The bull case is: they have shown they can operate the business...

The bull case is: they have shown they can operate the business operating cashflow positive and that they should now consider another positive/accretive acquisition that would compliment the combined head office and distribution/supply chain infrastructure?

They have grown top line and shown discipline on the operating side. It's about scaling this up and driving top line growth to the $25m region, where operating margin will start to fall through to the profit line.

But honestly, i would much prefer them build the business and grow faster, rather than stifle the growth to post a (relatively) tiny profit. It's not like they are going to pay a dividend. This is a growth stock isn't it?