But the market in total is still growing and minerals are still the area that everybody wants to be in. So, from that perspective, I see that as being solid. I’ll let — and regarding your question about the margins. Part of the reason I wanted that out there also is that we’re still a really small company with big things that can impact the margins in a huge way. And if you notice, for instance, we built a fair amount of inventory in Q1. And not to bore anybody who doesn’t understand cost accounting out there. But essentially, if you don’t consistently hold that inventory level or on the build, when you sell it, you take a hit for the overhead absorption coming back through. And so, it’s — I have a feeling the number is going to be fluid, but we think relative to as getting through the year, that 35% to 40% range is what we’ve targeted.
And I think we’ll be able to get there barring just — the biggest challenge, I think, has been relative to financial results, I think, kind of lumpy demand we had some issues that we’ve addressed in terms of getting things out the door when we can. But we also have the nature of a quickly growing business with new customers, quickly growing customers. and they have their share of those challenges. One of their challenges that we probably discussed more in 2022 than in ’23 because ’23 challenges, we had our own contribution to them is that for the business that we do, that’s not what we call turnkey, meaning that the customer supply is the packaging and labels and all the components, there have been a lot of holdups here and there on that as well.
And in some cases, you’ve got customers that may be existing companies that are relatively new to this market in particular. So that all adds to the lumpiness of it. My greatest wish always is that our revenue grows every week and the weekly volume stays flat or grows every week, which we can’t always have. But that’s been I guess that’s my disclaimer on whether we had $35.1 million minimum in every quarter, but that’s the range that we expect to hit and steady volume has something to do that. With that, I’ll hand it over to Kevin to discuss the — your question on the $40 million backlog and where that’s at.
Kevin Cureton: Thanks, Tony, for your comments. And just to try and put it in perspective. So the number that Jeff mentioned, the $40 million plus is a mix of what we’ve sold plus what is still to be sold. So, it’s what we would call shift and open orders. The backlog, you can do the math pretty quickly and come up with as of the end of the first quarter since it was roughly $10 million, that means that we were looking at $30 million plus in open orders as we entered into this quarter. That the one thing to make sure it’s clear is those — when we talk about backlog, it’s a common term that’s used in industry. But it is backlog is in, hey, we didn’t ship all the orders and therefore, these are waiting. There are actually orders into Q3 and Q4 as part of that number.
The great majority of that number is for Q2, but there are some significant orders for Q3 and Q4. that we’ve already have on hand. And then your last question, is that Solesence or is that everything? It is everything. Solesence is roughly 90% of the Company now in terms of revenues. So, 80% may be more correctly is what we expect for the year. So, it’s mostly Solesence, but it does represent all of the business.
Operator: [Operator Instructions]. And this does conclude the question-and-answer session. I’d now like to hand the program back to Jess Jankowski for any further remarks.
Jess Jankowski: Thank you, Jonathan. We all really appreciate your engagement. We’re building something that we expect will be profitable for all of us. We’ll make people happier and healthier and we expect will outlast all of us on this call. We’re positioned to deliver, and we’re expecting a good year. Thanks for joining us today. We look forward to our next call. In the meantime, we have a lot to do but the pieces are falling in place and our expectations are high. I hope everyone has a solid day and can take a few minutes to enjoy the good news we’ve shared. Thank you, everybody.
Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
