I mean literal retailer, effectively e-commerce, for armour and helmets and stuff. They sell from their website, they put up ads on LinkedIn about clearance specials, they have a 'warehouse clearance' page, they win one-off supply contracts but don't announce any ongoing support contracts (look at what Craig International Ballistics has with the ADF) etc. They basically sell units to customers in a manner that is retail sales plus some contracts. The actual contract announcements ($16.1m since Feb 24) do not add up to their total Armour Div revenue ($21m Dec 24) and that $5m delta is the retail sales.
This is an e-commerce business. What we should be asking for is their website data, visits, advertising leading to leads, new registrations (you have to register to get pricing), etc. How many of the $3-5mil sales actually came from customers doing web searches and comparing websites before asking for quotes? That's retail compared to whether they are doing tender responses and competition for contracts.
(And then, if our XTclave isn't operational, who is actually making this $21m of armour)
HCL Price at posting:
21.5¢ Sentiment: Hold Disclosure: Held
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