GRID reported revenue of $10.7M, declining 4% year-over-year. Revenues declined as a result of slightly longer lead times and the prior year positive impact of C.IQ Connect (now call TRUSync grid data management) which was a one time license. ARR during the quarter was $2.6M approximately 24% of total revenue. Gross profit margin increased 5% to 55% in Q2. Adjusted EBITDA was negative ($0.2M) compared to positive $0.3M for the prior year period. Through the first half of the year, GRID converted $32.9M of orders from its sales pipeline, representing a 46% increase from prior year levels. The company also added 14 new utiltiies companies over this time period bringing total users to 302 utilities. GRID also secured initial orders from 15 utilities for TRUSense Gateway. We think this is somewhat of a mixed quarter as revenues declined, but this was partially due to one time impacts. On the otherhand, gross margin was strong and GRID picked up some new initial orders. Growth has been strong as has been the stock. But it is still quite small and needs to be seen as higher risk. Insiders own 6% and it has other strong shareholders, and we think there is potential here for small-cap investors with some patience.
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