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    Mariusz Skonieczny

    Research Analyst at Independent Analyst

    Mariusz Skonieczny is the founder and principal analyst at Microcap Explosions and Classic Value Investors, specializing in deep research and active investment in microcap and small-cap equities. Known for his coverage of companies such as Oroco Resources and Mitcham Industries, Skonieczny has delivered substantial returns and is recognized for successfully growing his own investment account from modest beginnings to significant size through precise microcap picks. He began his career in commercial real estate appraisal and brokerage after graduating from Indiana University in 2003, launching Classic Value Investors in early 2009 before creating Microcap Explosions in 2020. An accomplished author of multiple investment books, Skonieczny holds a finance degree but does not appear to maintain FINRA registration or securities licenses, operating independently as an analyst and educator.

    Mariusz Skonieczny's questions to VOXTUR ANALYTICS (VXTRF) leadership

    Mariusz Skonieczny's questions to VOXTUR ANALYTICS (VXTRF) leadership • Q3 2024

    Question

    Mariusz Skonieczny asked for clarification on Voxtur's current financial run-rate, seeking specifics on gross profit with and without the Blue Water subsidiary, current operating expenses, and the path to EBITDA positivity. He also inquired about the details of the cost-cutting measures, potential margin improvements from the existing business, the company's debt situation, and the strategic plan regarding the sale of Blue Water.

    Answer

    CEO Ryan Marshall provided a detailed financial outlook, stating the full-year 2024 gross profit forecast, including Blue Water, is $25M-$28M CAD. He outlined a significant reduction in monthly operating expenses from $2.7M USD in January 2024 to a target of ~$1.6M USD, which positions the company to be EBITDA neutral. Marshall projected that with existing clients and price adjustments, 2025 gross profit could reach $30M-$33M CAD against ~$26.6M in expenses, potentially generating $4M-$7M in positive EBITDA. He also confirmed Voxtur is modeling multiple scenarios, both with and without the disposition of Blue Water. Executive Jordan Ross clarified that any market rumors of the company's bank pulling its credit line were not statements made by Voxtur.

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    Mariusz Skonieczny's questions to VOXTUR ANALYTICS (VXTRF) leadership • Q3 2024

    Question

    Mariusz Skonieczny questioned CEO Ryan Marshall about Voxtur's current financial run-rate, specifically seeking gross profit and operating expense figures with and without the Blue Water subsidiary. He aimed to confirm if the company is currently EBITDA neutral or positive, independent of future growth. Skonieczny also asked for details on the significant cost reductions, potential for margin improvement, the company's relationship with its lenders, and the status of the Blue Water divestiture.

    Answer

    CEO Ryan Marshall explained that with Blue Water, the 2024 gross profit is projected at $25-$28 million CAD against future annual operating expenses of approximately $26.6 million CAD, indicating the company is trending towards EBITDA positivity. He detailed that monthly expenses were cut from $2.7 million USD in January to a target of ~$1.6 million USD by eliminating non-revenue-generating units and non-critical vendors. Marshall confirmed that without Blue Water, annual gross profit would be ~$10-$11 million CAD. He stated Voxtur is prepared for scenarios both with and without the Blue Water sale. Executive Jordan Ross clarified that any rumors of the company 'going under' were not from management.

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    Mariusz Skonieczny's questions to VOXTUR ANALYTICS (VXTRF) leadership • Q3 2024

    Question

    Mariusz Skonieczny from Classic Value Investors questioned Voxtur's current financial stability, seeking the run-rate gross profit with and without the Blue Water subsidiary. He also probed the current monthly operating expenses, the scale of recent cost reductions, gross profit margin trends, and the path to EBITDA positivity. Skonieczny concluded by asking about the company's debt situation and its intentions regarding the Blue Water divestiture.

    Answer

    CEO Ryan Marshall explained that the company is trending toward a 2024 year-end gross profit of $25M-$28M CAD, including Blue Water. He detailed a dramatic reduction in monthly operating expenses from $2.7M USD in January to a target of ~$1.65M USD, putting Voxtur on a path to EBITDA neutrality. Marshall projected that with an 11-15% gross profit increase from existing clients, 2025 EBITDA could reach $4M-$7M CAD. He stated that all strategic models, including those with or without the Blue Water sale, result in a stable financial position where gross profit exceeds expenses. Executive Jordan Ross also clarified that the company had not previously suggested it was failing.

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