforming the electric grid infrastructure in anticipation of the energy transition to solar, storage and EVs. And that's the opportunity I think we present for investors. And I'd note we're one of the only publicly traded companies in Canada or the United States that allow sort of a pure-play approach to the upgrade of the grid infrastructure relative to adoption rates of solar batteries and EVs. So I think we're a nice complement to that strategy, and I really implore investors not to ignore the impact that those 3 items, EV, solar, storage are going to have on the grid.

Perfect. If anyone wants to hear a little bit more about grid modernization, Pete did a podcast recently with INFOR Financial, where they dig into it a little bit more, which I thought was really good. So anyone interested in that space, I think it's worth to listen. And it's a great podcast. Kenrick did a good job, I thought, an excellent job. Anyway, that's all I have today. Thank you, Pete, for taking the time to walk us through some of the numbers and how things are shaping up for Tantalus in 2023. And thanks to everyone who participated. If you have any follow-up questions or would like any materials, please feel free to reach out and have a good Valentines Day to everyone.

Thanks, Deb.