WOLF's tiny size ($22M) and relatively low cash flow make it highly speculative and we would not want a big position, if at all. Revenue was flat at $6M, with gross profit slightly lower at $3.1M vs $3.2M. EBITDA was also flat at $0.9M. Animal Health sales declined but this was offset by growth in Pharmacy. Expenses remain under control. For speculative stocks, we need to see at least high revenue growth. While we do not think WOLF is doing anything wrong, sales growth has only been about 8% or so since 2022. It also has a very short public market history, and we have no idea how it may do in a different type of economic/market environment. Insiders own 13%. We would not want to add.
5i Research Answer: