To expand on T’s point, I believe it was mentioned very far back...

To expand on T’s point, I believe it was mentioned very far back (maybe a year or two ago) that AJX doesn’t manufacture and hold inventory for sale, they deliver chemicals to the test site or client and then teach them how to “mix” the chemicals and apply them. That’s part of why logistics was a big deal for the company.

It could be that they hold some inventory for on-site testing and R&D purposes, or that the big drop was due to an exception for a specific client, or that a client didn’t have the facilities to do testing on their own site. All just speculation though.

On another note, I would say to be cautious of seeing correlation and not causation for the December inventories. December is typically a slow period and inventory can naturally build up over that time.