And as they start to head down the path to spend on these 2 dimensions, spend the lifetime to the plant, produce more power, every plant should be taking about what GSE has to offer. And we’re still a small company. call it, $50 million-ish. But the amount of engineering services consumed by the U.S. nuclear fleet by conservative estimates could be as much as $0.5 billion a year and then some. So we’re a small player in what has a very large, served available market. And so there’s a lot of upside ahead for us as we execute and deliver, improve our quality and customer value.
Adam Lowensteiner: What’s the feedback from salespeople with regards to the project flow? It seems although a bit lumpy that the tempo bidding has improved. Is that correct? .
Kyle Loudermilk: I’d say, it’s a little multidimensional. What we see is, by and large, and this is — we’ve done our own channel checks with other vendors that serve the nuclear power industry as well as from customers and prospects that we deal with. They’re in a very conservative spend mode. They’re only spending money where they have to spend money either to keep up with regulatory compliance issues or to address these critical projects around addressing lifetime extension and/or preparing to invest more in the plants to produce more power. Other than that, it’s really noise. So what we see from the industry is conservative, focused on 2 things, very cautious about how they’re moving forward. And so the only way we can affect that is to be in front of these customers on a regular basis, make sure they’re aware of our story and capabilities, make sure that what we’re doing for them is delivered on time, on budget and of high quality, but they are building their confidence as they get to know GSE and that improves our likelihood of giving us the next opportunity.
Adam Lowensteiner: The company has done a great job in rightsizing itself and getting expenses down. Are there any more cost cuts to be had? .
Emmett Pepe: Adam, this is Emmett. I’ll take that one. I think it’s important to note, we positioned ourselves through the actions we’ve taken that. As the company grows, we will not need to add any significant costs, right? So that’s an important aspect, I believe we always look — we changed the culture. We’ll continue to monitor our utilization and not let that slip. And vendor spend is always something we’re going to look at. As the supplier agreements come up for any renewals, we’ll look to take costs out of the business on an ongoing basis for sure.
Kyle Loudermilk: Well, look, thanks for joining us, everybody. Just to make some conclusionary remarks here. We really appreciate your time and interest in GSE. And I think we’re headed in the right direction. And this quarter can demonstrate where we’re headed. If you have any questions, please reach out to Adam Lowensteiner from Lytham Partners, and we’d be happy to schedule a follow-up call. We’re always available. Thanks again, everyone, and have a great day. .
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
