Ann: Quarterly Update, page-41

I suspect the company has troubles with their new client onboarding. They have always had a lag from ARR to revenue, at end of last financial year it was about 1.4m ARR that wasn't onboarded yet. I suspect there's a leak between sales and onboarding.

Either sales are getting signatures on low quality deals (my guess), or new client onboarding is ineffective or under resourced.

This quarter was a very bad quarter even with what was supposed to be strong tailwinds. I wonder if they've written off a bunch of ARR that was never onboarded.

Either way, massive management fail to miss so badly. At 5.2m ARR, they're half a year behind projections from a year ago. For ARR to grow 1% in a quarter is crazy for a supposed growth company, starting off a tiny base, where the market itself is growing.

I still like the stock, but IMO there's something seriously wrong in management. I hope I'm wrong.